Steelcase (NYSE:SCS) Now Covered by Analysts at Noble Financial

Stock analysts at Noble Financial assumed coverage on shares of Steelcase (NYSE:SCS) in a note issued to investors on Wednesday, Briefing.com reports. The firm set an “outperform” rating on the business services provider’s stock.

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

Steelcase Stock Down 1.3 %

SCS opened at $12.78 on Wednesday. The company has a debt-to-equity ratio of 0.48, a quick ratio of 1.23 and a current ratio of 1.62. The company has a market capitalization of $1.46 billion, a PE ratio of 16.82, a P/E/G ratio of 1.26 and a beta of 1.32. The stock’s fifty day moving average is $13.32 and its 200-day moving average is $13.06. Steelcase has a one year low of $10.29 and a one year high of $14.74.

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

Insider Buying and Selling

In other Steelcase news, SVP Allan W. Smith, Jr. sold 70,444 shares of the company’s stock in a transaction dated Monday, July 22nd. The shares were sold at an average price of $13.84, for a total transaction of $974,944.96. Following the completion of the sale, the senior vice president now directly owns 184,743 shares of the company’s stock, valued at approximately $2,556,843.12. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. In other news, CFO David C. Sylvester sold 73,184 shares of Steelcase 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 owns 551,592 shares in the company, valued at approximately $7,634,033.28. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, SVP Allan W. Smith, Jr. sold 70,444 shares of the stock in a transaction dated Monday, July 22nd. The stock was sold at an average price of $13.84, for a total value of $974,944.96. Following the completion of the sale, the senior vice president now directly owns 184,743 shares of the company’s stock, valued at approximately $2,556,843.12. This represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders have sold 160,877 shares of company stock valued at $2,228,248. 12.96% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Steelcase

Large investors have recently made changes to their positions in the business. Vanguard Group Inc. boosted its holdings 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 purchasing an additional 387,861 shares during the period. Pzena Investment Management LLC raised its holdings in shares of Steelcase by 0.5% during the second quarter. Pzena Investment Management LLC now owns 7,092,675 shares of the business services provider’s stock worth $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 second quarter. Dimensional Fund Advisors LP now owns 5,297,183 shares of the business services provider’s stock valued at $68,652,000 after purchasing an additional 215,729 shares during the last quarter. Cooke & Bieler LP grew its stake 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 valued at $51,872,000 after purchasing an additional 186,596 shares in the last quarter. Finally, American Century Companies Inc. grew its stake in Steelcase by 13.5% in the second quarter. American Century Companies Inc. now owns 2,450,799 shares of the business services provider’s stock valued at $31,762,000 after purchasing an additional 291,070 shares in the last quarter. Institutional investors and hedge funds own 92.42% of the company’s stock.

About Steelcase

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.