Steelcase (NYSE:SCS) Hits New 1-Year Low - What's Next?

Steelcase Inc. (NYSE:SCS - Get Free Report) shares reached a new 52-week low during mid-day trading on Wednesday . The stock traded as low as $9.73 and last traded at $9.93, with a volume of 526555 shares trading hands. The stock had previously closed at $10.01.

Analysts Set New Price Targets

Separately, Sidoti upgraded shares of Steelcase to a "hold" rating in a report on Friday, March 28th.

Steelcase Stock Down 0.9 %

The company's fifty day simple moving average is $10.63 and its 200-day simple moving average is $11.75. The firm has a market capitalization of $1.13 billion, a PE ratio of 10.32, a price-to-earnings-growth ratio of 1.25 and a beta of 1.15. The company has a debt-to-equity ratio of 0.48, a current ratio of 1.57 and a quick ratio of 1.21.

Steelcase (NYSE:SCS - Get Free Report) last announced its earnings results on Wednesday, March 26th. The business services provider reported $0.26 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.20 by $0.06. The company had revenue of $788.00 million for the quarter, compared to analyst estimates of $790.90 million. Steelcase had a return on equity of 14.20% and a net margin of 3.63%. The firm's quarterly revenue was up 1.7% compared to the same quarter last year. During the same period in the prior year, the company posted $0.23 EPS. On average, analysts forecast that Steelcase Inc. will post 1 EPS for the current year.

Steelcase Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Monday, April 21st. Stockholders of record on Monday, April 7th were paid a dividend of $0.10 per share. The ex-dividend date of this dividend was Monday, April 7th. This represents a $0.40 annualized dividend and a dividend yield of 4.05%. Steelcase's payout ratio is currently 39.60%.

Insider Activity

In related news, VP Robert G. Krestakos sold 6,000 shares of Steelcase stock in a transaction dated Monday, April 14th. The stock was sold at an average price of $10.13, for a total transaction of $60,780.00. Following the completion of the sale, the vice president now owns 139,912 shares of the company's stock, valued at $1,417,308.56. The trade was a 4.11 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Corporate insiders own 12.96% of the company's stock.

Hedge Funds Weigh In On Steelcase

A number of institutional investors have recently bought and sold shares of SCS. Barclays PLC raised its holdings in shares of Steelcase by 203.1% during the third quarter. Barclays PLC now owns 178,002 shares of the business services provider's stock worth $2,402,000 after purchasing an additional 119,268 shares during the last quarter. SG Americas Securities LLC purchased a new position in shares of Steelcase during the 4th quarter valued at about $379,000. Fifth Third Bancorp lifted its holdings in shares of Steelcase by 7.4% in the 4th quarter. Fifth Third Bancorp now owns 3,579,117 shares of the business services provider's stock valued at $42,305,000 after buying an additional 245,981 shares during the period. Sanctuary Advisors LLC boosted its stake in shares of Steelcase by 36.7% in the fourth quarter. Sanctuary Advisors LLC now owns 101,997 shares of the business services provider's stock worth $1,187,000 after buying an additional 27,392 shares during the last quarter. Finally, Rhumbline Advisers grew its holdings in Steelcase by 0.6% during the fourth quarter. Rhumbline Advisers now owns 155,013 shares of the business services provider's stock worth $1,832,000 after acquiring an additional 932 shares during the period. 92.42% of the stock is owned by hedge funds and other institutional investors.

About Steelcase

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.