Steelcase (SCS) Shares Down 0.2%

Shares of Steelcase (NYSE:SCS) fell 0.2% during trading on Friday . The stock traded as low as $13.95 and last traded at $13.92. 578,663 shares traded hands during mid-day trading, a decline of 18% from the average session volume of 708,579 shares. The stock had previously closed at $13.95.

Separately, Zacks Investment Research downgraded shares of Steelcase from a “hold” rating to a “sell” rating in a research report on Tuesday, December 12th. Two research analysts have rated the stock with a sell rating, two have assigned a hold rating and two have assigned a buy rating to the company. The stock currently has an average rating of “Hold” and a consensus price target of $16.00.

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The firm has a market capitalization of $1,730.41, a PE ratio of 16.20 and a beta of 1.28. The company has a quick ratio of 1.23, a current ratio of 1.58 and a debt-to-equity ratio of 0.36.

Steelcase (NYSE:SCS) last announced its quarterly earnings data on Tuesday, March 20th. The business services provider reported $0.24 EPS for the quarter, topping the Zacks’ consensus estimate of $0.16 by $0.08. The company had revenue of $772.70 million during the quarter, compared to the consensus estimate of $750.70 million. Steelcase had a net margin of 2.64% and a return on equity of 13.66%. Steelcase’s quarterly revenue was up .5% on a year-over-year basis. During the same quarter in the prior year, the firm earned $0.27 EPS. equities research analysts predict that Steelcase will post 0.96 earnings per share for the current year.

The company also recently disclosed a quarterly dividend, which will be paid on Friday, April 13th. Shareholders of record on Friday, March 30th will be given a dividend of $0.135 per share. The ex-dividend date is Wednesday, March 28th. This represents a $0.54 dividend on an annualized basis and a yield of 3.97%. This is an increase from Steelcase’s previous quarterly dividend of $0.13. Steelcase’s dividend payout ratio is presently 75.00%.

In other Steelcase news, Director Peter M. Wege II sold 13,300 shares of the company’s stock in a transaction on Thursday, January 4th. The shares were sold at an average price of $15.14, for a total transaction of $201,362.00. Following the completion of the transaction, the director now owns 254,244 shares in the company, valued at approximately $3,849,254.16. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. 18.87% of the stock is currently owned by corporate insiders.

A number of institutional investors have recently made changes to their positions in the business. Xact Kapitalforvaltning AB acquired a new position in shares of Steelcase during the 4th quarter worth $192,000. MetLife Investment Advisors LLC acquired a new position in shares of Steelcase during the 4th quarter worth $644,000. Vident Investment Advisory LLC acquired a new position in shares of Steelcase during the 4th quarter worth $204,000. Stone Ridge Asset Management LLC acquired a new position in shares of Steelcase during the 4th quarter worth $685,000. Finally, Renaissance Technologies LLC grew its stake in shares of Steelcase by 1,388.6% during the 4th quarter. Renaissance Technologies LLC now owns 183,093 shares of the business services provider’s stock worth $2,783,000 after purchasing an additional 170,793 shares during the period. Institutional investors own 64.62% of the company’s stock.

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About Steelcase

Steelcase Inc manufactures and sells integrated portfolio of furniture settings, user-centered technologies, and interior architectural products. The company operates through Americas, EMEA, and Other Category segments. Its furniture systems portfolio comprises panel-based and freestanding furniture systems, storage, desks, benches, tables, and complementary products, such as worktools.

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