Steelcase Got Some Good News

By Ryan Adsit

In a report released today, Budd Bugatch from Raymond James upgraded Steelcase (NYSE: SCS) to Buy. The company’s shares opened today at $17.15.

According to TipRanks.com, Bugatch is a 4-star analyst with an average return of 7.2% and a 53.4% success rate. Bugatch covers the Services sector, focusing on stocks such as Restoration Hardware Holdings Inc, Wal-Mart Stores Inc, and Lumber Liquidators.

Steelcase has an analyst consensus of Moderate Buy.

Based on Steelcase’s latest earnings report for the quarter ending February 28, the company posted quarterly revenue of $769 million and quarterly net profit of $25.8 million. In comparison, last year the company earned revenue of $748 million and had a net profit of $76 million.

Based on the recent corporate insider activity of 84 insiders, corporate insider sentiment is neutral on the stock. Most recently, in January 2017, Craig Welch, a Director at SCS sold 18,000 shares for a total of $323,100.

TipRanks has tracked 36,000 company insiders and found that a few of them are better than others when it comes to timing their transactions. See which 3 stocks are most likely to make moves following their insider activities.

Steelcase, Inc. offers furnishing solutions that addresses the three core elements of an office environment: interior architecture, furniture and technology. It operates through following segments: Americas, EMEA, and Others. The Americas segment serves customers in the United States (U.S.), Canada, the Caribbean Islands, and Latin America. This portfolio of integrated architecture, furniture and technology products is marketed to corporate, government, healthcare, education and retail customers through the Steelcase, Coalesse and Turnstone brands. The EMEA segment serves customers in Europe, the Middle East and Africa primarily under the Steelcase and Coalesse brands, with an emphasis on freestanding furniture systems, storage and seating solutions. The Other segment includes Asia Pacific, Designtex and PolyVision. The company was founded by Peter Martin Wege, Sr., Walter D. Idema and David Hunting, Sr. on March 14, 1912 and is headquartered in Grand Rapids, MI.