Steelcase (NYSE:SCS) Shares Gap Down to $12.87

Steelcase Inc. (NYSE:SCS)’s share price gapped down prior to trading on Thursday . The stock had previously closed at $12.87, but opened at $12.59. Steelcase shares last traded at $12.93, with a volume of 95,339 shares changing hands.

Analyst Ratings Changes

Separately, StockNews.com cut shares of Steelcase from a “strong-buy” rating to a “buy” rating in a research report on Thursday, March 21st.

Steelcase Stock Up 1.4 %

The company has a quick ratio of 1.12, a current ratio of 1.54 and a debt-to-equity ratio of 0.51. The stock’s 50 day moving average is $12.85 and its 200 day moving average is $12.11. The firm has a market cap of $1.49 billion, a price-to-earnings ratio of 19.13, a price-to-earnings-growth ratio of 1.38 and a beta of 1.35.

Steelcase (NYSE:SCS) last posted its quarterly earnings results on Wednesday, March 20th. The business services provider reported $0.23 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.21 by $0.02. Steelcase had a net margin of 2.57% and a return on equity of 13.00%. The business had revenue of $775.20 million during the quarter, compared to analyst estimates of $780.25 million. During the same period in the prior year, the firm earned $0.19 earnings per share. The firm’s revenue was down 3.3% compared to the same quarter last year. Analysts forecast that Steelcase Inc. will post 0.92 EPS for the current year.

Steelcase Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Monday, April 15th. Stockholders of record on Wednesday, April 3rd will be given a dividend of $0.10 per share. This represents a $0.40 dividend on an annualized basis and a dividend yield of 3.07%. The ex-dividend date of this dividend is Tuesday, April 2nd. Steelcase’s dividend payout ratio is presently 58.82%.

Insider Activity at Steelcase

In related news, VP Robert G. Krestakos sold 4,000 shares of the business’s stock in a transaction on Monday, March 25th. The stock was sold at an average price of $12.61, for a total value of $50,440.00. Following the sale, the vice president now owns 108,081 shares of the company’s stock, valued at approximately $1,362,901.41. The sale was disclosed in a legal filing with the SEC, which is available through this link. 12.72% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Steelcase

Institutional investors have recently bought and sold shares of the business. Vanguard Group Inc. increased its position in Steelcase by 4.9% in the fourth quarter. Vanguard Group Inc. now owns 9,765,893 shares of the business services provider’s stock worth $132,035,000 after purchasing an additional 452,494 shares during the period. BlackRock Inc. increased its stake in Steelcase by 14.3% during the 2nd quarter. BlackRock Inc. now owns 8,350,989 shares of the business services provider’s stock worth $64,386,000 after purchasing an additional 1,042,474 shares in the last quarter. Dimensional Fund Advisors LP raised its holdings in Steelcase by 8.0% during the 4th quarter. Dimensional Fund Advisors LP now owns 4,752,105 shares of the business services provider’s stock worth $64,249,000 after buying an additional 352,078 shares during the period. Douglas Lane & Associates LLC boosted its holdings in shares of Steelcase by 12.7% in the third quarter. Douglas Lane & Associates LLC now owns 4,113,163 shares of the business services provider’s stock valued at $45,944,000 after buying an additional 462,800 shares during the period. Finally, Charles Schwab Investment Management Inc. raised its stake in shares of Steelcase by 6.7% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 2,322,643 shares of the business services provider’s stock valued at $25,944,000 after purchasing an additional 145,328 shares during the period. Institutional investors own 92.42% of the company’s stock.

Steelcase Company Profile

Steelcase Inc provides a portfolio of furniture and architectural products in the United States and internationally. It operates through Americas, EMEA, and Other 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, and mobile power and screens.