Steelcase (NYSE:SCS) Stock Price Down 3.7% – Should You Sell?

Shares of Steelcase Inc. (NYSE:SCS) fell 3.7% during mid-day trading on Friday . The stock traded as low as $11.81 and last traded at $11.86. 172,255 shares were traded during mid-day trading, a decline of 74% from the average session volume of 666,675 shares. The stock had previously closed at $12.32.

Analysts Set New Price Targets

Separately, Noble Financial assumed coverage on Steelcase in a report on Wednesday, October 9th. They issued an “outperform” rating and a $16.00 target price for the company.

Steelcase Stock Down 4.0 %

The company’s 50 day simple moving average is $13.03 and its 200-day simple moving average is $13.16. The firm has a market cap of $1.35 billion, a P/E ratio of 11.16, a PEG ratio of 1.29 and a beta of 1.35. The company has a current ratio of 1.62, a quick ratio of 1.23 and a debt-to-equity ratio of 0.48.

Steelcase (NYSE:SCS) last issued its earnings results on Wednesday, December 18th. The business services provider reported $0.30 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.23 by $0.07. The company had revenue of $794.90 million for the quarter, compared to analysts’ expectations of $796.58 million. Steelcase had a net margin of 4.02% and a return on equity of 14.41%. The firm’s quarterly revenue was up 2.2% on a year-over-year basis. During the same quarter last year, the company posted $0.30 earnings per share. Research analysts forecast that Steelcase Inc. will post 1 earnings per share for the current fiscal year.

Steelcase Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Monday, January 13th. Investors of record on Monday, December 30th will be given a dividend of $0.10 per share. This represents a $0.40 dividend on an annualized basis and a yield of 3.38%. The ex-dividend date of this dividend is Monday, December 30th. Steelcase’s dividend payout ratio (DPR) is presently 37.74%.

Insiders Place Their Bets

In other news, VP Robert G. Krestakos sold 4,000 shares of Steelcase stock in a transaction on Tuesday, October 15th. The shares were sold at an average price of $13.11, for a total transaction of $52,440.00. Following the transaction, the vice president now owns 119,481 shares in the company, valued at $1,566,395.91. This trade represents a 3.24 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. Insiders own 12.96% of the company’s stock.

Hedge Funds Weigh In On Steelcase

A number of institutional investors have recently bought and sold shares of SCS. Innealta Capital LLC purchased a new position in Steelcase during the second quarter valued at approximately $93,000. DekaBank Deutsche Girozentrale lifted its stake in shares of Steelcase by 8.1% during the 2nd quarter. DekaBank Deutsche Girozentrale now owns 12,017 shares of the business services provider’s stock valued at $153,000 after buying an additional 897 shares in the last quarter. Centiva Capital LP purchased a new position in shares of Steelcase during the 3rd quarter valued at $181,000. Creative Planning boosted its holdings in Steelcase by 8.7% in the 3rd quarter. Creative Planning now owns 13,470 shares of the business services provider’s stock worth $182,000 after buying an additional 1,075 shares during the period. Finally, Cannon Global Investment Management LLC purchased a new stake in Steelcase in the 2nd quarter worth $259,000. 92.42% of the stock is owned by institutional investors.

About Steelcase

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.