Steelcase Inc. (NYSE:SCS) was downgraded by BidaskClub from a “sell” rating to a “strong sell” rating in a report released on Monday, July 24th.
Other research analysts have also recently issued reports about the company. TheStreet cut Steelcase from a “b-” rating to a “c+” rating in a report on Thursday, July 20th. ValuEngine cut Steelcase from a “buy” rating to a “hold” rating in a report on Friday, June 2nd. Zacks Investment Research raised Steelcase from a “sell” rating to a “hold” rating in a report on Tuesday, May 30th. Raymond James Financial, Inc. reaffirmed an “outperform” rating and issued a $16.00 price target (down from $19.00) on shares of Steelcase in a report on Friday, June 23rd. Finally, UBS AG cut Steelcase from a “strong-buy” rating to an “outperform” rating in a report on Friday, June 23rd. Two analysts have rated the stock with a sell rating, two have issued a hold rating and two have assigned a buy rating to the company’s stock. Steelcase has an average rating of “Hold” and an average price target of $17.50.
Steelcase (NYSE:SCS) traded down 0.37% during trading on Monday, reaching $13.45. 586,279 shares of the company’s stock traded hands. Steelcase has a 12 month low of $12.67 and a 12 month high of $18.15. The firm’s 50 day moving average is $14.42 and its 200-day moving average is $16.03. The company has a market capitalization of $1.59 billion, a price-to-earnings ratio of 13.16 and a beta of 1.20.
Steelcase (NYSE:SCS) last released its quarterly earnings results on Wednesday, June 21st. The business services provider reported $0.15 earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of $0.19 by $0.04. Steelcase had a net margin of 4.04% and a return on equity of 16.37%. The business had revenue of $735.10 million during the quarter, compared to the consensus estimate of $743.27 million. During the same period in the prior year, the firm earned $0.18 earnings per share. The business’s quarterly revenue was up 2.3% compared to the same quarter last year. Analysts expect that Steelcase will post $0.96 EPS for the current fiscal year.
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In other Steelcase news, Director Peter M. Wege II sold 14,400 shares of the business’s stock in a transaction dated Friday, July 14th. The stock was sold at an average price of $13.81, for a total transaction of $198,864.00. Following the completion of the sale, the director now directly owns 270,180 shares of the company’s stock, valued at approximately $3,731,185.80. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Insiders own 18.87% of the company’s stock.
A number of hedge funds have recently made changes to their positions in SCS. State Street Corp boosted its stake in shares of Steelcase by 4.7% in the fourth quarter. State Street Corp now owns 1,672,046 shares of the business services provider’s stock valued at $29,930,000 after buying an additional 75,260 shares in the last quarter. Norges Bank purchased a new stake in shares of Steelcase during the fourth quarter valued at $21,863,000. Teachers Advisors LLC boosted its stake in shares of Steelcase by 2.0% in the fourth quarter. Teachers Advisors LLC now owns 137,048 shares of the business services provider’s stock valued at $2,453,000 after buying an additional 2,643 shares in the last quarter. Alpha Windward LLC boosted its stake in shares of Steelcase by 2.3% in the first quarter. Alpha Windward LLC now owns 29,880 shares of the business services provider’s stock valued at $500,000 after buying an additional 660 shares in the last quarter. Finally, Navellier & Associates Inc boosted its stake in shares of Steelcase by 17.7% in the first quarter. Navellier & Associates Inc now owns 122,436 shares of the business services provider’s stock valued at $2,051,000 after buying an additional 18,378 shares in the last quarter. 65.04% of the stock is owned by hedge funds and other institutional investors.
About Steelcase
Steelcase Inc provides an integrated portfolio of furniture settings, user-centered technologies and interior architectural products. The Company’s segments include Americas, EMEA and Other Category. The Company’s furniture portfolio includes panel-based and freestanding furniture systems and complementary products, such as storage, tables and ergonomic worktools.
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