Steelcase (SCS) Upgraded at Zacks Investment Research

Steelcase (NYSE:SCS) was upgraded by Zacks Investment Research from a “sell” rating to a “hold” rating in a report released on Thursday, 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 raised shares of Steelcase from an “outperform” rating to a “strong-buy” rating and lifted their price objective for the company from $20.00 to $21.00 in a research note on Thursday, March 21st. Two investment analysts have rated the stock with a hold rating, one has assigned a buy rating and one has assigned a strong buy rating to the company. The company has a consensus rating of “Buy” and an average price target of $19.00.

SCS stock opened at $16.55 on Thursday. The company has a debt-to-equity ratio of 0.57, a current ratio of 1.59 and a quick ratio of 0.86. Steelcase has a 1 year low of $13.10 and a 1 year high of $19.35. The firm has a market capitalization of $1.87 billion, a P/E ratio of 13.79 and a beta of 1.26.

Steelcase (NYSE:SCS) last released its quarterly earnings data on Tuesday, March 19th. The business services provider reported $0.29 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.26 by $0.03. Steelcase had a net margin of 3.66% and a return on equity of 16.47%. The business had revenue of $912.00 million during the quarter, compared to analyst estimates of $870.60 million. During the same quarter in the previous year, the business earned $0.24 EPS. Steelcase’s quarterly revenue was up 18.0% compared to the same quarter last year. Equities analysts forecast that Steelcase will post 1.3 earnings per share for the current year.

In other Steelcase news, Director Robert C. Pew III sold 68,134 shares of the business’s stock in a transaction on Thursday, February 21st. The shares were sold at an average price of $17.52, for a total transaction of $1,193,707.68. Following the completion of the transaction, the director now owns 91,711 shares of the company’s stock, valued at approximately $1,606,776.72. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, VP Sara E. Armbruster sold 7,500 shares of the business’s stock in a transaction on Tuesday, March 26th. The stock was sold at an average price of $15.00, for a total transaction of $112,500.00. Following the transaction, the vice president now directly owns 48,038 shares of the company’s stock, valued at approximately $720,570. The disclosure for this sale can be found here. In the last three months, insiders have sold 117,696 shares of company stock valued at $2,037,949. Company insiders own 17.58% of the company’s stock.

Hedge funds and other institutional investors have recently bought and sold shares of the stock. Harel Insurance Investments & Financial Services Ltd. bought a new stake in Steelcase in the fourth quarter valued at about $25,000. Cutler Group LP grew its stake in Steelcase by 157.3% during the fourth quarter. Cutler Group LP now owns 2,006 shares of the business services provider’s stock worth $29,000 after buying an additional 5,506 shares during the last quarter. Advisor Group Inc. grew its stake in Steelcase by 33.3% during the fourth quarter. Advisor Group Inc. now owns 4,285 shares of the business services provider’s stock worth $63,000 after buying an additional 1,071 shares during the last quarter. Macquarie Group Ltd. grew its stake in Steelcase by 639.7% during the fourth quarter. Macquarie Group Ltd. now owns 5,304 shares of the business services provider’s stock worth $79,000 after buying an additional 4,587 shares during the last quarter. Finally, Point72 Hong Kong Ltd bought a new stake in Steelcase during the third quarter worth about $108,000. 69.16% of the stock is currently owned by institutional investors and hedge funds.

Steelcase Company Profile

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-based furniture systems, storage products, fixed and height-adjustable desks, benches, and tables, as well as other products, including worktools.

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