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

Steelcase Inc. (NYSE:SCS)’s stock price gapped down before the market opened 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.

Wall Street Analyst Weigh In

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

Steelcase Stock Performance

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

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

Steelcase Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Monday, April 15th. Shareholders of record on Wednesday, April 3rd will be issued a $0.10 dividend. This represents a $0.40 dividend on an annualized basis and a yield of 3.07%. The ex-dividend date is Tuesday, April 2nd. Steelcase’s dividend payout ratio (DPR) is currently 58.82%.

Insider Buying and Selling at Steelcase

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

Institutional Investors Weigh In On Steelcase

Several institutional investors and hedge funds have recently added to or reduced their stakes in the company. Goldman Sachs Group Inc. increased its position in Steelcase by 156.4% during the 2nd quarter. Goldman Sachs Group Inc. now owns 1,931,500 shares of the business services provider’s stock worth $14,892,000 after purchasing an additional 1,178,302 shares in the last quarter. Vanguard Group Inc. boosted its position in Steelcase by 15.3% during the 3rd quarter. Vanguard Group Inc. now owns 8,705,377 shares of the business services provider’s stock worth $56,759,000 after purchasing an additional 1,152,299 shares during the period. BlackRock Inc. grew its stake in shares of Steelcase by 14.3% in the second quarter. BlackRock Inc. now owns 8,350,989 shares of the business services provider’s stock valued at $64,386,000 after buying an additional 1,042,474 shares in the last quarter. Invesco Ltd. lifted its holdings in Steelcase by 82.7% in the 1st quarter. Invesco Ltd. now owns 1,765,272 shares of the business services provider’s stock worth $21,095,000 after buying an additional 799,202 shares in the last quarter. Finally, Norges Bank purchased a new position in Steelcase in the fourth quarter valued at about $4,916,000. 92.42% of the stock is currently owned by institutional investors and hedge funds.

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.