Steelcase (NYSE:SCS) Shares Gap Down to $14.11

Steelcase Inc. (NYSE:SCS) gapped down before the market opened on Thursday . The stock had previously closed at $14.11, but opened at $12.92. Steelcase shares last traded at $12.63, with a volume of 498,978 shares.

Analyst Ratings Changes

Separately, Benchmark upped their price objective on shares of Steelcase from $17.00 to $18.00 and gave the company a “buy” rating in a research note on Friday, June 21st.

Steelcase Trading Down 6.4 %

The firm’s 50 day simple moving average is $13.53 and its 200-day simple moving average is $13.03. The company has a market capitalization of $1.51 billion, a PE ratio of 17.43, a P/E/G ratio of 1.34 and a beta of 1.33. The company has a quick ratio of 1.15, a current ratio of 1.61 and a debt-to-equity ratio of 0.51.

Steelcase (NYSE:SCS) last announced its quarterly earnings results on Wednesday, September 18th. The business services provider reported $0.39 earnings per share for the quarter, topping analysts’ consensus estimates of $0.37 by $0.02. Steelcase had a net margin of 2.89% and a return on equity of 13.66%. The firm had revenue of $855.80 million during the quarter, compared to analysts’ expectations of $864.17 million. During the same period in the prior year, the company earned $0.31 EPS. The firm’s revenue was up .1% on a year-over-year basis. As a group, equities research analysts anticipate that Steelcase Inc. will post 1 EPS for the current year.

Insider Activity at Steelcase

In other news, VP Donna K. Flynn sold 13,310 shares of the company’s stock in a transaction on Monday, June 24th. The shares were sold at an average price of $13.72, for a total value of $182,613.20. Following the completion of the transaction, the vice president now directly owns 78,733 shares in the company, valued at $1,080,216.76. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. In other news, CAO Nicole Cherie Mcgrath sold 15,749 shares of the business’s stock in a transaction that occurred on Tuesday, July 23rd. The stock was sold at an average price of $13.94, for a total value of $219,541.06. Following the completion of the sale, the chief accounting officer now directly owns 18,453 shares in the company, valued at approximately $257,234.82. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, VP Donna K. Flynn sold 13,310 shares of the company’s stock in a transaction that occurred on Monday, June 24th. The shares were sold at an average price of $13.72, for a total value of $182,613.20. Following the sale, the vice president now directly owns 78,733 shares in the company, valued at $1,080,216.76. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 174,187 shares of company stock worth $2,410,861. 12.96% of the stock is currently owned by company insiders.

Institutional Trading of Steelcase

Several institutional investors have recently added to or reduced their stakes in SCS. Vanguard Group Inc. boosted its holdings in shares of Steelcase by 4.0% in the 1st quarter. Vanguard Group Inc. now owns 10,153,754 shares of the business services provider’s stock valued at $132,811,000 after buying an additional 387,861 shares during the period. Pzena Investment Management LLC boosted its stake in Steelcase by 0.5% in the second quarter. Pzena Investment Management LLC now owns 7,092,675 shares of the business services provider’s stock valued at $91,921,000 after acquiring an additional 33,024 shares during the period. Dimensional Fund Advisors LP lifted its holdings in shares of Steelcase by 4.2% in the 2nd quarter. Dimensional Fund Advisors LP now owns 5,297,183 shares of the business services provider’s stock worth $68,652,000 after purchasing an additional 215,729 shares during the last quarter. Cooke & Bieler LP boosted its position in Steelcase by 4.9% during the 2nd quarter. Cooke & Bieler LP now owns 4,002,442 shares of the business services provider’s stock valued at $51,872,000 after purchasing an additional 186,596 shares during the period. Finally, American Century Companies Inc. boosted its stake in Steelcase by 13.5% during the 2nd quarter. American Century Companies Inc. now owns 2,450,799 shares of the business services provider’s stock valued at $31,762,000 after purchasing an additional 291,070 shares during the period. Institutional investors own 92.42% of the company’s stock.

Steelcase Company Profile

Steelcase Inc provides a portfolio of furniture and architectural products and services in the United States and internationally. It operates through Americas and International segments. The company's furniture portfolio includes furniture systems, seating, storage, fixed and height-adjustable desks, benches, and tables, as well as complementary products, such as work accessories, lighting, mobile power, and screens.