Steelcase Inc. (NYSE:SCS) shares saw unusually-high trading volume on Wednesday . Approximately 768,127 shares traded hands during trading, an increase of 7% from the previous session’s volume of 717,875 shares.The stock last traded at $12.85 and had previously closed at $12.86.

Separately, Zacks Investment Research upgraded Steelcase from a “sell” rating to a “hold” rating in a research report on Thursday, June 2nd.

The firm has a 50 day moving average price of $14.37 and a 200-day moving average price of $14.73. The stock has a market capitalization of $1.53 billion, a P/E ratio of 9.43 and a beta of 1.38.

This story is the sole property of American Banking News and it was originally published by American Banking News. If you are reading this story on another website, that means this article was illegally copied and re-published to this website in violation of U.S. and International copyright law. The original version of this article is available at http://www.americanbankingnews.com/2016/09/21/steelcase-inc-scs-sees-large-volume-increase.html

Steelcase (NYSE:SCS) last announced its earnings results on Wednesday, September 21st. The company reported $0.32 earnings per share for the quarter, hitting the Zacks’ consensus estimate of $0.32. The company had revenue of $758 million for the quarter, compared to analyst estimates of $785.30 million. Steelcase had a return on equity of 18.31% and a net margin of 5.52%. The firm’s quarterly revenue was down 7.4% compared to the same quarter last year. During the same quarter last year, the company earned $0.35 earnings per share. On average, analysts anticipate that Steelcase Inc. will post $1.10 earnings per share for the current fiscal year.

In other news, VP Sara E. Armbruster sold 14,000 shares of the stock in a transaction that occurred on Wednesday, June 29th. The stock was sold at an average price of $13.50, for a total transaction of $189,000.00. Following the transaction, the vice president now owns 99,711 shares in the company, valued at $1,346,098.50. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Insiders own 18.68% of the company’s stock.

Several institutional investors have recently made changes to their positions in the company. Prudential Financial Inc. raised its position in shares of Steelcase by 1,160.7% in the first quarter. Prudential Financial Inc. now owns 1,326,977 shares of the company’s stock worth $19,798,000 after buying an additional 1,221,719 shares during the period. Norges Bank purchased a new position in shares of Steelcase during the fourth quarter worth $14,298,000. Thompson Siegel & Walmsley LLC raised its position in shares of Steelcase by 36.9% in the second quarter. Thompson Siegel & Walmsley LLC now owns 2,192,940 shares of the company’s stock worth $29,759,000 after buying an additional 591,271 shares during the period. Goldman Sachs Group Inc. raised its position in shares of Steelcase by 149.4% in the first quarter. Goldman Sachs Group Inc. now owns 846,999 shares of the company’s stock worth $12,637,000 after buying an additional 507,329 shares during the period. Finally, Bank of New York Mellon Corp raised its position in shares of Steelcase by 12.0% in the second quarter. Bank of New York Mellon Corp now owns 4,060,478 shares of the company’s stock worth $55,100,000 after buying an additional 435,651 shares during the period. Institutional investors own 65.72% of the company’s stock.

About Steelcase

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.

5 Day Chart for NYSE:SCS

Receive News & Ratings for Steelcase Inc. Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Steelcase Inc. and related companies with MarketBeat.com's FREE daily email newsletter.