Steelcase (NYSE:SCS) Earns Outperform Rating from Analysts at Noble Financial

Investment analysts at Noble Financial started coverage on shares of Steelcase (NYSE:SCS - Get Free Report) in a report released on Wednesday, MarketBeat reports. The firm set an "outperform" rating and a $16.00 price target on the business services provider's stock. Noble Financial's target price points to a potential upside of 22.79% from the stock's current price.

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

Steelcase Stock Up 2.0 %

SCS traded up $0.25 during trading on Wednesday, hitting $13.03. The company had a trading volume of 434,733 shares, compared to its average volume of 757,239. The company has a market capitalization of $1.49 billion, a PE ratio of 17.14, a PEG ratio of 1.27 and a beta of 1.32. Steelcase has a one year low of $10.29 and a one year high of $14.74. The firm's 50-day moving average price is $13.32 and its 200 day moving average price is $13.06. The company has a quick ratio of 1.23, a current ratio of 1.62 and a debt-to-equity ratio of 0.48.

Steelcase (NYSE:SCS - Get Free Report) last issued its quarterly earnings results on Wednesday, September 18th. The business services provider reported $0.39 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.37 by $0.02. The firm had revenue of $855.80 million for the quarter, compared to analyst estimates of $864.17 million. Steelcase had a net margin of 4.02% and a return on equity of 14.41%. The company's revenue was up .1% compared to the same quarter last year. During the same period in the previous year, the business earned $0.31 EPS. As a group, equities analysts expect that Steelcase will post 1.02 earnings per share for the current year.

Insider Buying and Selling at Steelcase

In other Steelcase news, CFO David C. Sylvester sold 73,184 shares of the stock in a transaction dated Wednesday, July 24th. The shares were sold at an average price of $13.84, for a total value of $1,012,866.56. Following the transaction, the chief financial officer now directly owns 551,592 shares of the company's stock, valued at $7,634,033.28. This represents a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. In other Steelcase news, CFO David C. Sylvester sold 73,184 shares of the stock in a transaction that occurred on Wednesday, July 24th. The shares were sold at an average price of $13.84, for a total transaction of $1,012,866.56. Following the transaction, the chief financial officer now owns 551,592 shares in the company, valued at $7,634,033.28. This represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, CAO Nicole Cherie Mcgrath sold 15,749 shares of the stock in a transaction that occurred on Tuesday, July 23rd. The stock was sold at an average price of $13.94, for a total transaction of $219,541.06. Following the transaction, the chief accounting officer now owns 18,453 shares in the company, valued at approximately $257,234.82. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 160,877 shares of company stock valued at $2,228,248 in the last three months. 12.96% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently made changes to their positions in the business. CWM LLC grew its position in shares of Steelcase by 24.5% during the 3rd quarter. CWM LLC now owns 27,055 shares of the business services provider's stock worth $365,000 after purchasing an additional 5,324 shares in the last quarter. Diversified Trust Co boosted its position in shares of Steelcase by 6.3% during the 3rd quarter. Diversified Trust Co now owns 30,915 shares of the business services provider's stock worth $417,000 after acquiring an additional 1,837 shares in the last quarter. Clifford Capital Partners LLC boosted its position in shares of Steelcase by 15.6% during the 2nd quarter. Clifford Capital Partners LLC now owns 36,415 shares of the business services provider's stock worth $472,000 after acquiring an additional 4,921 shares in the last quarter. Sanctuary Advisors LLC acquired a new stake in shares of Steelcase during the 2nd quarter worth approximately $678,000. Finally, The Manufacturers Life Insurance Company boosted its position in shares of Steelcase by 3.0% during the 2nd quarter. The Manufacturers Life Insurance Company now owns 48,292 shares of the business services provider's stock worth $626,000 after acquiring an additional 1,426 shares in the last quarter. Institutional investors and hedge funds 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.