Peter M. Wege II Sells 13,300 Shares of Steelcase Inc. (SCS) Stock
Steelcase Inc. (NYSE:SCS) Director Peter M. Wege II sold 13,300 shares of the business’s stock in a transaction that occurred on Thursday, January 4th. The stock was sold at an average price of $15.14, for a total value of $201,362.00. Following the completion of the sale, the director now owns 254,244 shares of the company’s stock, valued at approximately $3,849,254.16. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink.
Steelcase Inc. (NYSE:SCS) traded up $0.05 on Friday, hitting $15.10. The stock had a trading volume of 748,300 shares, compared to its average volume of 925,667. The company has a quick ratio of 1.23, a current ratio of 1.58 and a debt-to-equity ratio of 0.36. Steelcase Inc. has a 52-week low of $12.50 and a 52-week high of $18.15. The stock has a market capitalization of $1,740.00, a PE ratio of 16.97 and a beta of 1.25.
Steelcase (NYSE:SCS) last posted its earnings results on Tuesday, December 19th. The business services provider reported $0.22 earnings per share (EPS) for the quarter, meeting the Thomson Reuters’ consensus estimate of $0.22. Steelcase had a return on equity of 13.62% and a net margin of 3.49%. The firm had revenue of $772.10 million for the quarter, compared to analysts’ expectations of $762.37 million. During the same period in the previous year, the firm earned $0.30 earnings per share. The business’s revenue was down 1.8% compared to the same quarter last year. analysts forecast that Steelcase Inc. will post 0.81 earnings per share for the current fiscal year.
SCS has been the subject of a number of recent research reports. TheStreet upgraded Steelcase from a “c+” rating to a “b-” rating in a research report on Tuesday, October 3rd. Zacks Investment Research downgraded Steelcase from a “hold” rating to a “sell” rating in a research report on Tuesday, December 12th. Finally, Sidoti downgraded Steelcase from a “buy” rating to a “neutral” rating and set a $16.00 price objective for the company. in a research report on Wednesday, September 20th. Two analysts have rated the stock with a sell rating, two have given a hold rating and two have assigned a buy rating to the stock. The stock currently has an average rating of “Hold” and a consensus target price of $16.00.
Several institutional investors and hedge funds have recently bought and sold shares of SCS. Schwab Charles Investment Management Inc. increased its stake in shares of Steelcase by 7.1% during the second quarter. Schwab Charles Investment Management Inc. now owns 808,867 shares of the business services provider’s stock valued at $11,325,000 after buying an additional 53,342 shares during the period. Rhumbline Advisers increased its stake in shares of Steelcase by 0.4% during the second quarter. Rhumbline Advisers now owns 110,940 shares of the business services provider’s stock valued at $1,553,000 after buying an additional 450 shares during the period. SG Americas Securities LLC grew its stake in Steelcase by 68.8% in the second quarter. SG Americas Securities LLC now owns 29,913 shares of the business services provider’s stock worth $419,000 after purchasing an additional 12,194 shares during the period. Legal & General Group Plc grew its stake in Steelcase by 4.5% in the second quarter. Legal & General Group Plc now owns 43,719 shares of the business services provider’s stock worth $612,000 after purchasing an additional 1,868 shares during the period. Finally, State Board of Administration of Florida Retirement System grew its stake in Steelcase by 21.2% in the second quarter. State Board of Administration of Florida Retirement System now owns 139,375 shares of the business services provider’s stock worth $1,951,000 after purchasing an additional 24,372 shares during the period. 62.20% of the stock is currently owned by hedge funds and other institutional investors.
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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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