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

Zacks Equity Research

For those looking to find strong Business Services stocks, it is prudent to search for companies in the group that are outperforming their peers. Is Steelcase (SCS) one of those stocks right now? 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 one of 191 companies in the Business Services group. The Business Services group currently sits at #7 within 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 proven model that highlights a variety of stocks with the right characteristics to outperform the market over the next one to three months. The system emphasizes earnings estimate revisions and favors companies with improving earnings outlooks. SCS is currently sporting a Zacks Rank of #1 (Strong Buy).

The Zacks Consensus Estimate for SCS's full-year earnings has moved 5.16% higher within the past quarter. This is a sign of improving analyst sentiment and a positive earnings outlook trend.

Based on the latest available data, SCS has gained about 14.70% so far this year. At the same time, Business Services stocks have gained an average of 12.88%. As we can see, Steelcase is performing better than its sector in the calendar year.

To break things down more, SCS belongs to the Business - Office Products industry, a group that includes 5 individual companies and currently sits at #8 in the Zacks Industry Rank. On average, this group has gained an average of 19.74% so far this year, meaning that SCS is slightly underperforming its industry in terms of year-to-date returns.

Investors with an interest in Business Services stocks should continue to track SCS. The stock will be looking to continue its solid performance.


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