Steelcase Inc. (SCS) Announces Quarterly Earnings Results
Steelcase Inc. (NYSE:SCS) released its quarterly earnings results on Wednesday. The company reported $0.32 EPS for the quarter, hitting analysts’ consensus estimates of $0.32. Steelcase had a return on equity of 18.31% and a net margin of 5.52%.
Steelcase (NYSE:SCS) remained flat at $12.86 during mid-day trading on Wednesday. The company’s stock had a trading volume of 1,700,515 shares. Steelcase has a 1-year low of $11.67 and a 1-year high of $20.37. The firm has a 50 day moving average of $14.41 and a 200 day moving average of $14.75. The company has a market capitalization of $1.53 billion, a P/E ratio of 9.43 and a beta of 1.38.
Separately, Zacks Investment Research upgraded Steelcase from a “sell” rating to a “hold” rating in a research note on Thursday, August 25th.
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In other news, VP Sara E. Armbruster sold 14,000 shares of the firm’s stock in a transaction that occurred on 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 transaction, the vice president now directly owns 99,711 shares of the company’s stock, valued at approximately $1,346,098.50. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Insiders own 18.68% of the company’s stock.
Hedge funds and other institutional investors have recently modified their holdings of the company. ProShare Advisors LLC boosted its position in shares of Steelcase by 3.3% in the second quarter. ProShare Advisors LLC now owns 10,531 shares of the company’s stock worth $143,000 after buying an additional 336 shares during the period. Hsbc Holdings PLC boosted its stake in Steelcase by 24.3% in the second quarter. Hsbc Holdings PLC now owns 20,616 shares of the company’s stock valued at $280,000 after buying an additional 4,030 shares during the last quarter. Cantab Capital Partners LLP boosted its stake in Steelcase by 45.6% in the second quarter. Cantab Capital Partners LLP now owns 33,733 shares of the company’s stock valued at $458,000 after buying an additional 10,570 shares during the last quarter. Pacad Investment Ltd. boosted its stake in Steelcase by 30.6% in the second quarter. Pacad Investment Ltd. now owns 34,550 shares of the company’s stock valued at $469,000 after buying an additional 8,100 shares during the last quarter. Finally, Cubist Systematic Strategies LLC purchased a new stake in Steelcase during the second quarter valued at approximately $608,000. 65.72% of the stock is owned by institutional investors and hedge funds.
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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