Steelcase (NYSE:SCS) Sets New 12-Month Low – Time to Sell?

Steelcase Inc. (NYSE:SCS) shares reached a new 52-week low during mid-day trading on Thursday . The company traded as low as $11.00 and last traded at $11.30, with a volume of 618054 shares. The stock had previously closed at $11.20.

Analysts Set New Price Targets

Separately, Noble Financial started coverage on Steelcase in a report on Wednesday, October 9th. They set an “outperform” rating and a $16.00 price objective on the stock.

Steelcase Stock Down 2.8 %

The company has a current ratio of 1.62, a quick ratio of 1.23 and a debt-to-equity ratio of 0.48. The stock has a 50 day simple moving average of $12.71 and a 200 day simple moving average of $13.05. The firm has a market capitalization of $1.25 billion, a PE ratio of 10.36, a PEG ratio of 1.29 and a beta of 1.36.

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

Steelcase Dividend Announcement

The business also recently declared 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 annualized dividend and a dividend yield of 3.64%. The ex-dividend date is Monday, December 30th. Steelcase’s dividend payout ratio is currently 41.67%.

Insiders Place Their Bets

In other news, VP Robert G. Krestakos sold 4,000 shares of the firm’s stock in a transaction that occurred on Tuesday, October 15th. The stock was sold at an average price of $13.11, for a total value of $52,440.00. Following the completion of 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 transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. 12.96% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Steelcase

Several hedge funds have recently bought and sold shares of SCS. DekaBank Deutsche Girozentrale grew its stake in shares of Steelcase by 8.1% in the 2nd quarter. DekaBank Deutsche Girozentrale now owns 12,017 shares of the business services provider’s stock worth $153,000 after buying an additional 897 shares during the last quarter. Centiva Capital LP purchased a new position in shares of Steelcase in the 3rd quarter worth about $181,000. Creative Planning increased its stake in Steelcase by 8.7% during the 3rd quarter. Creative Planning now owns 13,470 shares of the business services provider’s stock valued at $182,000 after purchasing an additional 1,075 shares in the last quarter. Intech Investment Management LLC purchased a new position in Steelcase in the third quarter worth about $347,000. Finally, CWM LLC lifted its stake in shares of Steelcase by 24.5% in the third quarter. CWM LLC now owns 27,055 shares of the business services provider’s stock worth $365,000 after buying an additional 5,324 shares in the last quarter. Institutional investors 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.