Steelcase (NYSE:SCS) Stock Rating Lowered by Zacks Investment Research

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Steelcase (NYSE:SCS) was downgraded by Zacks Investment Research from a “hold” rating to a “sell” rating in a report issued on Tuesday, Zacks.com reports.

According to Zacks, “Steelcase Inc. is a designer and manufacturer of products used to create high-performance work environments. Its product portfolio includes furniture systems, seating, storage, desks, casegoods, interior architectural products, technology products and related products and services. The company reports two geographic furniture segments: North America and International. “

Separately, Raymond James upgraded shares of Steelcase from an “outperform” rating to a “strong-buy” rating and raised their target price for the company from $20.00 to $21.00 in a research report on Thursday, March 21st. One analyst has rated the stock with a sell rating, one has issued a hold rating, one has assigned a buy rating and one has issued a strong buy rating to the company. Steelcase currently has an average rating of “Buy” and an average price target of $19.00.

NYSE SCS opened at $16.10 on Tuesday. The company has a debt-to-equity ratio of 0.78, a current ratio of 1.57 and a quick ratio of 1.22. The firm has a market cap of $1.83 billion, a price-to-earnings ratio of 13.42 and a beta of 1.32. The stock’s 50 day moving average price is $16.82. Steelcase has a 1 year low of $13.10 and a 1 year high of $19.35.

Steelcase (NYSE:SCS) last posted its quarterly earnings results on Wednesday, June 19th. The business services provider reported $0.15 earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of $0.19 by ($0.04). The firm had revenue of $824.30 million for the quarter, compared to analyst estimates of $839.07 million. Steelcase had a return on equity of 16.35% and a net margin of 3.61%. The business’s revenue was up 9.3% on a year-over-year basis. During the same quarter in the prior year, the business posted $0.14 EPS. Equities research analysts predict that Steelcase will post 1.28 earnings per share for the current year.

In other Steelcase news, Director Jennifer C. Niemann sold 1,832 shares of the firm’s stock in a transaction that occurred on Friday, March 29th. The shares were sold at an average price of $14.69, for a total value of $26,912.08. Following the sale, the director now owns 7,746 shares in the company, valued at $113,788.74. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, VP Allan W. Smith, Jr. sold 12,233 shares of the firm’s stock in a transaction that occurred on Wednesday, May 1st. The shares were sold at an average price of $17.15, for a total transaction of $209,795.95. Following the completion of the sale, the vice president now owns 29,600 shares in the company, valued at approximately $507,640. The disclosure for this sale can be found here. Insiders sold 214,065 shares of company stock worth $3,654,708 in the last 90 days. Company insiders own 17.04% of the company’s stock.

Several hedge funds have recently added to or reduced their stakes in SCS. Norges Bank bought a new position in shares of Steelcase during the fourth quarter valued at $29,625,000. Intrinsic Edge Capital Management LLC bought a new position in shares of Steelcase during the fourth quarter valued at $13,327,000. Bank of America Corp DE raised its stake in shares of Steelcase by 294.2% during the fourth quarter. Bank of America Corp DE now owns 933,797 shares of the business services provider’s stock valued at $13,848,000 after acquiring an additional 696,906 shares during the last quarter. BlackRock Inc. raised its stake in shares of Steelcase by 7.4% during the fourth quarter. BlackRock Inc. now owns 6,279,610 shares of the business services provider’s stock valued at $93,126,000 after acquiring an additional 432,754 shares during the last quarter. Finally, American Century Companies Inc. bought a new position in shares of Steelcase during the fourth quarter valued at $6,215,000. 66.17% of the stock is owned by hedge funds and other institutional investors.

About Steelcase

Steelcase Inc manufactures and sells integrated furniture settings, user-centered technologies, and interior architectural products. It operates through Americas, EMEA, and Other Category segments. The company's furniture portfolio includes panel, fence and beam-based furniture systems, storage products, fixed and height-adjustable desks, benches, and tables, as well as complementary products, including worktools.

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