Steelcase (NYSE:SCS) Shares Gap Down to $14.11

Steelcase Inc. (NYSE:SCS) shares gapped down prior to trading on Thursday . The stock had previously closed at $14.11, but opened at $12.92. Steelcase shares last traded at $12.63, with a volume of 498,978 shares traded.

Analysts Set New Price Targets

Separately, Benchmark increased their price objective on shares of Steelcase from $17.00 to $18.00 and gave the company a “buy” rating in a report on Friday, June 21st.

Steelcase Trading Down 3.0 %

The stock has a market capitalization of $1.47 billion, a P/E ratio of 16.99, a price-to-earnings-growth ratio of 1.39 and a beta of 1.33. The company has a 50-day moving average price of $13.53 and a 200 day moving average price of $13.04. The company has a current ratio of 1.61, a quick ratio of 1.15 and a debt-to-equity ratio of 0.51.

Steelcase (NYSE:SCS) last posted its quarterly earnings data on Wednesday, September 18th. The business services provider reported $0.39 earnings per share for the quarter, topping analysts’ consensus estimates of $0.37 by $0.02. The firm had revenue of $855.80 million during the quarter, compared to analysts’ expectations of $864.17 million. Steelcase had a return on equity of 13.66% and a net margin of 2.89%. The business’s quarterly revenue was up .1% on a year-over-year basis. During the same quarter last year, the firm earned $0.31 EPS. On average, research analysts forecast that Steelcase Inc. will post 1 earnings per share for the current fiscal year.

Steelcase Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, October 15th. Shareholders of record on Monday, September 30th will be paid a dividend of $0.10 per share. The ex-dividend date is Monday, September 30th. This represents a $0.40 annualized dividend and a yield of 3.10%. Steelcase’s dividend payout ratio (DPR) is currently 52.63%.

Insider Activity

In other news, CAO Nicole Cherie Mcgrath sold 15,749 shares of the business’s stock in a transaction that occurred on Tuesday, July 23rd. The stock was sold at an average price of $13.94, for a total transaction of $219,541.06. Following the transaction, the chief accounting officer now directly owns 18,453 shares in the company, valued at approximately $257,234.82. The sale was disclosed in a legal filing with the SEC, which is available at the SEC website. In other news, VP Donna K. Flynn sold 13,310 shares of the company’s stock in a transaction on Monday, June 24th. The stock was sold at an average price of $13.72, for a total transaction of $182,613.20. Following the sale, the vice president now owns 78,733 shares of the company’s stock, valued at $1,080,216.76. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CAO Nicole Cherie Mcgrath sold 15,749 shares of Steelcase stock in a transaction that occurred on Tuesday, July 23rd. The stock was sold at an average price of $13.94, for a total transaction of $219,541.06. Following the completion of the transaction, the chief accounting officer now owns 18,453 shares of the company’s stock, valued at approximately $257,234.82. The disclosure for this sale can be found here. Insiders have sold a total of 174,187 shares of company stock worth $2,410,861 over the last quarter. 12.96% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Steelcase

Several large investors have recently bought and sold shares of SCS. Norges Bank purchased a new stake in shares of Steelcase during the 4th quarter worth $8,215,000. Vanguard Group Inc. increased its position in Steelcase by 4.9% during the 4th quarter. Vanguard Group Inc. now owns 9,765,893 shares of the business services provider’s stock worth $132,035,000 after purchasing an additional 452,494 shares in the last quarter. Dimensional Fund Advisors LP lifted its holdings in shares of Steelcase by 8.0% during the 4th quarter. Dimensional Fund Advisors LP now owns 4,752,105 shares of the business services provider’s stock valued at $64,249,000 after acquiring an additional 352,078 shares in the last quarter. Victory Capital Management Inc. lifted its position in Steelcase by 129.9% during the 2nd quarter. Victory Capital Management Inc. now owns 522,956 shares of the business services provider’s stock worth $6,778,000 after acquiring an additional 295,482 shares in the last quarter. Finally, American Century Companies Inc. increased its stake in Steelcase by 13.5% during the 2nd quarter. American Century Companies Inc. now owns 2,450,799 shares of the business services provider’s stock worth $31,762,000 after buying an additional 291,070 shares during the period. Institutional investors and hedge funds own 92.42% of the company’s stock.

Steelcase Company Profile

Steelcase Inc provides a portfolio of furniture and architectural products and services in the United States and internationally. It operates through Americas and International segments. The company's furniture portfolio includes furniture systems, seating, storage, fixed and height-adjustable desks, benches, and tables, as well as complementary products, such as work accessories, lighting, mobile power, and screens.