Steelcase (NYSE:SCS) Hits New 1-Year High - Here's What Happened

Key Points

• Steelcase Inc. shares reached a new 52-week high of $15.71, reflecting a significant increase from a previous close of $10.18, with over 1.26 million shares traded.
• The company's quarterly earnings per share were reported at $0.20, exceeding analysts' expectations, with revenues up by 7.1% compared to the same quarter last year.
• Steelcase has announced a quarterly dividend of $0.10, indicating a dividend yield of 2.4%, while 92.42% of its stock is held by institutional investors.

Steelcase Inc. (NYSE:SCS - Get Free Report) hit a new 52-week high during mid-day trading on Monday . The stock traded as high as $14.80 and last traded at $15.71, with a volume of 1268199 shares changing hands. The stock had previously closed at $10.18.

Analyst Upgrades and Downgrades

Several analysts recently issued reports on the company. Noble Financial downgraded Steelcase from a "strong-buy" rating to a "hold" rating in a report on Tuesday. Wall Street Zen downgraded Steelcase from a "strong-buy" rating to a "buy" rating in a report on Friday, June 27th.

Steelcase Stock Down 0.0%

The firm has a 50 day moving average price of $10.77 and a two-hundred day moving average price of $10.89. The company has a quick ratio of 1.15, a current ratio of 1.65 and a debt-to-equity ratio of 0.46. The company has a market capitalization of $1.83 billion, a price-to-earnings ratio of 15.47, a P/E/G ratio of 1.58 and a beta of 1.18.

Steelcase (NYSE:SCS - Get Free Report) last announced its earnings results on Wednesday, June 25th. The business services provider reported $0.20 earnings per share for the quarter, beating the consensus estimate of $0.12 by $0.08. The company had revenue of $779.00 million during the quarter, compared to the consensus estimate of $759.90 million. Steelcase had a return on equity of 14.49% and a net margin of 3.84%. The company's revenue was up 7.1% on a year-over-year basis. During the same period last year, the firm earned $0.16 earnings per share. As a group, sell-side analysts expect that Steelcase Inc. will post 1 earnings per share for the current year.

Steelcase Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Monday, July 21st. Stockholders of record on Monday, July 7th were paid a dividend of $0.10 per share. The ex-dividend date was Monday, July 7th. This represents a $0.40 annualized dividend and a dividend yield of 2.5%. Steelcase's dividend payout ratio (DPR) is currently 38.83%.

Insider Buying and Selling at Steelcase

In related news, VP Robert G. Krestakos sold 12,000 shares of Steelcase stock in a transaction dated Friday, July 11th. The stock was sold at an average price of $10.63, for a total value of $127,560.00. Following the completion of the transaction, the vice president directly owned 127,912 shares in the company, valued at approximately $1,359,704.56. This trade represents a 8.58% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. 6.75% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Steelcase

A number of hedge funds have recently bought and sold shares of SCS. Jones Financial Companies Lllp lifted its holdings in Steelcase by 3,634.2% in the first quarter. Jones Financial Companies Lllp now owns 2,950 shares of the business services provider's stock worth $32,000 after acquiring an additional 2,871 shares during the last quarter. US Bancorp DE raised its holdings in shares of Steelcase by 4,509.8% during the first quarter. US Bancorp DE now owns 4,702 shares of the business services provider's stock valued at $52,000 after buying an additional 4,600 shares during the last quarter. GAMMA Investing LLC increased its stake in shares of Steelcase by 1,468.7% during the first quarter. GAMMA Investing LLC now owns 5,710 shares of the business services provider's stock valued at $63,000 after acquiring an additional 5,346 shares during the period. Virtus Fund Advisers LLC increased its stake in shares of Steelcase by 228.9% during the fourth quarter. Virtus Fund Advisers LLC now owns 7,893 shares of the business services provider's stock valued at $93,000 after acquiring an additional 5,493 shares during the period. Finally, Quarry LP increased its stake in shares of Steelcase by 162.6% during the fourth quarter. Quarry LP now owns 8,344 shares of the business services provider's stock valued at $99,000 after acquiring an additional 5,166 shares during the period. 92.42% of the stock is currently 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.