Steelcase (NYSE:SCS) Upgraded to Strong-Buy by StockNews.com

Steelcase (NYSE:SCS) was upgraded by analysts at StockNews.com from a “buy” rating to a “strong-buy” rating in a note issued to investors on Friday.

Steelcase Stock Up 1.6 %

Shares of Steelcase stock opened at $13.08 on Friday. The company has a debt-to-equity ratio of 0.51, a quick ratio of 1.12 and a current ratio of 1.54. The stock has a market capitalization of $1.49 billion, a PE ratio of 19.24, a price-to-earnings-growth ratio of 1.38 and a beta of 1.35. Steelcase has a 52-week low of $6.39 and a 52-week high of $14.54. The company has a 50-day simple moving average of $12.87 and a two-hundred day simple moving average of $12.12.

Steelcase (NYSE:SCS) last released its quarterly earnings data on Wednesday, March 20th. The business services provider reported $0.23 earnings per share for the quarter, beating the consensus estimate of $0.21 by $0.02. Steelcase had a net margin of 2.57% and a return on equity of 13.00%. The firm had revenue of $775.20 million during the quarter, compared to analysts’ expectations of $780.25 million. During the same period in the previous year, the company earned $0.19 earnings per share. The firm’s quarterly revenue was down 3.3% on a year-over-year basis. On average, analysts anticipate that Steelcase will post 0.92 EPS for the current fiscal year.

Insider Activity

In other news, VP Robert G. Krestakos sold 4,000 shares of the business’s stock in a transaction that occurred on Monday, March 25th. The shares were sold at an average price of $12.61, for a total transaction of $50,440.00. Following the completion of the transaction, the vice president now directly owns 108,081 shares of the company’s stock, valued at $1,362,901.41. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 12.72% of the stock is owned by corporate insiders.

Institutional Trading of Steelcase

Several large investors have recently added to or reduced their stakes in SCS. USA Financial Formulas bought a new position in shares of Steelcase in the fourth quarter worth approximately $28,000. Point72 Hong Kong Ltd bought a new position in shares of Steelcase in the first quarter worth approximately $33,000. FinTrust Capital Advisors LLC bought a new position in shares of Steelcase in the fourth quarter worth approximately $44,000. Captrust Financial Advisors boosted its position in shares of Steelcase by 179.6% in the first quarter. Captrust Financial Advisors now owns 4,141 shares of the business services provider’s stock worth $49,000 after purchasing an additional 2,660 shares during the period. Finally, Tower Research Capital LLC TRC boosted its position in shares of Steelcase by 208.9% in the first quarter. Tower Research Capital LLC TRC now owns 6,091 shares of the business services provider’s stock worth $51,000 after purchasing an additional 4,119 shares during the period. 92.42% of the stock is currently owned by institutional investors.

About Steelcase

Steelcase Inc provides a portfolio of furniture and architectural products in the United States and internationally. It operates through Americas, EMEA, and Other 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, and mobile power and screens.