Steelcase (NYSE:SCS) Downgraded to Hold Rating by Zacks Research

Zacks Research cut shares of Steelcase (NYSE:SCS) from a strong-buy rating to a hold rating in a report released on Tuesday,Zacks.com reports.

Other equities research analysts have also issued reports about the stock. Weiss Ratings reaffirmed a “hold (c+)” rating on shares of Steelcase in a research note on Friday, October 31st. Noble Financial cut shares of Steelcase from a “strong-buy” rating to a “hold” rating in a research report on Tuesday, August 5th. Finally, Wall Street Zen lowered Steelcase from a “buy” rating to a “hold” rating in a research report on Saturday, August 9th. Four investment analysts have rated the stock with a Hold rating, According to MarketBeat, the company presently has an average rating of “Hold”.

Steelcase Stock Down 0.2%

Shares of SCS opened at $16.20 on Tuesday. The stock’s 50-day moving average price is $16.40 and its two-hundred day moving average price is $13.96. Steelcase has a 12 month low of $9.31 and a 12 month high of $17.40. The company has a market capitalization of $1.86 billion, a PE ratio of 15.73, a PEG ratio of 1.46 and a beta of 1.28. The company has a current ratio of 1.66, a quick ratio of 1.18 and a debt-to-equity ratio of 0.44.

Steelcase (NYSE:SCS) last issued its quarterly earnings data on Friday, June 2nd. The business services provider reported $0.23 earnings per share (EPS) for the quarter. Steelcase had a return on equity of 13.00% and a net margin of 2.92%.The company had revenue of $724.80 million during the quarter. On average, analysts anticipate that Steelcase will post 1 EPS for the current year.

Steelcase Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Monday, October 20th. Shareholders of record on Monday, October 6th were paid a $0.10 dividend. This represents a $0.40 annualized dividend and a yield of 2.5%. The ex-dividend date of this dividend was Monday, October 6th. Steelcase’s payout ratio is 38.83%.

Institutional Trading of Steelcase

Large investors have recently made changes to their positions in the company. MTM Investment Management LLC acquired a new position in Steelcase during the 2nd quarter worth approximately $26,000. GAMMA Investing LLC increased its holdings in shares of Steelcase by 222.0% during the third quarter. GAMMA Investing LLC now owns 1,639 shares of the business services provider’s stock valued at $28,000 after acquiring an additional 1,130 shares in the last quarter. Jones Financial Companies Lllp increased its holdings in shares of Steelcase by 3,634.2% during the first quarter. Jones Financial Companies Lllp now owns 2,950 shares of the business services provider’s stock valued at $32,000 after acquiring an additional 2,871 shares in the last quarter. EverSource Wealth Advisors LLC raised its position in shares of Steelcase by 1,279.8% during the second quarter. EverSource Wealth Advisors LLC now owns 3,546 shares of the business services provider’s stock worth $37,000 after purchasing an additional 3,289 shares during the period. Finally, Caitong International Asset Management Co. Ltd bought a new position in shares of Steelcase in the 3rd quarter worth $41,000. 92.42% of the stock is currently owned by institutional investors and hedge funds.

About Steelcase

Steelcase Inc provides a portfolio of furniture and architectural products and services in the United States and internationally. It operates through Americas and International segments. The company's furniture portfolio includes furniture systems, seating, storage, fixed and height-adjustable desks, benches, and tables, as well as complementary products, such as work accessories, lighting, mobile power, and screens.