Steelcase Inc. (SCS) Sees Large Volume Increase
Steelcase Inc. (NYSE:SCS) shares saw unusually-high trading volume on Wednesday . Approximately 768,127 shares traded hands during trading, an increase of 7% from the previous session’s volume of 717,875 shares.The stock last traded at $12.85 and had previously closed at $12.86.
Separately, Zacks Investment Research upgraded Steelcase from a “sell” rating to a “hold” rating in a research report on Thursday, June 2nd.
The firm has a 50 day moving average price of $14.37 and a 200-day moving average price of $14.73. The stock has a market capitalization of $1.53 billion, a P/E ratio of 9.43 and a beta of 1.38.
Steelcase (NYSE:SCS) last announced its earnings results on Wednesday, September 21st. The company reported $0.32 earnings per share for the quarter, hitting the Zacks’ consensus estimate of $0.32. The company had revenue of $758 million for the quarter, compared to analyst estimates of $785.30 million. Steelcase had a return on equity of 18.31% and a net margin of 5.52%. The firm’s quarterly revenue was down 7.4% compared to the same quarter last year. During the same quarter last year, the company earned $0.35 earnings per share. On average, analysts anticipate that Steelcase Inc. will post $1.10 earnings per share for the current fiscal year.
In other news, VP Sara E. Armbruster sold 14,000 shares of the stock in a transaction that occurred on Wednesday, June 29th. The stock was sold at an average price of $13.50, for a total transaction of $189,000.00. Following the transaction, the vice president now owns 99,711 shares in the company, valued at $1,346,098.50. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Insiders own 18.68% of the company’s stock.
Several institutional investors have recently made changes to their positions in the company. Prudential Financial Inc. raised its position in shares of Steelcase by 1,160.7% in the first quarter. Prudential Financial Inc. now owns 1,326,977 shares of the company’s stock worth $19,798,000 after buying an additional 1,221,719 shares during the period. Norges Bank purchased a new position in shares of Steelcase during the fourth quarter worth $14,298,000. Thompson Siegel & Walmsley LLC raised its position in shares of Steelcase by 36.9% in the second quarter. Thompson Siegel & Walmsley LLC now owns 2,192,940 shares of the company’s stock worth $29,759,000 after buying an additional 591,271 shares during the period. Goldman Sachs Group Inc. raised its position in shares of Steelcase by 149.4% in the first quarter. Goldman Sachs Group Inc. now owns 846,999 shares of the company’s stock worth $12,637,000 after buying an additional 507,329 shares during the period. Finally, Bank of New York Mellon Corp raised its position in shares of Steelcase by 12.0% in the second quarter. Bank of New York Mellon Corp now owns 4,060,478 shares of the company’s stock worth $55,100,000 after buying an additional 435,651 shares during the period. Institutional investors own 65.72% of the company’s stock.
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.
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