Steelcase (NYSE:SCS) Reaches New 52-Week Low – What’s Next?

Shares of Steelcase Inc. (NYSE:SCS) hit a new 52-week low during trading on Thursday . The stock traded as low as $10.30 and last traded at $10.62, with a volume of 1130404 shares traded. The stock had previously closed at $10.58.

Steelcase Stock Down 1.6 %

The company has a quick ratio of 1.21, a current ratio of 1.57 and a debt-to-equity ratio of 0.48. The firm has a market capitalization of $1.26 billion, a price-to-earnings ratio of 11.58, a P/E/G ratio of 1.25 and a beta of 1.33. The stock has a 50 day moving average of $11.60 and a 200 day moving average of $12.35.

Steelcase (NYSE:SCS) last issued its earnings results on Wednesday, March 26th. The business services provider reported $0.26 EPS for the quarter, topping the consensus estimate of $0.20 by $0.06. The company had revenue of $788.00 million during the quarter, compared to analyst estimates of $790.90 million. Steelcase had a return on equity of 14.20% and a net margin of 3.63%. The business’s revenue was up 1.7% on a year-over-year basis. During the same quarter last year, the firm earned $0.23 EPS. As a group, analysts expect that Steelcase Inc. will post 1 earnings per share for the current fiscal year.

Steelcase Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Monday, April 21st. Shareholders of record on Monday, April 7th will be issued a dividend of $0.10 per share. The ex-dividend date of this dividend is Monday, April 7th. This represents a $0.40 dividend on an annualized basis and a dividend yield of 3.60%. Steelcase’s dividend payout ratio (DPR) is 41.67%.

Insider Activity

In other news, VP Robert G. Krestakos sold 5,000 shares of the stock in a transaction that occurred on Wednesday, January 22nd. The stock was sold at an average price of $11.74, for a total transaction of $58,700.00. Following the sale, the vice president now directly owns 114,481 shares in the company, valued at approximately $1,344,006.94. This represents a 4.18 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Company insiders own 12.96% of the company’s stock.

Institutional Investors Weigh In On Steelcase

Several large investors have recently added to or reduced their stakes in the stock. R Squared Ltd acquired a new position in shares of Steelcase during the fourth quarter valued at $36,000. Virtus Fund Advisers LLC lifted its position in Steelcase by 228.9% in the 4th quarter. Virtus Fund Advisers LLC now owns 7,893 shares of the business services provider’s stock valued at $93,000 after purchasing an additional 5,493 shares during the last quarter. Quarry LP boosted its stake in Steelcase by 162.6% during the 4th quarter. Quarry LP now owns 8,344 shares of the business services provider’s stock valued at $99,000 after purchasing an additional 5,166 shares during the period. Olympiad Research LP bought a new position in Steelcase in the 4th quarter worth about $134,000. Finally, Boothbay Fund Management LLC bought a new position in Steelcase in the 4th quarter worth about $135,000. 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.