Steelcase Inc. (NYSE:SCS) Director Robert C. Pew III sold 28,671 shares of the company’s stock in a transaction dated Thursday, January 9th. The stock was sold at an average price of $19.78, for a total transaction of $567,112.38. Following the completion of the sale, the director now owns 250,898 shares in the company, valued at approximately $4,962,762.44. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website.
NYSE:SCS opened at $19.31 on Friday. The company’s 50 day moving average price is $19.52 and its 200-day moving average price is $17.67. Steelcase Inc. has a 52 week low of $14.44 and a 52 week high of $23.02. The company has a quick ratio of 1.25, a current ratio of 1.60 and a debt-to-equity ratio of 0.74. The stock has a market cap of $2.35 billion, a price-to-earnings ratio of 16.09 and a beta of 1.41.
Steelcase (NYSE:SCS) last issued its quarterly earnings data on Wednesday, December 18th. The business services provider reported $0.46 earnings per share for the quarter, beating the Zacks’ consensus estimate of $0.35 by $0.11. The company had revenue of $955.20 million for the quarter, compared to the consensus estimate of $934.70 million. Steelcase had a net margin of 4.22% and a return on equity of 19.05%. The firm’s revenue for the quarter was up 6.0% compared to the same quarter last year. During the same quarter in the prior year, the firm earned $0.36 earnings per share. As a group, sell-side analysts anticipate that Steelcase Inc. will post 1.43 earnings per share for the current year.
SCS has been the topic of a number of recent research reports. Raymond James cut shares of Steelcase from a “strong-buy” rating to a “market perform” rating in a report on Monday, October 7th. Sidoti upped their price objective on shares of Steelcase from $17.00 to $20.00 and gave the stock a “neutral” rating in a report on Wednesday, December 18th. Finally, Zacks Investment Research cut shares of Steelcase from a “buy” rating to a “hold” rating in a report on Thursday, November 21st.
Institutional investors have recently modified their holdings of the stock. Evoke Wealth LLC bought a new position in Steelcase during the third quarter valued at approximately $41,000. Tower Research Capital LLC TRC bought a new stake in shares of Steelcase in the 3rd quarter worth approximately $74,000. New York State Teachers Retirement System bought a new stake in shares of Steelcase in the 3rd quarter worth approximately $140,000. Nisa Investment Advisors LLC lifted its position in shares of Steelcase by 70.0% in the 3rd quarter. Nisa Investment Advisors LLC now owns 8,500 shares of the business services provider’s stock worth $156,000 after acquiring an additional 3,500 shares during the period. Finally, Sciencast Management LP bought a new stake in shares of Steelcase in the 3rd quarter worth approximately $186,000. Institutional investors own 67.42% of the company’s stock.
Steelcase Company Profile
Steelcase Inc manufactures and sells integrated furniture settings, user-centered technologies, and interior architectural products. It operates through Americas, EMEA, and Other Category segments. The company's furniture portfolio includes panel, fence and beam-based furniture systems, storage products, fixed and height-adjustable desks, benches, and tables, as well as complementary products, including worktools.
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