The buying and selling of stock by a company’s insider give investors a sense that the stock will rise or fall in the future. Steelcase Inc. shares valued at $39,164 were purchased by Armbruster Sara E on Sep 28. At $6.83 per share, Armbruster Sara E acquired 5,735 shares. The insider’s holdings grew to 498,511 shares worth approximately $3.84 million following the completion of this transaction.
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Also, O’Shaughnessy Lizbeth S sold 30,000 shares, netting a total of over 337,923 in proceeds. Following the sale of shares at $11.26 each, the insider now holds 288,388 shares.
Before that, Niemann Jennifer C had sold 3,900 shares from its account. In a trade valued at $46,708, the Director traded Steelcase Inc. shares for $11.98 each. Upon closing the transaction, the insider’s holdings decreased to 3,900 shares, worth approximately $0.15 million.
As published in a research note from The Benchmark Company on November 30, 2022, Steelcase Inc. [SCS] has been rated down from a Buy to a Hold. Analysts at Sidoti upgraded the stock from ‘”a Neutral”‘ to ‘”a Buy”‘ outlook in a report released in early October. As of September 15, 2022, Sidoti has decreased its “Buy” rating to a “Neutral” for SCS. Earlier on May 11, 2021, Berenberg initiated its rating. Their recommendation was “a Buy” for SCS stock.
Analyzing SCS Stock Performance
On Thursday, Steelcase Inc. [NYSE: SCS] plunged -0.52% to $7.70. The stock’s lowest price that day was $7.66, but it reached a high of $7.91 in the same session. During the last five days, there has been a drop of approximately -3.99%. Over the course of the year, Steelcase Inc. shares have jumped approximately 8.91%. Shares of the company reached a 52-week high of $8.35 on 03/03/23 and a 52-week low of $7.11 on 01/03/23. A 50-day SMA is recorded $7.61, while a 200-day SMA reached $9.06. Nevertheless, trading volume fell to 0.54 million shares from 0.43 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 7.60, which, if violated, would cause prices to drop to 7.51. In the upper region, resistance lies at 7.85. The next price resistance is at 8.01. RSI (Relative Strength Index) is 48.40 on the 14-day chart, showing neutral technical sentiment. Moving Average Convergence Divergence (MACD) is at -0.17, which suggests the price will decrease in the coming days. Percent R is at 90.28%, indicating bearish price movement. Stochastics %K at holding 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 Jan 30, 2023 dropping by -0.74 million shares to 3.3 million. Data from Yahoo Finance shows that the short interest on Dec 29, 2022 was 4.04 million shares. A decline of -22.42% 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 10,607,518 shares, which is about 11.46% of the total SCS shares outstanding. The investor’s shares have appreciated by 1,353,472 from its previous 13-F filing of 9254046.0 shares. With the completion of the buy transaction, The Vanguard Group, Inc.’s stake is now worth $67,892,627. EARNEST Partners LLC reduced a -2.77% interest valued at $55.98 million while BlackRock Fund Advisors sold a -195,545 stake. A total of -28,247 shares of Steelcase Inc. were sold by Fifth Third Bank, NA during the quarter, and 48,274 were bought by Dimensional Fund Advisors LP. In its current portfolio, Cooke & Bieler LP holds 3,445,514 shares valued at $26.88 million.
In terms of Steelcase Inc. share price expectations, FactSet research, analysts set an average price target of $9.00 in the next 12 months, up nearly 16.28% from the previous closing price of $7.74. Analysts anticipate Steelcase Inc. stock to reach $11.00 by 2023, with the lowest price target being $7.00. In spite of this, 1 analysts ranked Steelcase Inc. stock as a Hold at the end of 2023. On May 07, 2021, The Benchmark Company assigned a price target of “a Buy” to the stock and upgraded coverage with a $17.