Steelcase (SCS) Trading Down 13.6%

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Shares of Steelcase Inc. (NYSE:SCS) traded down 13.6% during mid-day trading on Wednesday . The stock traded as low as $15.01 and last traded at $15.11. 4,368,981 shares changed hands during trading, an increase of 641% from the average session volume of 589,746 shares. The stock had previously closed at $17.48.

Separately, Zacks Investment Research lowered shares of Steelcase from a “strong-buy” rating to a “hold” rating in a research report on Thursday, February 21st. Two equities research analysts have rated the stock with a hold rating and two have assigned a buy rating to the company’s stock. The stock presently has an average rating of “Buy” and an average price target of $18.67.

The company has a current ratio of 1.25, a quick ratio of 0.86 and a debt-to-equity ratio of 0.34. The stock has a market cap of $2.06 billion, a PE ratio of 16.60 and a beta of 1.29.

Steelcase (NYSE:SCS) last posted its quarterly earnings results on Tuesday, March 19th. The business services provider reported $0.29 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.26 by $0.03. Steelcase had a net margin of 3.13% and a return on equity of 15.91%. The business had revenue of $912.00 million during the quarter, compared to analyst estimates of $870.60 million. During the same period in the prior year, the business posted $0.24 earnings per share. The company’s revenue was up 18.0% on a year-over-year basis. Analysts forecast that Steelcase Inc. will post 1.12 EPS for the current fiscal year.

The firm also recently declared a quarterly dividend, which will be paid on Friday, April 12th. Shareholders of record on Friday, March 29th will be given a dividend of $0.145 per share. This represents a $0.58 annualized dividend and a yield of 3.84%. This is a positive change from Steelcase’s previous quarterly dividend of $0.14. The ex-dividend date of this dividend is Thursday, March 28th. Steelcase’s dividend payout ratio is presently 59.34%.

In other Steelcase news, Director Peter M. Wege II sold 13,741 shares of the company’s stock in a transaction dated Friday, January 4th. The shares were sold at an average price of $15.53, for a total transaction of $213,397.73. Following the completion of the sale, the director now directly owns 238,656 shares in the company, valued at $3,706,327.68. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. Also, Director Robert C. Pew III sold 40,230 shares of the company’s stock in a transaction dated Tuesday, February 19th. The shares were sold at an average price of $17.52, for a total transaction of $704,829.60. Following the sale, the director now owns 217,890 shares of the company’s stock, valued at $3,817,432.80. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 122,105 shares of company stock valued at $2,111,935. Company insiders own 17.58% of the company’s stock.

A number of hedge funds and other institutional investors have recently bought and sold shares of SCS. Harel Insurance Investments & Financial Services Ltd. purchased a new stake in shares of Steelcase during the fourth quarter worth about $25,000. Cutler Group LP boosted its holdings in shares of Steelcase by 157.3% during the fourth quarter. Cutler Group LP now owns 2,006 shares of the business services provider’s stock worth $29,000 after purchasing an additional 5,506 shares during the period. Advisor Group Inc. boosted its holdings in shares of Steelcase by 33.3% during the fourth quarter. Advisor Group Inc. now owns 4,285 shares of the business services provider’s stock worth $63,000 after purchasing an additional 1,071 shares during the period. Macquarie Group Ltd. boosted its holdings in shares of Steelcase by 639.7% during the fourth quarter. Macquarie Group Ltd. now owns 5,304 shares of the business services provider’s stock worth $79,000 after purchasing an additional 4,587 shares during the period. Finally, Point72 Hong Kong Ltd purchased a new stake in shares of Steelcase during the third quarter worth about $108,000. Institutional investors and hedge funds own 67.46% of the company’s stock.

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Steelcase Company Profile (NYSE:SCS)

Steelcase Inc manufactures and sells integrated furniture settings, user-centered technologies, and interior architectural products. It operates through Americas, EMEA, and Other Category segments. The company's furniture portfolio includes panel-based furniture systems, storage products, fixed and height-adjustable desks, benches, and tables, as well as other products, including worktools.

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