Steelcase (NYSE:SCS) Share Price Passes Above 200-Day Moving Average – Here’s What Happened

Steelcase Inc. (NYSE:SCS)’s stock price passed above its 200-day moving average during trading on Tuesday . The stock has a 200-day moving average of $15.35 and traded as high as $16.25. Steelcase shares last traded at $16.11, with a volume of 4,114,343 shares changing hands.

Wall Street Analysts Forecast Growth

Several brokerages have issued reports on SCS. Zacks Research cut Steelcase from a “strong-buy” rating to a “hold” rating in a report on Tuesday, November 25th. Weiss Ratings reissued a “hold (c+)” rating on shares of Steelcase in a research report on Friday, October 31st. Four analysts have rated the stock with a Hold rating, Based on data from MarketBeat, Steelcase has an average rating of “Hold”.

Steelcase Price Performance

The stock has a 50-day simple moving average of $16.05 and a 200 day simple moving average of $15.35. The company has a market cap of $1.85 billion, a PE ratio of 15.64, a P/E/G ratio of 1.47 and a beta of 1.26. The company has a quick ratio of 1.18, a current ratio of 1.66 and a debt-to-equity ratio of 0.44.

Institutional Inflows and Outflows

Hedge funds have recently bought and sold shares of the stock. Fifth Third Bancorp raised its stake in shares of Steelcase by 152.4% in the 3rd quarter. Fifth Third Bancorp now owns 9,668,677 shares of the business services provider’s stock valued at $166,301,000 after acquiring an additional 5,837,343 shares during the period. Magnetar Financial LLC acquired a new stake in Steelcase in the 3rd quarter valued at approximately $59,390,000. JPMorgan Chase & Co. increased its holdings in Steelcase by 201.5% in the 3rd quarter. JPMorgan Chase & Co. now owns 2,630,255 shares of the business services provider’s stock valued at $45,240,000 after purchasing an additional 1,757,767 shares during the last quarter. Citigroup Inc. raised its position in Steelcase by 3,309.6% in the third quarter. Citigroup Inc. now owns 1,649,892 shares of the business services provider’s stock valued at $28,378,000 after purchasing an additional 1,601,503 shares during the period. Finally, AQR Arbitrage LLC acquired a new position in Steelcase during the third quarter worth $23,885,000. Hedge funds and other institutional investors own 92.42% of the company’s stock.

About Steelcase

Steelcase, Inc is a global leader in the design and manufacture of workspace furniture and architectural solutions. The company develops a wide range of products including adjustable desks, ergonomic seating, collaborative furniture, movable walls, and integrated technology offerings aimed at enhancing productivity and well-being in office, education, and healthcare environments. Steelcase combines research on human behavior, work patterns, and technology trends to inform the development of its solutions, positioning itself as a partner for organizations seeking to optimize their physical spaces.

Through its portfolio of brands—such as Steelcase, Coalesse, and Steelcase Education—the company addresses the needs of corporate clients, learning institutions, and healthcare providers.