Steelcase (NYSE:SCS) Stock Price Passes Above 200 Day Moving Average of $12.86

Steelcase Inc. (NYSE:SCS)’s stock price passed above its 200-day moving average during trading on Thursday . The stock has a 200-day moving average of $12.86 and traded as high as $13.12. Steelcase shares last traded at $12.94, with a volume of 344,170 shares changing hands.

Wall Street Analyst Weigh In

A number of equities research analysts have weighed in on SCS shares. StockNews.com upgraded Steelcase from a “buy” rating to a “strong-buy” rating in a research note on Friday, March 29th. Benchmark raised their price objective on Steelcase from $17.00 to $18.00 and gave the stock a “buy” rating in a research note on Friday, June 21st.

Steelcase Price Performance

The stock has a market capitalization of $1.48 billion, a price-to-earnings ratio of 17.03, a price-to-earnings-growth ratio of 1.31 and a beta of 1.34. The company has a debt-to-equity ratio of 0.51, a current ratio of 1.61 and a quick ratio of 1.15. The company has a 50-day simple moving average of $12.90 and a two-hundred day simple moving average of $12.86.

Steelcase (NYSE:SCS) last announced its earnings results on Thursday, June 20th. The business services provider reported $0.16 earnings per share for the quarter, beating the consensus estimate of $0.10 by $0.06. The firm had revenue of $727.30 million for the quarter, compared to the consensus estimate of $729.05 million. Steelcase had a return on equity of 13.66% and a net margin of 2.89%. The firm’s revenue for the quarter was down 3.3% on a year-over-year basis. During the same quarter in the previous year, the business earned $0.09 EPS. On average, equities research analysts predict that Steelcase Inc. will post 1 earnings per share for the current year.

Steelcase Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Monday, July 15th. Shareholders of record on Wednesday, July 3rd will be given a $0.10 dividend. The ex-dividend date of this dividend is Wednesday, July 3rd. This represents a $0.40 dividend on an annualized basis and a yield of 3.09%. Steelcase’s dividend payout ratio (DPR) is 52.63%.

Insider Buying and Selling at Steelcase

In other Steelcase news, VP Donna K. Flynn sold 13,310 shares of the company’s stock in a transaction dated Monday, June 24th. The shares were sold at an average price of $13.72, for a total value of $182,613.20. Following the completion of the sale, the vice president now directly owns 78,733 shares of the company’s stock, valued at approximately $1,080,216.76. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. 12.96% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

Institutional investors have recently modified their holdings of the stock. USA Financial Formulas purchased a new stake in Steelcase during the fourth quarter valued at about $28,000. FinTrust Capital Advisors LLC purchased a new position in Steelcase during the 4th quarter worth approximately $44,000. Quest Partners LLC acquired a new stake in Steelcase during the 4th quarter valued at $71,000. Scotia Capital Inc. purchased a new stake in shares of Steelcase in the third quarter valued at $114,000. Finally, SpiderRock Advisors LLC acquired a new stake in shares of Steelcase in the first quarter worth $135,000. 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.