Allan W. Smith, Jr. Sells 12,233 Shares of Steelcase Inc. (NYSE:SCS) Stock

Steelcase Inc. (NYSE:SCS) VP Allan W. Smith, Jr. sold 12,233 shares of the company’s stock in a transaction dated Wednesday, May 1st. The stock was sold at an average price of $17.15, for a total transaction of $209,795.95. Following the transaction, the vice president now owns 29,600 shares of the company’s stock, valued at approximately $507,640. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink.

NYSE:SCS opened at $16.92 on Friday. The company has a debt-to-equity ratio of 0.57, a current ratio of 1.59 and a quick ratio of 1.22. The company has a market cap of $2.03 billion, a P/E ratio of 14.10 and a beta of 1.33. Steelcase Inc. has a fifty-two week low of $13.10 and a fifty-two week high of $19.35.

Steelcase (NYSE:SCS) last posted its quarterly earnings data on Tuesday, March 19th. The business services provider reported $0.29 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.26 by $0.03. Steelcase had a net margin of 3.66% and a return on equity of 16.47%. The firm had revenue of $912.00 million during the quarter, compared to analysts’ expectations of $870.60 million. During the same quarter last year, the company posted $0.24 EPS. The firm’s quarterly revenue was up 18.0% on a year-over-year basis. As a group, equities analysts forecast that Steelcase Inc. will post 1.3 EPS for the current year.

A number of hedge funds have recently modified their holdings of SCS. Bank of New York Mellon Corp boosted its position in Steelcase by 3.6% in the 3rd quarter. Bank of New York Mellon Corp now owns 1,123,381 shares of the business services provider’s stock valued at $20,783,000 after buying an additional 39,140 shares during the period. BlackRock Inc. raised its holdings in shares of Steelcase by 0.8% in the 3rd quarter. BlackRock Inc. now owns 5,846,856 shares of the business services provider’s stock valued at $108,167,000 after purchasing an additional 43,897 shares in the last quarter. JPMorgan Chase & Co. raised its holdings in shares of Steelcase by 23.7% in the 3rd quarter. JPMorgan Chase & Co. now owns 307,757 shares of the business services provider’s stock valued at $5,693,000 after purchasing an additional 58,911 shares in the last quarter. Renaissance Technologies LLC raised its holdings in shares of Steelcase by 233.7% in the 3rd quarter. Renaissance Technologies LLC now owns 411,500 shares of the business services provider’s stock valued at $7,613,000 after purchasing an additional 288,200 shares in the last quarter. Finally, Jane Street Group LLC acquired a new stake in shares of Steelcase in the 3rd quarter valued at $297,000. 67.40% of the stock is owned by institutional investors.

Several analysts have recently weighed in on the stock. Zacks Investment Research raised shares of Steelcase from a “sell” rating to a “hold” rating in a research note on Saturday, April 6th. Raymond James raised shares of Steelcase from an “outperform” rating to a “strong-buy” rating and increased their price target for the company from $20.00 to $21.00 in a research note on Thursday, March 21st. Two analysts have rated the stock with a hold rating, one has assigned a buy rating and one has given a strong buy rating to the company. The stock presently has a consensus rating of “Buy” and a consensus target price of $19.00.

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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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