Steelcase (NYSE:SCS) Sets New 12-Month High - Should You Buy?

Key Points

• Steelcase Inc.'s share price has reached a new 12-month high of $17.25, closing at $17.19 with a trading volume of 66,111 shares.
• Recent analyst ratings show a downgrade from "strong-buy" to "hold" from Noble Financial, with a consensus target price of $16.00 and an average rating of "Hold."
• The company announced a quarterly dividend of $0.10 per share, representing a 2.3% yield, with payments scheduled for October 20th for shareholders of record on October 6th.

Steelcase Inc. (NYSE:SCS - Get Free Report)'s share price reached a new 52-week high during mid-day trading on Tuesday . The stock traded as high as $17.25 and last traded at $17.19, with a volume of 66111 shares traded. The stock had previously closed at $17.19.

Analyst Ratings Changes

A number of equities analysts recently weighed in on SCS shares. Noble Financial downgraded shares of Steelcase from a "strong-buy" rating to a "hold" rating in a research note on Tuesday, August 5th. Wall Street Zen lowered shares of Steelcase from a "buy" rating to a "hold" rating in a research note on Saturday, August 9th. Two equities research analysts have rated the stock with a Hold rating, According to data from MarketBeat.com, the stock has an average rating of "Hold" and a consensus target price of $16.00.

Steelcase Price Performance

The business has a 50-day moving average price of $15.50 and a 200 day moving average price of $12.20. The stock has a market cap of $1.97 billion, a PE ratio of 16.69, a PEG ratio of 1.63 and a beta of 1.26. The company has a current ratio of 1.65, a quick ratio of 1.15 and a debt-to-equity ratio of 0.46.

Steelcase (NYSE:SCS - Get Free Report) last released its quarterly earnings data on Wednesday, September 24th. The business services provider reported $0.45 EPS for the quarter, beating the consensus estimate of $0.37 by $0.08. The business had revenue of $897.10 million for the quarter, compared to the consensus estimate of $878.73 million. Steelcase had a net margin of 3.84% and a return on equity of 14.49%. The company's revenue was up 4.8% compared to the same quarter last year. During the same period in the prior year, the firm earned $0.39 earnings per share. As a group, research analysts forecast that Steelcase Inc. will post 1 earnings per share for the current fiscal year.

Steelcase Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Monday, October 20th. Shareholders of record on Monday, October 6th will be issued a dividend of $0.10 per share. This represents a $0.40 dividend on an annualized basis and a yield of 2.3%. The ex-dividend date of this dividend is Monday, October 6th. Steelcase's payout ratio is presently 50.63%.

Insiders Place Their Bets

In other Steelcase news, VP Robert G. Krestakos sold 12,000 shares of the firm's stock in a transaction on Friday, July 11th. The shares were 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 of the company's stock, valued at $1,359,704.56. This trade represents a 8.58% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Company insiders own 6.75% of the company's stock.

Institutional Investors Weigh In On Steelcase

Hedge funds have recently bought and sold shares of the stock. MTM Investment Management LLC purchased a new position in Steelcase in the second quarter worth $26,000. Jones Financial Companies Lllp increased its holdings in shares of 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 buying an additional 2,871 shares during the period. EverSource Wealth Advisors LLC boosted its stake in shares of Steelcase by 1,279.8% during the second quarter. EverSource Wealth Advisors LLC now owns 3,546 shares of the business services provider's stock valued at $37,000 after purchasing an additional 3,289 shares during the period. US Bancorp DE boosted its position in Steelcase by 4,509.8% during the 1st 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 period. Finally, GAMMA Investing LLC boosted its holdings 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 worth $63,000 after purchasing an additional 5,346 shares during the period. 92.42% of the stock is currently 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.

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