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Has Steelcase (SCS) Outpaced Other Business Services Stocks This Year?

Investors focused on the Business Services space have likely heard of Steelcase (SCS), but is the stock performing well in comparison to the rest of its sector peers? By taking a look at the stock's year-to-date performance in comparison to its Business Services peers, we might be able to answer that question.

Steelcase is a member of our Business Services group, which includes 197 different companies and currently sits at #2 in the Zacks Sector Rank. The Zacks Sector Rank includes 16 different groups and is listed in order from best to worst in terms of the average Zacks Rank of the individual companies within each of these sectors.

The Zacks Rank is a successful stock-picking model that emphasizes earnings estimates and estimate revisions. The system highlights a number of different stocks that could be poised to outperform the broader market over the next one to three months. SCS is currently sporting a Zacks Rank of #1 (Strong Buy).

Over the past three months, the Zacks Consensus Estimate for SCS's full-year earnings has moved 12.10% higher. This shows that analyst sentiment has improved and the company's earnings outlook is stronger.

According to our latest data, SCS has moved about 9.01% on a year-to-date basis. Meanwhile, the Business Services sector has returned an average of 6.96% on a year-to-date basis. This means that Steelcase is performing better than its sector in terms of year-to-date returns.

Looking more specifically, SCS belongs to the Business - Office Products industry, which includes 5 individual stocks and currently sits at #70 in the Zacks Industry Rank. Stocks in this group have lost about 15.72% so far this year, so SCS is performing better this group in terms of year-to-date returns.

Going forward, investors interested in Business Services stocks should continue to pay close attention to SCS as it looks to continue its solid performance.

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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.


The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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