Steelcase (NYSE:SCS) Reaches New 52-Week Low - Should You Sell?

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

Analyst Upgrades and Downgrades

Separately, Noble Financial assumed coverage on shares of Steelcase in a research report on Wednesday, October 9th. They set an "outperform" rating and a $16.00 target price for the company.

Steelcase Price Performance

The company has a debt-to-equity ratio of 0.48, a quick ratio of 1.23 and a current ratio of 1.62. The company has a market capitalization of $1.32 billion, a price-to-earnings ratio of 10.95, a price-to-earnings-growth ratio of 1.29 and a beta of 1.36. The company has a 50-day moving average price of $12.78 and a 200-day moving average price of $13.09.

Steelcase (NYSE:SCS - Get Free Report) last issued its quarterly earnings data on Wednesday, December 18th. The business services provider reported $0.30 earnings per share (EPS) for the quarter, beating 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 net margin of 4.02% and a return on equity of 14.41%. The business's revenue for the quarter was up 2.2% on a year-over-year basis. During the same quarter in the previous year, the company earned $0.30 earnings per share. On average, equities research analysts expect that Steelcase Inc. will post 1 EPS for the current fiscal year.

Steelcase Dividend Announcement

The firm also recently disclosed 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 of this dividend is Monday, December 30th. Steelcase's payout ratio is presently 41.67%.

Insiders Place Their Bets

In other 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 sale, the vice president now owns 119,481 shares of the company's stock, valued at $1,566,395.91. This represents a 3.24 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Corporate insiders own 12.96% of the company's stock.

Hedge Funds Weigh In On Steelcase

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Barclays PLC grew its stake in shares of Steelcase by 203.1% during the 3rd quarter. Barclays PLC now owns 178,002 shares of the business services provider's stock worth $2,402,000 after acquiring an additional 119,268 shares in the last quarter. American Century Companies Inc. boosted its holdings 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 last quarter. Renaissance Technologies LLC grew its position 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 purchasing an additional 105,700 shares in the last quarter. State Street Corp increased its stake in Steelcase by 1.0% in the 3rd quarter. State Street Corp now owns 2,260,310 shares of the business services provider's stock valued at $30,714,000 after buying an additional 22,226 shares during the last quarter. Finally, Geode Capital Management LLC lifted its position in 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 worth $29,420,000 after buying an additional 22,507 shares in the last quarter. 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.