Steelcase Inc. (NYSE:SCS - Get Free Report) hit a new 52-week low on Monday . The stock traded as low as $11.47 and last traded at $11.67, with a volume of 96542 shares changing hands. The stock had previously closed at $11.74.
Analyst Ratings Changes
Separately, Noble Financial assumed coverage on Steelcase in a research report on Wednesday, October 9th. They issued an "outperform" rating and a $16.00 price target on the stock.
Check Out Our Latest Report on SCS
Steelcase Stock Down 0.8 %
The company has a market cap of $1.33 billion, a price-to-earnings ratio of 10.99, a price-to-earnings-growth 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. The firm's fifty day moving average price is $13.00 and its 200-day moving average price is $13.15.
Steelcase (NYSE:SCS - Get Free Report) 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 the consensus estimate of $0.23 by $0.07. Steelcase had a return on equity of 14.41% and a net margin of 4.02%. The company had revenue of $794.90 million during the quarter, compared to the consensus estimate of $796.58 million. During the same period in the prior year, the company earned $0.30 earnings per share. The company's revenue for the quarter was up 2.2% compared to the same quarter last year. Sell-side analysts predict that Steelcase Inc. will post 1 earnings per share for the current year.
Steelcase Dividend Announcement
The business also recently disclosed a quarterly dividend, which will be paid on Monday, January 13th. Investors of record on Monday, December 30th will be issued a dividend of $0.10 per share. The ex-dividend date of this dividend is Monday, December 30th. This represents a $0.40 dividend on an annualized basis and a dividend yield of 3.43%. Steelcase's payout ratio is 41.67%.
Insider Buying and Selling
In related news, VP Robert G. Krestakos sold 4,000 shares of the 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 completion of the transaction, the vice president now owns 119,481 shares in the company, valued at approximately $1,566,395.91. This represents a 3.24 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Company insiders own 12.96% of the company's stock.
Institutional Trading of Steelcase
Several institutional investors and hedge funds have recently bought and sold shares of SCS. American Century Companies Inc. boosted its position in Steelcase by 13.5% during the second quarter. American Century Companies Inc. now owns 2,450,799 shares of the business services provider's stock worth $31,762,000 after purchasing an additional 291,070 shares during the period. Renaissance Technologies LLC increased its stake in Steelcase by 380.2% in the second quarter. Renaissance Technologies LLC now owns 133,500 shares of the business services provider's stock valued at $1,730,000 after acquiring an additional 105,700 shares during the last quarter. State Street Corp raised its position in Steelcase by 1.0% during the third quarter. State Street Corp now owns 2,260,310 shares of the business services provider's stock valued at $30,714,000 after purchasing an additional 22,226 shares in the last quarter. Bank of New York Mellon Corp boosted its holdings in shares of Steelcase by 6.5% in the 2nd quarter. Bank of New York Mellon Corp now owns 995,083 shares of the business services provider's stock valued at $12,896,000 after purchasing an additional 60,951 shares in the last quarter. Finally, Victory Capital Management Inc. increased its stake in shares of Steelcase by 129.9% in the 2nd quarter. Victory Capital Management Inc. now owns 522,956 shares of the business services provider's stock valued at $6,778,000 after purchasing an additional 295,482 shares during the last quarter. Institutional investors own 92.42% of the company's stock.
Steelcase Company Profile
(
Get Free Report)
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.
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