Steelcase (NYSE:SCS) Hits New 12-Month Low – Should You Sell?

Steelcase Inc. (NYSE:SCS) shares reached a new 52-week low during mid-day trading on Friday . The stock traded as low as $11.44 and last traded at $11.56, with a volume of 44915 shares traded. The stock had previously closed at $11.66.

Wall Street Analysts Forecast Growth

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

Steelcase Price Performance

The company has a debt-to-equity ratio of 0.48, a current ratio of 1.62 and a quick ratio of 1.23. The company has a market cap of $1.32 billion, a PE ratio of 10.94, a P/E/G ratio of 1.29 and a beta of 1.36. The company has a 50-day moving average price of $12.80 and a two-hundred day moving average price of $13.10.

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

Steelcase Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Monday, January 13th. Investors of record on Monday, December 30th will be paid a dividend of $0.10 per share. This represents a $0.40 annualized dividend and a yield of 3.45%. The ex-dividend date is Monday, December 30th. Steelcase’s dividend payout ratio (DPR) is 41.67%.

Insider Buying and Selling at Steelcase

In other news, VP Robert G. Krestakos sold 4,000 shares of the stock in a transaction that occurred on Tuesday, October 15th. The stock was sold at an average price of $13.11, for a total transaction of $52,440.00. Following the completion of the transaction, the vice president now directly owns 119,481 shares in the company, valued at approximately $1,566,395.91. This represents a 3.24 % decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. 12.96% of the stock is currently owned by corporate insiders.

Institutional Trading of Steelcase

Several institutional investors have recently added to or reduced their stakes in SCS. Franklin Resources Inc. increased its holdings in Steelcase by 2.9% in the third quarter. Franklin Resources Inc. now owns 99,574 shares of the business services provider’s stock valued at $1,292,000 after buying an additional 2,791 shares during the last quarter. Sanctuary Advisors LLC increased its holdings in shares of Steelcase by 32.9% in the 3rd quarter. Sanctuary Advisors LLC now owns 74,605 shares of the business services provider’s stock valued at $990,000 after acquiring an additional 18,459 shares during the last quarter. Geode Capital Management LLC raised its position in shares of Steelcase by 1.0% during the 3rd quarter. Geode Capital Management LLC now owns 2,180,428 shares of the business services provider’s stock valued at $29,420,000 after acquiring an additional 22,507 shares in the last quarter. Vestcor Inc lifted its stake in Steelcase by 128.8% during the third quarter. Vestcor Inc now owns 70,347 shares of the business services provider’s stock worth $949,000 after purchasing an additional 39,600 shares during the last quarter. Finally, Barclays PLC boosted its holdings in Steelcase by 203.1% in the third quarter. Barclays PLC now owns 178,002 shares of the business services provider’s stock worth $2,402,000 after purchasing an additional 119,268 shares during the period. 92.42% of the stock is owned by institutional investors and hedge funds.

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.