Steelcase (NYSE:SCS) Sets New 1-Year Low – Here’s What Happened

Steelcase Inc. (NYSE:SCS) shares hit a new 52-week low on Friday . The stock traded as low as $10.59 and last traded at $10.59, with a volume of 328709 shares trading hands. The stock had previously closed at $10.99.

Steelcase Price Performance

The company has a fifty day simple moving average of $11.66 and a two-hundred day simple moving average of $12.47. The company has a debt-to-equity ratio of 0.48, a quick ratio of 1.21 and a current ratio of 1.57. The company has a market capitalization of $1.21 billion, a price-to-earnings ratio of 11.12, a P/E/G ratio of 1.25 and a beta of 1.33.

Steelcase (NYSE:SCS) last issued its quarterly earnings results on Wednesday, December 18th. The business services provider reported $0.30 earnings per share for the quarter, beating the consensus estimate of $0.23 by $0.07. The company had revenue of $794.90 million during the quarter, compared to the consensus estimate of $796.58 million. Steelcase had a return on equity of 14.20% and a net margin of 3.63%. Steelcase’s revenue was up 2.2% on a year-over-year basis. During the same period in the previous year, the firm posted $0.30 EPS. As a group, research analysts anticipate that Steelcase Inc. will post 1 earnings per share for the current year.

Insider Buying and Selling at Steelcase

In other news, VP Robert G. Krestakos sold 5,000 shares of the business’s stock in a transaction on Wednesday, January 22nd. The shares were sold at an average price of $11.74, for a total transaction of $58,700.00. Following the completion of the sale, the vice president now directly owns 114,481 shares of the company’s stock, valued at $1,344,006.94. The trade was a 4.18 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. 12.96% of the stock is currently owned by insiders.

Institutional Trading of Steelcase

Several institutional investors have recently made changes to their positions in SCS. Hotchkis & Wiley Capital Management LLC purchased a new stake in shares of Steelcase during the 3rd quarter valued at $6,167,000. BNP Paribas Financial Markets boosted its position in Steelcase by 322.3% during the 3rd quarter. BNP Paribas Financial Markets now owns 572,269 shares of the business services provider’s stock worth $7,720,000 after purchasing an additional 436,754 shares during the period. Teacher Retirement System of Texas boosted its position in Steelcase by 109.8% during the 4th quarter. Teacher Retirement System of Texas now owns 775,177 shares of the business services provider’s stock worth $9,163,000 after purchasing an additional 405,614 shares during the period. Millennium Management LLC boosted its position in Steelcase by 93.6% during the 4th quarter. Millennium Management LLC now owns 694,625 shares of the business services provider’s stock worth $8,210,000 after purchasing an additional 335,889 shares during the period. Finally, Brandywine Global Investment Management LLC purchased a new stake in Steelcase during the 4th quarter worth $3,769,000. 92.42% of the stock is owned by hedge funds and other institutional investors.

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.