Steelcase (NYSE:SCS) Shares Down 11% After Analyst Downgrade

Steelcase Inc. (NYSE:SCS – Get Rating) shares were down 11% during mid-day trading on Friday after Benchmark lowered their price target on the stock from $16.00 to $12.00. Benchmark currently has a buy rating on the stock. Steelcase traded as low as $7.39 and last traded at $7.40. Approximately 30,998 shares were traded during trading, a decline of 95% from the average daily volume of 679,174 shares. The stock had previously closed at $8.31.

Separately, Sidoti lowered Steelcase from a “buy” rating to a “neutral” rating and set a $12.00 price objective on the stock. in a research note on Thursday, September 15th.

Insiders Place Their Bets

In other news, CAO Lizbeth S. O’Shaughnessy sold 30,000 shares of the business’s stock in a transaction on Wednesday, August 3rd. The shares were sold at an average price of $11.26, for a total transaction of $337,800.00. Following the completion of the transaction, the chief accounting officer now directly owns 288,388 shares in the company, valued at approximately $3,247,248.88. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Insiders own 12.77% of the company’s stock.

Institutional Inflows and Outflows

Institutional investors have recently added to or reduced their stakes in the stock. Point72 Hong Kong Ltd acquired a new stake in Steelcase in the 1st quarter valued at $33,000. Captrust Financial Advisors increased its stake in Steelcase by 179.6% during the first quarter. Captrust Financial Advisors now owns 4,141 shares of the business services provider’s stock worth $49,000 after purchasing an additional 2,660 shares during the period. First Horizon Advisors Inc. purchased a new stake in Steelcase during the second quarter worth about $82,000. Lazard Asset Management LLC purchased a new stake in shares of Steelcase during the second quarter worth approximately $105,000. Finally, Virtu Financial LLC purchased a new stake in shares of Steelcase during the second quarter worth approximately $126,000. Hedge funds and other institutional investors own 76.11% of the company’s stock.

Steelcase Price Performance

The stock has a market capitalization of $837.81 million, a price-to-earnings ratio of 57.62 and a beta of 1.14. The stock has a fifty day moving average of $11.14 and a 200-day moving average of $11.39. The company has a quick ratio of 0.93, a current ratio of 1.56 and a debt-to-equity ratio of 0.55.

Steelcase (NYSE:SCS – Get Rating) last posted its quarterly earnings data on Wednesday, September 21st. The business services provider reported $0.21 EPS for the quarter, beating analysts’ consensus estimates of $0.13 by $0.08. Steelcase had a return on equity of 3.11% and a net margin of 0.50%. The business had revenue of $863.30 million for the quarter, compared to analyst estimates of $882.70 million. During the same quarter last year, the company earned $0.21 earnings per share. The business’s revenue for the quarter was up 19.1% compared to the same quarter last year.

Steelcase Cuts Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, October 17th. Shareholders of record on Wednesday, October 5th will be issued a dividend of $0.10 per share. The ex-dividend date of this dividend is Tuesday, October 4th. This represents a $0.40 annualized dividend and a yield of 5.38%. Steelcase’s dividend payout ratio is currently 446.19%.

About Steelcase

(Get Rating)

Steelcase Inc provides a portfolio of furniture and architectural products in the United States and internationally. It operates through the 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.

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