Steelcase (SCS) Catches Eye: Stock Adds 5.4% in Session

Zacks Equity Research
Updated

Steelcase Inc. SCS was a big mover last session, as its shares rose over 5% on the day. The move came after the company reported third-quarter fiscal 2017 profit of $41.2 million and also welcomed Tim Brown, CEO and president of the global design consultancy IDEO, to join its Board of Directors. This led to far more shares changing hands than in a normal session. This breaks the recent trend of the company, as the stock is now trading above the volatile price range of $15.45 to $16,80 in the past one-month time frame.

Over the last 30 days, the company witnessed two negative estimate revisions while the Zacks Consensus Estimate moved lower over the same time frame, suggesting there may be trouble down the road. So make sure to keep an eye on this stock going forward to see if this recent move higher can last.

Steelcase currently carries a Zacks Rank #4 (Sell).

STEELCASE INC Price

 

STEELCASE INC Price | STEELCASE INC Quote

A better-ranked stock in the business-office products space is Deluxe Corporation DLX, carrying a Zacks Rank #2 (Buy). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.

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