Steelcase (NYSE:SCS) Announces Earnings Results

Steelcase (NYSE:SCS - Get Free Report) released its quarterly earnings data on Wednesday. The business services provider reported $0.20 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.12 by $0.08, Zacks reports. Steelcase had a return on equity of 14.37% and a net margin of 3.81%.

Steelcase Stock Performance

NYSE SCS traded down $0.21 during trading hours on Wednesday, hitting $10.62. 1,152,960 shares of the company's stock traded hands, compared to its average volume of 704,602. Steelcase has a 52 week low of $9.31 and a 52 week high of $14.74. The firm has a market capitalization of $1.22 billion, a P/E ratio of 10.51, a P/E/G ratio of 1.01 and a beta of 1.14. The company has a current ratio of 1.54, a quick ratio of 1.17 and a debt-to-equity ratio of 0.47. The business's fifty day moving average price is $10.22 and its two-hundred day moving average price is $11.09.

Insiders Place Their Bets

In related news, VP Robert G. Krestakos sold 6,000 shares of the stock in a transaction dated Monday, April 14th. The stock was sold at an average price of $10.13, for a total transaction of $60,780.00. Following the completion of the sale, the vice president now owns 139,912 shares in the company, valued at approximately $1,417,308.56. This trade represents a 4.11% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Insiders own 6.75% of the company's stock.

Institutional Investors Weigh In On Steelcase

Hedge funds have recently made changes to their positions in the company. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. raised its stake in Steelcase by 4.6% during the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 54,999 shares of the business services provider's stock valued at $603,000 after purchasing an additional 2,403 shares in the last quarter. Dynamic Technology Lab Private Ltd purchased a new stake in Steelcase during the first quarter valued at approximately $259,000. Jones Financial Companies Lllp raised its position in Steelcase by 3,634.2% during the first quarter. Jones Financial Companies Lllp now owns 2,950 shares of the business services provider's stock valued at $32,000 after purchasing an additional 2,871 shares during the period. Finally, UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC lifted its stake in shares of Steelcase by 10.5% in the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 188,770 shares of the business services provider's stock valued at $2,069,000 after purchasing an additional 17,940 shares during the last quarter. 92.42% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

Separately, Sidoti raised shares of Steelcase to a "hold" rating in a report on Friday, March 28th.

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.

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