Steelcase (NYSE:SCS) Trading Down 6.6% - Time to Sell?

Steelcase Inc. (NYSE:SCS - Get Free Report)'s share price fell 6.6% on Thursday . The stock traded as low as $9.81 and last traded at $9.92. 394,193 shares changed hands during trading, a decline of 39% from the average session volume of 649,875 shares. The stock had previously closed at $10.62.

Wall Street Analysts Forecast Growth

Several brokerages have recently weighed in on SCS. Sidoti upgraded Steelcase to a "hold" rating in a research note on Friday, March 28th. Wall Street Zen downgraded Steelcase from a "strong-buy" rating to a "buy" rating in a research note on Friday.

Steelcase Stock Down 3.7%

The company has a market capitalization of $1.20 billion, a price-to-earnings ratio of 10.18, a P/E/G ratio of 1.01 and a beta of 1.14. The firm has a 50 day moving average price of $10.27 and a two-hundred day moving average price of $11.02. The company has a quick ratio of 1.17, a current ratio of 1.54 and a debt-to-equity ratio of 0.47.

Steelcase (NYSE:SCS - Get Free Report) last posted its quarterly earnings results on Wednesday, June 25th. The business services provider reported $0.20 EPS for the quarter, topping analysts' consensus estimates of $0.12 by $0.08. The business 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 14.66% and a net margin of 3.84%. The company's revenue for the quarter was up 7.1% compared to the same quarter last year. 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 company also recently declared a quarterly dividend, which will be paid on Monday, July 21st. Investors of record on Monday, July 7th will be paid a $0.10 dividend. The ex-dividend date of this dividend is Monday, July 7th. This represents a $0.40 dividend on an annualized basis and a yield of 3.81%. Steelcase's dividend payout ratio (DPR) is 39.60%.

Insider Buying and Selling

In other Steelcase news, VP Robert G. Krestakos sold 6,000 shares of the firm's stock in a transaction dated Monday, April 14th. The shares were sold at an average price of $10.13, for a total value of $60,780.00. Following the transaction, the vice president now owns 139,912 shares of the company's stock, valued at $1,417,308.56. This trade represents a 4.11% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this link. Insiders own 6.75% of the company's stock.

Hedge Funds Weigh In On Steelcase

Large investors have recently bought and sold shares of the business. Northern Trust Corp lifted its holdings in Steelcase by 6.1% in the fourth quarter. Northern Trust Corp now owns 1,011,144 shares of the business services provider's stock worth $11,952,000 after acquiring an additional 58,079 shares during the last quarter. Millennium Management LLC raised its holdings in shares of Steelcase by 93.6% during the fourth quarter. Millennium Management LLC now owns 694,625 shares of the business services provider's stock valued at $8,210,000 after buying an additional 335,889 shares during the last quarter. Deutsche Bank AG raised its holdings in shares of Steelcase by 57.0% during the fourth quarter. Deutsche Bank AG now owns 80,787 shares of the business services provider's stock valued at $955,000 after buying an additional 29,325 shares during the last quarter. SG Americas Securities LLC raised its holdings in shares of Steelcase by 42.0% during the first quarter. SG Americas Securities LLC now owns 45,528 shares of the business services provider's stock valued at $499,000 after buying an additional 13,476 shares during the last quarter. Finally, MetLife Investment Management LLC raised its holdings 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. 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.