Steelcase (NYSE:SCS) Announces Earnings Results

Key Points

• Steelcase (NYSE:SCS) reported earnings of $0.45 per share, exceeding analysts' expectations of $0.37, indicating a strong quarterly performance.
• Shares of Steelcase traded down to $16.69, with an average price target of $16.00, and a consensus rating of "Hold" from investment analysts.
• Institutional investors currently own 92.42% of Steelcase's stock, reflecting strong interest and investment in the company.

Steelcase (NYSE:SCS - Get Free Report) posted its quarterly earnings results on Wednesday. The business services provider reported $0.45 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.37 by $0.08, Zacks reports. Steelcase had a net margin of 3.84% and a return on equity of 14.49%.

Steelcase Stock Performance

Shares of NYSE SCS traded down $0.19 during midday trading on Wednesday, reaching $16.69. 2,123,676 shares of the stock were exchanged, compared to its average volume of 1,178,025. The firm has a market cap of $1.91 billion, a price-to-earnings ratio of 16.20, a PEG ratio of 1.61 and a beta of 1.26. Steelcase has a twelve month low of $9.31 and a twelve month high of $17.25. The firm has a 50-day simple moving average of $14.97 and a two-hundred day simple moving average of $12.03. The company has a quick ratio of 1.15, a current ratio of 1.65 and a debt-to-equity ratio of 0.46.

Wall Street Analysts Forecast Growth

A number of equities analysts have issued reports on the stock. Wall Street Zen lowered shares of Steelcase from a "buy" rating to a "hold" rating in a research report on Saturday, August 9th. Noble Financial lowered shares of Steelcase from a "strong-buy" rating to a "hold" rating in a research report on Tuesday, August 5th. Two investment analysts have rated the stock with a Hold rating, According to data from MarketBeat, the stock has a consensus rating of "Hold" and an average price target of $16.00.

Insider Activity at Steelcase

In related news, VP Robert G. Krestakos sold 12,000 shares of Steelcase stock in a transaction on Friday, July 11th. The shares were sold at an average price of $10.63, for a total value of $127,560.00. Following the sale, the vice president owned 127,912 shares of the company's stock, valued at approximately $1,359,704.56. This trade represents a 8.58% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 6.75% of the stock is owned by insiders.

Institutional Investors Weigh In On Steelcase

A number of institutional investors have recently added to or reduced their stakes in SCS. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew its stake in Steelcase by 4.6% in the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 54,999 shares of the business services provider's stock valued at $603,000 after acquiring an additional 2,403 shares during the period. Dynamic Technology Lab Private Ltd acquired a new stake in Steelcase in the 1st quarter valued at $259,000. Jones Financial Companies Lllp grew its stake in Steelcase by 3,634.2% in the 1st quarter. Jones Financial Companies Lllp now owns 2,950 shares of the business services provider's stock valued at $32,000 after acquiring an additional 2,871 shares during the period. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC boosted its stake in Steelcase by 10.5% during 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 worth $2,069,000 after purchasing an additional 17,940 shares during the last quarter. Finally, Legal & General Group Plc boosted its stake in Steelcase by 1.7% during the 2nd quarter. Legal & General Group Plc now owns 96,212 shares of the business services provider's stock worth $1,003,000 after purchasing an additional 1,581 shares during the last quarter. Institutional investors and hedge funds own 92.42% of the company's stock.

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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