Short Interest in Steelcase Inc. (SCS) Increases By 65.5%
Steelcase Inc. (NYSE:SCS) was the recipient of a significant increase in short interest in July. As of July 31st, there was short interest totalling 1,973,327 shares, an increase of 65.5% from the July 14th total of 1,192,328 shares. Based on an average daily volume of 604,881 shares, the short-interest ratio is presently 3.3 days. Approximately 2.4% of the company’s stock are sold short.
Shares of Steelcase (NYSE SCS) opened at 13.15 on Wednesday. The firm has a 50-day moving average of $13.70 and a 200 day moving average of $15.82. The company has a market capitalization of $1.55 billion, a P/E ratio of 12.87 and a beta of 1.20. Steelcase has a 1-year low of $12.67 and a 1-year high of $18.15.
Steelcase (NYSE:SCS) last issued its quarterly earnings data on Wednesday, June 21st. The business services provider reported $0.15 EPS for the quarter, missing the Thomson Reuters’ consensus estimate of $0.19 by $0.04. Steelcase had a return on equity of 16.37% and a net margin of 4.04%. The company had revenue of $735.10 million during the quarter, compared to the consensus estimate of $743.27 million. During the same quarter last year, the company posted $0.18 earnings per share. The firm’s revenue for the quarter was up 2.3% compared to the same quarter last year. On average, equities research analysts expect that Steelcase will post $0.96 earnings per share for the current year.
In other Steelcase news, Director Peter M. Wege II sold 14,400 shares of Steelcase 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 sale, the director now directly owns 270,180 shares of the company’s stock, valued at $3,731,185.80. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. Insiders own 18.87% of the company’s stock.
Hedge funds and other institutional investors have recently modified their holdings of the company. Engineers Gate Manager LP raised its position in shares of Steelcase by 0.9% in the first quarter. Engineers Gate Manager LP now owns 68,499 shares of the business services provider’s stock valued at $1,147,000 after buying an additional 618 shares during the period. Karp Capital Management Corp bought a new position in shares of Steelcase during the first quarter valued at approximately $825,000. BNP Paribas Arbitrage SA raised its position in shares of Steelcase by 1,269.0% in the first quarter. BNP Paribas Arbitrage SA now owns 191,454 shares of the business services provider’s stock valued at $3,207,000 after buying an additional 177,469 shares during the period. Bank of New York Mellon Corp raised its position in shares of 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, American Century Companies Inc. acquired a new position in shares of Steelcase during the first quarter valued at about $261,000. Institutional investors and hedge funds own 60.55% of the company’s stock.
Several equities research analysts have weighed in on the stock. UBS AG downgraded shares of Steelcase from a “strong-buy” rating to an “outperform” rating in a research note on Friday, June 23rd. BidaskClub downgraded shares of Steelcase from a “hold” rating to a “sell” rating in a research note on Friday, June 23rd. Zacks Investment Research raised shares of Steelcase from a “sell” rating to a “hold” rating in a research note on Tuesday, May 30th. Raymond James Financial, Inc. reaffirmed an “outperform” rating and issued a $16.00 price target (down from $19.00) on shares of Steelcase in a research note on Friday, June 23rd. Finally, ValuEngine downgraded shares of Steelcase from a “buy” rating to a “hold” rating in a research note on Friday, June 2nd. Two analysts have rated the stock with a sell rating, two have given a hold rating and two have issued a buy rating to the stock. The company presently has a consensus rating of “Hold” and a consensus price target of $17.50.
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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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