Steelcase Inc. (NYSE:SCS) was the target of a significant drop in short interest during the month of August. As of August 15th, there was short interest totalling 1,242,704 shares, a drop of 37.0% from the July 31st total of 1,973,327 shares. Based on an average daily volume of 767,069 shares, the days-to-cover ratio is presently 1.6 days. Currently, 1.5% of the shares of the stock are sold short.
Shares of Steelcase (SCS) traded up 1.79% on Friday, hitting $14.25. 1,015,255 shares of the stock were exchanged. The company’s 50 day moving average is $13.35 and its 200-day moving average is $15.35. The stock has a market cap of $1.68 billion, a PE ratio of 13.94 and a beta of 1.18. Steelcase has a 52-week low of $12.50 and a 52-week high of $18.15.
Steelcase (NYSE:SCS) last issued its quarterly earnings data on Wednesday, June 21st. The business services provider reported $0.15 EPS for the quarter, missing the Zacks’ consensus estimate of $0.19 by ($0.04). The company had revenue of $735.10 million for the quarter, compared to the consensus estimate of $743.27 million. Steelcase had a return on equity of 16.37% and a net margin of 4.04%. Steelcase’s quarterly revenue was up 2.3% compared to the same quarter last year. During the same quarter in the previous year, the company earned $0.18 earnings per share. Analysts predict that Steelcase will post $0.96 EPS for the current fiscal year.
SCS has been the subject of several analyst reports. Sidoti upgraded shares of Steelcase from a “neutral” rating to a “buy” rating and set a $16.00 target price for the company in a report on Friday, September 1st. TheStreet downgraded shares of Steelcase from a “b-” rating to a “c+” rating in a research note on Thursday, July 20th. ValuEngine downgraded shares of Steelcase from a “buy” rating to a “hold” rating in a research note on Friday, September 1st. Zacks Investment Research raised shares of Steelcase from a “sell” rating to a “hold” rating in a research note on Thursday, August 24th. Finally, Raymond James Financial, Inc. reissued an “outperform” rating and set a $16.00 target price (down previously from $19.00) on shares of Steelcase in a research report on Friday, June 23rd. One analyst has rated the stock with a sell rating, three have assigned a hold rating and three have assigned a buy rating to the stock. The company currently has an average rating of “Hold” and an average target price of $17.00.
In other Steelcase news, Director Peter M. Wege II sold 14,400 shares of the stock in a transaction on Friday, July 14th. The shares were sold at an average price of $13.81, for a total transaction of $198,864.00. Following the completion of the transaction, the director now owns 270,180 shares in the company, valued at $3,731,185.80. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. 18.87% of the stock is owned by company insiders.
Hedge funds have recently made changes to their positions in the business. Royce & Associates LP boosted its position in Steelcase by 6.5% during the 1st quarter. Royce & Associates LP now owns 1,875,722 shares of the business services provider’s stock worth $31,418,000 after acquiring an additional 113,900 shares during the period. Schwab Charles Investment Management Inc. boosted its position in Steelcase by 15.2% during the 1st quarter. Schwab Charles Investment Management Inc. now owns 755,525 shares of the business services provider’s stock worth $12,656,000 after acquiring an additional 99,692 shares during the period. Thompson Siegel & Walmsley LLC boosted its position in Steelcase by 9.1% during the 2nd quarter. Thompson Siegel & Walmsley LLC now owns 2,340,478 shares of the business services provider’s stock worth $32,766,000 after acquiring an additional 195,864 shares during the period. Cooke & Bieler LP boosted its position in Steelcase by 3.8% during the 1st quarter. Cooke & Bieler LP now owns 2,271,445 shares of the business services provider’s stock worth $38,047,000 after acquiring an additional 82,540 shares during the period. Finally, Vanguard Group Inc. boosted its position in Steelcase by 9.5% during the 1st quarter. Vanguard Group Inc. now owns 7,590,595 shares of the business services provider’s stock worth $127,143,000 after acquiring an additional 659,548 shares during the period. Institutional investors own 62.18% 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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