Short Interest in Steelcase Inc. (SCS) Increases By 65.5%
Steelcase Inc. (NYSE:SCS) saw a large growth in short interest in the month of July. As of July 31st, there was short interest totalling 1,973,327 shares, a growth of 65.5% from the July 14th total of 1,192,328 shares. Currently, 2.4% of the company’s shares are sold short. Based on an average daily trading volume, of 604,881 shares, the short-interest ratio is currently 3.3 days.
SCS has been the subject of several research analyst reports. BidaskClub lowered shares of Steelcase from a “hold” rating to a “sell” rating in a report on Friday, June 23rd. Zacks Investment Research lowered shares of Steelcase from a “hold” rating to a “strong sell” rating in a report on Wednesday, June 28th. ValuEngine lowered shares of Steelcase from a “buy” rating to a “hold” rating in a report on Friday, June 2nd. UBS AG lowered shares of Steelcase from a “strong-buy” rating to an “outperform” rating in a report on Friday, June 23rd. Finally, Raymond James Financial, Inc. reissued an “outperform” rating and issued a $16.00 price target (down previously from $19.00) on shares of Steelcase in a report on Friday, June 23rd. Two equities research analysts have rated the stock with a sell rating, two have given a hold rating and two have assigned a buy rating to the company’s stock. Steelcase presently has a consensus rating of “Hold” and an average price target of $17.50.
Steelcase (NYSE SCS) opened at 13.15 on Wednesday. The stock has a 50 day moving average of $13.70 and a 200 day moving average of $15.82. Steelcase has a one year low of $12.67 and a one year high of $18.15. The firm has a market cap of $1.55 billion, a price-to-earnings ratio of 12.87 and a beta of 1.20.
Steelcase (NYSE:SCS) last announced its earnings results on Wednesday, June 21st. The business services provider reported $0.15 earnings per share for the quarter, missing analysts’ consensus estimates of $0.19 by $0.04. Steelcase had a return on equity of 16.37% and a net margin of 4.04%. The firm had revenue of $735.10 million for the quarter, compared to the consensus estimate of $743.27 million. During the same period in the prior year, the business earned $0.18 EPS. Steelcase’s quarterly revenue was up 2.3% on a year-over-year basis. Equities research analysts predict that Steelcase will post $0.96 EPS for the current fiscal year.
In other news, Director Peter M. Wege II sold 14,400 shares of the business’s stock in a transaction on Friday, July 14th. The shares were sold at an average price of $13.81, for a total value of $198,864.00. Following the completion of the transaction, the director now owns 270,180 shares of the company’s stock, valued at approximately $3,731,185.80. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. 18.87% of the stock is owned by insiders.
A number of institutional investors have recently made changes to their positions in the company. Vanguard Group Inc. increased its position in shares of Steelcase by 9.5% in the first quarter. Vanguard Group Inc. now owns 7,590,595 shares of the business services provider’s stock worth $127,143,000 after buying an additional 659,548 shares in the last quarter. BlackRock Inc. increased its stake in Steelcase by 29,527.3% in the first quarter. BlackRock Inc. now owns 5,656,450 shares of the business services provider’s stock valued at $94,745,000 after buying an additional 5,637,358 shares during the period. Wellington Management Group LLP increased its stake in Steelcase by 29.0% in the first quarter. Wellington Management Group LLP now owns 4,978,251 shares of the business services provider’s stock valued at $83,385,000 after buying an additional 1,119,428 shares during the period. Bank of New York Mellon Corp increased its stake in Steelcase by 3.1% in the first quarter. Bank of New York Mellon Corp now owns 4,445,174 shares of the business services provider’s stock valued at $74,456,000 after buying an additional 135,463 shares during the period. Finally, Dimensional Fund Advisors LP increased its stake in Steelcase by 0.9% in the second quarter. Dimensional Fund Advisors LP now owns 3,352,061 shares of the business services provider’s stock valued at $46,929,000 after buying an additional 31,353 shares during the period. 60.55% of the stock is owned by institutional investors and hedge funds.
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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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