Steelcase (NYSE:SCS) Hits New 52-Week Low - Time to Sell?

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

Analysts Set New Price Targets

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

Steelcase Trading Up 2.8 %

The company has a debt-to-equity ratio of 0.48, a quick ratio of 1.21 and a current ratio of 1.57. The stock has a market cap of $1.16 billion, a P/E ratio of 10.57, a P/E/G ratio of 1.25 and a beta of 1.12. The company has a 50-day simple moving average of $10.68 and a 200-day simple moving average of $11.78.

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

Steelcase Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Monday, April 21st. Shareholders of record on Monday, April 7th were issued a dividend of $0.10 per share. This represents a $0.40 annualized dividend and a yield of 3.94%. The ex-dividend date of this dividend was Monday, April 7th. Steelcase's dividend payout ratio is 39.60%.

Insider Buying and Selling at Steelcase

In other news, VP Robert G. Krestakos sold 6,000 shares of Steelcase stock in a transaction that occurred on Monday, April 14th. The shares were 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 in the company, valued at $1,417,308.56. The trade was a 4.11 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Corporate insiders own 12.96% of the company's stock.

Hedge Funds Weigh In On Steelcase

A number of hedge funds and other institutional investors have recently bought and sold shares of the business. Barclays PLC grew its stake 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 period. SG Americas Securities LLC acquired a new stake in shares of Steelcase in the 4th quarter valued at approximately $379,000. Fifth Third Bancorp boosted its stake in Steelcase by 7.4% during the 4th quarter. Fifth Third Bancorp now owns 3,579,117 shares of the business services provider's stock worth $42,305,000 after acquiring an additional 245,981 shares during the last quarter. Sanctuary Advisors LLC grew its holdings in Steelcase by 36.7% during the fourth quarter. Sanctuary Advisors LLC now owns 101,997 shares of the business services provider's stock valued at $1,187,000 after purchasing an additional 27,392 shares during the period. Finally, Empowered Funds LLC increased its stake in Steelcase by 5.1% in the fourth quarter. Empowered Funds LLC now owns 586,354 shares of the business services provider's stock valued at $6,931,000 after purchasing an additional 28,610 shares in the last quarter. 92.42% of the stock is owned by 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.