Steelcase Inc. (NYSE:SCS – Get Rating)’s stock price was down 6.9% during trading on Friday after Sidoti lowered their price target on the stock from $12.00 to $11.00. The company traded as low as $7.25 and last traded at $7.29. Approximately 1,228,173 shares changed hands during trading, an increase of 34% from the average daily volume of 919,959 shares. The stock had previously closed at $7.83.
Other research analysts have also issued research reports about the company. StockNews.com started coverage on Steelcase in a research report on Thursday, May 18th. They set a “buy” rating for the company. TheStreet lowered Steelcase from a “b-” rating to a “c+” rating in a research report on Friday, May 12th.
Insider Activity
In other news, Director Peter M. Wege II sold 5,691 shares of Steelcase stock in a transaction that occurred on Thursday, March 30th. The shares were sold at an average price of $8.45, for a total transaction of $48,088.95. Following the completion of the sale, the director now owns 199,644 shares of the company’s stock, valued at $1,686,991.80. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. In related news, Director Peter M. Wege II sold 17,273 shares of the business’s stock in a transaction that occurred on Tuesday, March 28th. The shares were sold at an average price of $8.44, for a total value of $145,784.12. Following the completion of the transaction, the director now owns 228,583 shares of the company’s stock, valued at $1,929,240.52. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Also, Director Peter M. Wege II sold 5,691 shares of the business’s stock in a transaction that occurred on Thursday, March 30th. The stock was sold at an average price of $8.45, for a total transaction of $48,088.95. Following the completion of the transaction, the director now directly owns 199,644 shares of the company’s stock, valued at approximately $1,686,991.80. The disclosure for this sale can be found here. Insiders own 12.72% of the company’s stock.
Hedge Funds Weigh In On Steelcase
Large investors have recently bought and sold shares of the business. Point72 Hong Kong Ltd bought a new position in Steelcase in the first quarter worth approximately $33,000. Captrust Financial Advisors raised its stake in Steelcase by 179.6% in the first quarter. Captrust Financial Advisors now owns 4,141 shares of the business services provider’s stock worth $49,000 after buying an additional 2,660 shares in the last quarter. Tower Research Capital LLC TRC increased its position in shares of Steelcase by 208.9% during the first quarter. Tower Research Capital LLC TRC now owns 6,091 shares of the business services provider’s stock worth $51,000 after purchasing an additional 4,119 shares in the last quarter. Point72 Middle East FZE acquired a new position in shares of Steelcase during the fourth quarter worth $65,000. Finally, Two Sigma Investments LP acquired a new position in shares of Steelcase during the fourth quarter worth $72,000. Institutional investors own 67.66% of the company’s stock.
Steelcase Stock Performance
The business has a 50-day moving average price of $7.48 and a 200-day moving average price of $7.52. The firm has a market capitalization of $833.00 million, a price-to-earnings ratio of 24.67, a P/E/G ratio of 1.17 and a beta of 1.37. The company has a quick ratio of 0.94, a current ratio of 1.47 and a debt-to-equity ratio of 0.54.
Steelcase (NYSE:SCS – Get Rating) last issued its quarterly earnings results on Thursday, June 22nd. The business services provider reported $0.09 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.01 by $0.08. The business had revenue of $751.90 million for the quarter, compared to the consensus estimate of $719.23 million. Steelcase had a return on equity of 7.96% and a net margin of 1.09%. The business’s quarterly revenue was up 1.5% on a year-over-year basis. During the same period in the prior year, the firm posted ($0.05) earnings per share. As a group, sell-side analysts forecast that Steelcase Inc. will post 0.63 earnings per share for the current year.
Steelcase Announces Dividend
The firm also recently declared a quarterly dividend, which will be paid on Monday, July 17th. Stockholders of record on Thursday, July 6th will be given a dividend of $0.10 per share. This represents a $0.40 dividend on an annualized basis and a dividend yield of 5.47%. The ex-dividend date of this dividend is Wednesday, July 5th. Steelcase’s payout ratio is presently 133.33%.
Steelcase Company Profile
Steelcase Inc provides a portfolio of furniture and architectural products in the United States and internationally. It operates through Americas, EMEA, and Other 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, and mobile power and screens.