Steelcase Inc. (SCS) Stock Price Down 7.7%
Steelcase Inc. (NYSE:SCS)’s share price fell 7.7% during mid-day trading on Tuesday . The company traded as low as $12.77 and last traded at $12.89, with a volume of 1,307,027 shares. The stock had previously closed at $13.97.
Separately, Zacks Investment Research raised shares of Steelcase from a “sell” rating to a “hold” rating in a report on Thursday, August 25th.
The firm has a market cap of $1.53 billion, a P/E ratio of 9.43 and a beta of 1.38. The stock has a 50-day moving average price of $14.46 and a 200-day moving average price of $14.75.
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In other Steelcase news, VP Sara E. Armbruster sold 14,000 shares of the stock in a transaction dated Wednesday, June 29th. The shares were sold at an average price of $13.50, for a total transaction of $189,000.00. Following the completion of the sale, the vice president now directly owns 99,711 shares of the company’s stock, valued at $1,346,098.50. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Company insiders own 18.68% of the company’s stock.
Several hedge funds have recently added to or reduced their stakes in SCS. Zebra Capital Management LLC purchased a new stake in Steelcase during the first quarter valued at approximately $1,284,000. Menta Capital LLC raised its stake in Steelcase by 9.2% in the first quarter. Menta Capital LLC now owns 82,739 shares of the company’s stock valued at $1,234,000 after buying an additional 7,000 shares during the last quarter. Royce & Associates LP raised its stake in Steelcase by 11.9% in the first quarter. Royce & Associates LP now owns 1,855,970 shares of the company’s stock valued at $27,691,000 after buying an additional 197,600 shares during the last quarter. BlackRock Institutional Trust Company N.A. raised its stake in Steelcase by 7.3% in the first quarter. BlackRock Institutional Trust Company N.A. now owns 2,314,379 shares of the company’s stock valued at $34,531,000 after buying an additional 158,455 shares during the last quarter. Finally, BlackRock Group LTD raised its stake in Steelcase by 37.1% in the first quarter. BlackRock Group LTD now owns 79,262 shares of the company’s stock valued at $1,182,000 after buying an additional 21,434 shares during the last quarter. 65.80% of the stock is owned by institutional investors and hedge funds.
Steelcase Company Profile
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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