Steelcase (NYSE:SCS) Sets New 52-Week Low – Here’s Why

Steelcase Inc. (NYSE:SCS)’s share price reached a new 52-week low on Thursday . The company traded as low as $10.78 and last traded at $10.82, with a volume of 919961 shares traded. The stock had previously closed at $11.08.

Steelcase Stock Performance

The stock has a market cap of $1.25 billion, a price-to-earnings ratio of 11.43, a price-to-earnings-growth ratio of 1.25 and a beta of 1.33. The company has a debt-to-equity ratio of 0.48, a quick ratio of 1.21 and a current ratio of 1.57. The stock’s 50-day simple moving average is $11.69 and its two-hundred day simple moving average is $12.55.

Steelcase (NYSE:SCS) last released its 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 analyst estimates of $796.58 million. Steelcase had a net margin of 3.63% and a return on equity of 14.20%. The business’s revenue was up 2.2% on a year-over-year basis. During the same quarter in the previous year, the business earned $0.30 EPS. Analysts forecast that Steelcase Inc. will post 1 earnings per share for the current year.

Steelcase Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Monday, January 13th. Stockholders of record on Monday, December 30th were given a dividend of $0.10 per share. This represents a $0.40 dividend on an annualized basis and a dividend yield of 3.64%. The ex-dividend date of this dividend was Monday, December 30th. Steelcase’s dividend payout ratio is currently 41.67%.

Insider Activity

In other news, VP Robert G. Krestakos sold 5,000 shares of the company’s stock in a transaction dated Wednesday, January 22nd. The shares were sold at an average price of $11.74, for a total transaction of $58,700.00. Following the completion of the transaction, the vice president now owns 114,481 shares of the company’s stock, valued at approximately $1,344,006.94. This represents a 4.18 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. 12.96% of the stock is owned by company insiders.

Institutional Inflows and Outflows

A number of large investors have recently made changes to their positions in SCS. Diversified Trust Co raised its position in Steelcase by 2.9% in the fourth quarter. Diversified Trust Co now owns 31,801 shares of the business services provider’s stock worth $376,000 after purchasing an additional 886 shares in the last quarter. Rhumbline Advisers raised its position in Steelcase by 0.6% in the fourth quarter. Rhumbline Advisers now owns 155,013 shares of the business services provider’s stock worth $1,832,000 after purchasing an additional 932 shares in the last quarter. MetLife Investment Management LLC raised its position in Steelcase by 2.0% in the fourth quarter. MetLife Investment Management LLC now owns 54,643 shares of the business services provider’s stock worth $646,000 after purchasing an additional 1,079 shares in the last quarter. Hillsdale Investment Management Inc. raised its position in Steelcase by 0.5% in the fourth quarter. Hillsdale Investment Management Inc. now owns 284,800 shares of the business services provider’s stock worth $3,366,000 after purchasing an additional 1,500 shares in the last quarter. Finally, MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. raised its position in Steelcase by 3.4% in the fourth quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 52,596 shares of the business services provider’s stock worth $622,000 after purchasing an additional 1,741 shares in the last quarter. 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.