According to Zacks, “Steelcase Inc. is a designer and manufacturer of products used to create high-performance work environments. Its product portfolio includes furniture systems, seating, storage, desks, casegoods, interior architectural products, technology products and related products and services. The company reports two geographic furniture segments: North America and International. “
Separately, Raymond James upgraded Steelcase from an outperform rating to a strong-buy rating and lifted their price objective for the stock from $20.00 to $21.00 in a report on Thursday, March 21st. Two analysts have rated the stock with a hold rating, one has issued a buy rating and one has issued a strong buy rating to the stock. The stock has an average rating of Buy and a consensus target price of $19.00.
Steelcase (NYSE:SCS) last issued its quarterly earnings results on Tuesday, March 19th. The business services provider reported $0.29 earnings per share for the quarter, beating the consensus estimate of $0.26 by $0.03. Steelcase had a return on equity of 16.47% and a net margin of 3.66%. The firm had revenue of $912.00 million during the quarter, compared to the consensus estimate of $870.60 million. During the same period last year, the company earned $0.24 earnings per share. The company’s revenue was up 18.0% on a year-over-year basis. On average, sell-side analysts predict that Steelcase will post 1.3 EPS for the current fiscal year.
In related news, Director Jennifer C. Niemann sold 1,832 shares of Steelcase stock in a transaction dated Friday, March 29th. The stock was sold at an average price of $14.69, for a total value of $26,912.08. Following the completion of the sale, the director now directly owns 7,746 shares in the company, valued at approximately $113,788.74. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, Director P Craig Welch, Jr. sold 200,000 shares of Steelcase stock in a transaction dated Wednesday, May 1st. The stock was sold at an average price of $17.09, for a total value of $3,418,000.00. Following the completion of the sale, the director now owns 88,730 shares of the company’s stock, valued at $1,516,395.70. The disclosure for this sale can be found here. Insiders sold a total of 221,565 shares of company stock valued at $3,767,208 over the last quarter. 17.58% of the stock is owned by corporate insiders.
Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Harel Insurance Investments & Financial Services Ltd. purchased a new position in Steelcase in the fourth quarter worth about $25,000. Cutler Group LP boosted its position in Steelcase by 157.3% in the fourth quarter. Cutler Group LP now owns 2,006 shares of the business services provider’s stock worth $29,000 after purchasing an additional 5,506 shares during the last quarter. C M Bidwell & Associates Ltd. purchased a new position in Steelcase in the first quarter worth about $47,000. Advisor Group Inc. boosted its position in Steelcase by 33.3% in the fourth quarter. Advisor Group Inc. now owns 4,285 shares of the business services provider’s stock worth $63,000 after purchasing an additional 1,071 shares during the last quarter. Finally, Macquarie Group Ltd. boosted its position in Steelcase by 639.7% in the fourth quarter. Macquarie Group Ltd. now owns 5,304 shares of the business services provider’s stock worth $79,000 after purchasing an additional 4,587 shares during the last quarter. Institutional investors own 65.12% of the company’s stock.
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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