Steelcase (NYSE:SCS) Stock Price Down 6.6% - Here's What Happened

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

Wall Street Analyst Weigh In

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

Steelcase Stock Down 0.0%

The company has a debt-to-equity ratio of 0.47, a quick ratio of 1.17 and a current ratio of 1.54. The firm's 50 day moving average price is $10.24 and its two-hundred day moving average price is $11.09. The company has a market cap of $1.22 billion, a P/E ratio of 10.51, a price-to-earnings-growth ratio of 1.04 and a beta of 1.14.

Steelcase (NYSE:SCS - Get Free Report) last posted its quarterly earnings results on Wednesday, June 25th. The business services provider reported $0.20 earnings per share for the quarter, beating the consensus estimate of $0.12 by $0.08. The firm had revenue of $779.00 million during the quarter, compared to the consensus estimate of $759.90 million. Steelcase had a net margin of 3.81% and a return on equity of 14.37%. The business's revenue was up 7.1% compared to the same quarter last year. During the same period in the previous year, the firm posted $0.16 earnings per share. Equities research analysts anticipate that Steelcase Inc. will post 1 EPS for the current fiscal year.

Insider Activity

In related 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 approximately $1,417,308.56. This trade represents a 4.11% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Corporate insiders own 6.75% of the company's stock.

Institutional Inflows and Outflows

A number of large investors have recently modified their holdings of SCS. Jones Financial Companies Lllp raised its position in Steelcase by 3,634.2% in the 1st quarter. Jones Financial Companies Lllp now owns 2,950 shares of the business services provider's stock valued at $32,000 after buying an additional 2,871 shares during the last quarter. US Bancorp DE raised its holdings in shares of Steelcase by 4,509.8% in the first quarter. US Bancorp DE now owns 4,702 shares of the business services provider's stock valued at $52,000 after purchasing an additional 4,600 shares during the last quarter. GAMMA Investing LLC lifted its position 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 valued at $63,000 after purchasing an additional 5,346 shares in the last quarter. Virtus Fund Advisers LLC lifted its position in shares of Steelcase by 228.9% during the fourth quarter. Virtus Fund Advisers LLC now owns 7,893 shares of the business services provider's stock valued at $93,000 after purchasing an additional 5,493 shares in the last quarter. Finally, Quarry LP boosted its holdings in Steelcase by 162.6% during the fourth quarter. Quarry LP now owns 8,344 shares of the business services provider's stock worth $99,000 after purchasing an additional 5,166 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.

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