Shares of Steelcase Inc. (NYSE:SCS) dropped 5.2% during mid-day trading on Monday . The company traded as low as $14.50 and last traded at $14.55. Approximately 896,577 shares traded hands during mid-day trading, an increase of 23% from the average daily volume of 729,620 shares. The stock had previously closed at $15.35.
Separately, Zacks Investment Research downgraded Steelcase from a “hold” rating to a “sell” rating in a research note on Tuesday, December 12th. Two analysts have rated the stock with a sell rating, two have issued a hold rating and two have issued a buy rating to the company. The company presently has a consensus rating of “Hold” and an average target price of $16.00.
The stock has a market capitalization of $1,689.76, a price-to-earnings ratio of 15.79 and a beta of 1.20. The company has a debt-to-equity ratio of 0.36, a current ratio of 1.58 and a quick ratio of 1.23.
The company also recently announced a quarterly dividend, which was paid on Monday, January 15th. Investors of record on Friday, December 29th were issued a dividend of $0.1275 per share. This represents a $0.51 dividend on an annualized basis and a yield of 3.58%. The ex-dividend date was Thursday, December 28th. Steelcase’s dividend payout ratio (DPR) is 57.30%.
In other Steelcase news, Director Peter M. Wege II sold 13,300 shares of the stock in a transaction dated Thursday, January 4th. The stock was sold at an average price of $15.14, for a total value of $201,362.00. Following the sale, the director now owns 254,244 shares of the company’s stock, valued at approximately $3,849,254.16. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, VP Sara E. Armbruster sold 3,000 shares of the stock in a transaction dated Friday, December 22nd. The shares were sold at an average price of $14.80, for a total value of $44,400.00. Following the completion of the sale, the vice president now directly owns 69,870 shares in the company, valued at approximately $1,034,076. The disclosure for this sale can be found here. Company insiders own 18.87% of the company’s stock.
Hedge funds have recently bought and sold shares of the business. New York State Teachers Retirement System acquired a new stake in Steelcase in the 3rd quarter valued at about $117,000. Public Employees Retirement System of Ohio raised its position in shares of Steelcase by 9.6% during the 2nd quarter. Public Employees Retirement System of Ohio now owns 10,833 shares of the business services provider’s stock worth $152,000 after acquiring an additional 947 shares in the last quarter. Amalgamated Bank raised its position in shares of Steelcase by 3.4% during the 2nd quarter. Amalgamated Bank now owns 10,913 shares of the business services provider’s stock worth $153,000 after acquiring an additional 358 shares in the last quarter. Acadian Asset Management LLC acquired a new stake in shares of Steelcase during the 4th quarter worth about $184,000. Finally, Bredin Investment LLC acquired a new stake in shares of Steelcase during the 4th quarter worth about $240,000. 62.79% of the stock is currently owned by institutional investors.
Steelcase Inc provides an integrated portfolio of furniture settings, user-centered technologies and interior architectural products. The Company’s segments include Americas, EMEA and Other Category. The Company’s furniture portfolio includes panel-based and freestanding furniture systems and complementary products, such as storage, tables and ergonomic worktools.
Receive News & Ratings for Steelcase Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Steelcase and related companies with MarketBeat.com's FREE daily email newsletter.