Steelcase Inc. (SCS) Trading Up 5%

Steelcase Inc. (NYSE:SCS) shares were up 5% during mid-day trading on Thursday . The company traded as high as $14.65 and last traded at $14.60. Approximately 706,298 shares were traded during trading, a decline of 3% from the average daily volume of 727,574 shares. The stock had previously closed at $13.90.

A number of research analysts recently issued reports on SCS shares. BidaskClub cut shares of Steelcase from a “sell” rating to a “strong sell” rating in a report on Monday, July 24th. Sidoti upgraded shares of Steelcase from a “neutral” rating to a “buy” rating and set a $16.00 price target for the company in a report on Friday, September 1st. TheStreet upgraded shares of Steelcase from a “c+” rating to a “b-” rating in a report on Tuesday, October 3rd. Zacks Investment Research upgraded shares of Steelcase from a “sell” rating to a “hold” rating in a report on Thursday, August 24th. Finally, ValuEngine cut shares of Steelcase from a “buy” rating to a “hold” rating in a report on Friday, September 1st. One research analyst has rated the stock with a sell rating, three have issued a hold rating and two have given a buy rating to the company’s stock. The stock currently has an average rating of “Hold” and a consensus price target of $16.00.

The stock has a market cap of $1,612.87, a price-to-earnings ratio of 13.63 and a beta of 1.22. The company has a debt-to-equity ratio of 0.37, a quick ratio of 1.28 and a current ratio of 1.63.

Steelcase (NYSE:SCS) last released its quarterly earnings results on Monday, September 18th. The business services provider reported $0.31 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $0.23 by $0.08. The company had revenue of $775.60 million during the quarter, compared to analysts’ expectations of $759.83 million. Steelcase had a net margin of 3.98% and a return on equity of 15.72%. The business’s quarterly revenue was up 2.3% compared to the same quarter last year. During the same quarter in the prior year, the company earned $0.32 earnings per share. research analysts predict that Steelcase Inc. will post 0.93 earnings per share for the current year.

A number of institutional investors and hedge funds have recently made changes to their positions in the stock. Vanguard Group Inc. boosted its holdings in Steelcase by 9.5% during the first quarter. Vanguard Group Inc. now owns 7,590,595 shares of the business services provider’s stock worth $127,143,000 after purchasing an additional 659,548 shares during the last quarter. BlackRock Inc. boosted its holdings in Steelcase by 29,527.3% during the first quarter. BlackRock Inc. now owns 5,656,450 shares of the business services provider’s stock worth $94,745,000 after purchasing an additional 5,637,358 shares during the last quarter. Dimensional Fund Advisors LP boosted its holdings in Steelcase by 8.3% during the third quarter. Dimensional Fund Advisors LP now owns 3,630,186 shares of the business services provider’s stock worth $55,905,000 after purchasing an additional 278,125 shares during the last quarter. Alliancebernstein L.P. boosted its holdings in Steelcase by 2,481.3% during the second quarter. Alliancebernstein L.P. now owns 3,183,486 shares of the business services provider’s stock worth $44,569,000 after purchasing an additional 3,060,155 shares during the last quarter. Finally, Cooke & Bieler LP boosted its holdings in Steelcase by 11.4% during the second quarter. Cooke & Bieler LP now owns 2,531,484 shares of the business services provider’s stock worth $35,441,000 after purchasing an additional 260,039 shares during the last quarter. Institutional investors and hedge funds own 60.00% of the company’s stock.

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About Steelcase

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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