Steelcase (NYSE:SCS) Coverage Initiated by Analysts at Noble Financial

Analysts at Noble Financial began coverage on shares of Steelcase (NYSE:SCS) in a report issued on Wednesday, Briefing.com reports. The brokerage set an “outperform” rating on the business services provider’s stock.

Separately, Benchmark increased their price target on Steelcase from $17.00 to $18.00 and gave the company a “buy” rating in a report on Friday, June 21st.

Steelcase Price Performance

Shares of NYSE SCS opened at $12.78 on Wednesday. The company has a market capitalization of $1.46 billion, a price-to-earnings ratio of 16.82, a PEG ratio of 1.26 and a beta of 1.32. Steelcase has a 1-year low of $10.29 and a 1-year high of $14.74. The business has a 50-day moving average of $13.32 and a 200-day moving average of $13.06. The company has a debt-to-equity ratio of 0.48, a current ratio of 1.62 and a quick ratio of 1.23.

Steelcase (NYSE:SCS) last posted its earnings results on Wednesday, September 18th. The business services provider reported $0.39 EPS for the quarter, topping analysts’ consensus estimates of $0.37 by $0.02. The business had revenue of $855.80 million for the quarter, compared to analysts’ expectations of $864.17 million. Steelcase had a net margin of 4.02% and a return on equity of 14.41%. The business’s revenue for the quarter was up .1% compared to the same quarter last year. During the same period in the previous year, the company posted $0.31 earnings per share. On average, equities analysts anticipate that Steelcase will post 1.02 EPS for the current fiscal year.

Insider Buying and Selling

In other Steelcase news, CFO David C. Sylvester sold 73,184 shares of the stock in a transaction that occurred on Wednesday, July 24th. The stock was sold at an average price of $13.84, for a total transaction of $1,012,866.56. Following the transaction, the chief financial officer now owns 551,592 shares of the company’s stock, valued at $7,634,033.28. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. In related news, CFO David C. Sylvester sold 73,184 shares of the firm’s stock in a transaction on Wednesday, July 24th. The stock was sold at an average price of $13.84, for a total transaction of $1,012,866.56. Following the transaction, the chief financial officer now directly owns 551,592 shares in the company, valued at $7,634,033.28. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, CAO Nicole Cherie Mcgrath sold 15,749 shares of the stock in a transaction on Tuesday, July 23rd. The stock was sold at an average price of $13.94, for a total transaction of $219,541.06. Following the sale, the chief accounting officer now directly owns 18,453 shares in the company, valued at $257,234.82. This trade represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders sold 160,877 shares of company stock worth $2,228,248. Corporate insiders own 12.96% of the company’s stock.

Institutional Trading of Steelcase

A number of institutional investors and hedge funds have recently made changes to their positions in SCS. Vanguard Group Inc. grew its position in shares of Steelcase by 4.0% during the first quarter. Vanguard Group Inc. now owns 10,153,754 shares of the business services provider’s stock worth $132,811,000 after acquiring an additional 387,861 shares during the last quarter. Pzena Investment Management LLC raised its stake in Steelcase by 0.5% during the 2nd quarter. Pzena Investment Management LLC now owns 7,092,675 shares of the business services provider’s stock valued at $91,921,000 after acquiring an additional 33,024 shares in the last quarter. Dimensional Fund Advisors LP boosted its position in Steelcase by 4.2% during the 2nd quarter. Dimensional Fund Advisors LP now owns 5,297,183 shares of the business services provider’s stock worth $68,652,000 after acquiring an additional 215,729 shares during the period. Cooke & Bieler LP lifted its holdings in Steelcase by 4.9% in the second quarter. Cooke & Bieler LP now owns 4,002,442 shares of the business services provider’s stock worth $51,872,000 after purchasing an additional 186,596 shares during the period. Finally, American Century Companies Inc. grew its position in Steelcase by 13.5% in the 2nd quarter. American Century Companies Inc. now owns 2,450,799 shares of the business services provider’s stock valued at $31,762,000 after buying an additional 291,070 shares in the last quarter. 92.42% of the stock is currently owned by institutional investors and hedge funds.

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.