Investors can expect a company’s stock to rise or fall based on the buying and selling of stock by its insiders. Steelcase Inc. shares valued at $337,923 were sold by O’Shaughnessy Lizbeth S on Aug 03. At $11.26 per share, O’Shaughnessy Lizbeth S sold 30,000 shares. The insider’s holdings dropped to 288,388 shares worth approximately $2.66 million following the completion of this transaction.
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Also, Niemann Jennifer C sold 3,900 shares, netting a total of over 46,708 in proceeds. Following the sale of shares at $11.98 each, the insider now holds 19,346 shares.
As published in a research note from Sidoti on September 15, 2022, Steelcase Inc. [SCS] has been rated down from a Buy to a Neutral and the price target has been revised to $12. This represents a 23.0% premium over Wednesday’s closing price. Analysts at Berenberg started covering the stock with ‘”a Buy”‘ outlook in a report released in mid May. As of May 07, 2021, The Benchmark Company has increased its “Hold” rating to a “Buy” for SCS. Earlier on September 15, 2020, Sidoti upgraded its rating. Their new recommendation was “a Buy” for SCS stock which previously was a “a Neutral”.
Analyzing SCS’s Price Performance
On Wednesday, Steelcase Inc. [NYSE: SCS] plunged -1.28% to $9.24. The stock’s lowest price that day was $9.16, but it reached a high of $9.4646 in the same session. During the last five days, there has been a drop of approximately -14.21%. Over the course of the year, Steelcase Inc. shares have dropped approximately -21.16%. Shares of the company reached a 52-week high of $12.93 on 01/19/22 and a 52-week low of $9.12 on 09/19/22. A 50-day SMA is recorded $11.18, while a 200-day SMA reached $11.59. Nevertheless, trading volume fell to 1.03 million shares from 1.09 million shares the previous day.
Support And Resistance Levels for Steelcase Inc. (SCS)
According to the 24-hour chart, there is a support level at 9.11, which, if violated, would cause prices to drop to 8.98. In the upper region, resistance lies at 9.42. The next price resistance is at 9.59. RSI (Relative Strength Index) is 24.31 on the 14-day chart, showing oversold technical sentiment. Moving Average Convergence Divergence (MACD) is at -1.14, which suggests the price will decrease in the coming days. Percent R is at 95.22%, indicating bearish price movement. Stochastics %K at buying indicates that the stock is to be held.
Is Steelcase Inc. subject to short interest?
Stocks of Steelcase Inc. saw a sharp steep in short interest on Jul 14, 2022 dropping by -0.12 million shares to 4.51 million. Data from Yahoo Finance shows that the short interest on Jun 14, 2022 was 4.63 million shares. A decline of -2.66% in short interest reflects a negative sentiment towards the stock. Despite the fact that short shares comprise just 6.37 of the overall float, the days-to-cover ratio (short ratio) decline to 6.37.
Which companies own the most shares of Steelcase Inc. (SCS)?
According to Pzena Investment Management LLC filings, the company currently owns 9,307,779 shares, which is about 10.09% of the total SCS shares outstanding. The investor’s shares have appreciated by 1,368,986 from its previous 13-F filing of 7938793.0 shares. With the completion of the sale transaction, EARNEST Partners LLC’s stake is now worth $83,518,234. The Vanguard Group, Inc. acquire a 10.17% interest valued at $82.84 million while BlackRock Fund Advisors purchased a 70,092 stake. A total of 3,778,016 shares of Steelcase Inc. were bought by Fifth Third Bank, NA during the quarter, and 240,788 were bought by Dimensional Fund Advisors LP. In its current portfolio, Cooke & Bieler LP holds 3,540,006 shares valued at $39.58 million.
In terms of Steelcase Inc. share price expectations, FactSet research, analysts set an average price target of $14.00 in the next 12 months, up nearly 49.57% from the previous closing price of $9.36. Analysts anticipate Steelcase Inc. stock to reach $16.00 by 2022, with the lowest price target being $12.00. In spite of this, 2 analysts ranked Steelcase Inc. stock as an Overweight at the end of 2022.