Steelcase (NYSE:SCS) Hits New 52-Week 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)'s stock price reached a new 52-week high during trading on Monday . The company traded as high as $14.80 and last traded at $15.71, with a volume of 1268199 shares traded. The stock had previously closed at $10.18.

Analyst Ratings Changes

A number of research firms recently commented on SCS. Noble Financial downgraded Steelcase from a "strong-buy" rating to a "hold" rating in a research report on Tuesday. Wall Street Zen downgraded Steelcase from a "strong-buy" rating to a "buy" rating in a research report on Friday, June 27th.

Steelcase Stock Down 0.9%

The company has a 50 day simple moving average of $11.10 and a two-hundred day simple moving average of $10.98. 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 $1.82 billion, a P/E ratio of 15.39, a PEG ratio of 1.52 and a beta of 1.18.

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

Steelcase Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Monday, July 21st. Shareholders of record on Monday, July 7th were paid a dividend of $0.10 per share. This represents a $0.40 annualized dividend and a yield of 2.5%. The ex-dividend date of this dividend was Monday, July 7th. Steelcase's payout ratio is presently 38.83%.

Insiders Place Their Bets

In other Steelcase news, VP Robert G. Krestakos sold 12,000 shares of the business's stock in a transaction that occurred on Friday, July 11th. The stock was sold at an average price of $10.63, for a total transaction of $127,560.00. Following the sale, the vice president directly owned 127,912 shares of the company's stock, valued at $1,359,704.56. The trade was a 8.58% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this link. 6.75% of the stock is owned by insiders.

Institutional Inflows and Outflows

A number of hedge funds have recently modified their holdings of the business. MetLife Investment Management LLC grew its stake in shares of Steelcase by 2.0% during the fourth quarter. MetLife Investment Management LLC now owns 54,643 shares of the business services provider's stock valued at $646,000 after buying an additional 1,079 shares during the last quarter. Harbor Capital Advisors Inc. grew its stake in shares of Steelcase by 7.6% during the second quarter. Harbor Capital Advisors Inc. now owns 22,707 shares of the business services provider's stock valued at $237,000 after buying an additional 1,601 shares during the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew its stake in shares of Steelcase by 3.4% during the fourth quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 52,596 shares of the business services provider's stock valued at $622,000 after buying an additional 1,741 shares during the last quarter. State of Wyoming grew its stake in shares of Steelcase by 9.3% during the fourth quarter. State of Wyoming now owns 20,668 shares of the business services provider's stock valued at $244,000 after buying an additional 1,762 shares during the last quarter. Finally, Diversified Trust Co grew its stake in shares of Steelcase by 7.9% during the first quarter. Diversified Trust Co now owns 34,300 shares of the business services provider's stock valued at $376,000 after buying an additional 2,499 shares during the last quarter. Institutional investors own 92.42% of the company's stock.

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.