Downgrades Steelcase (NYSE:SCS) to Buy

Steelcase (NYSE:SCSGet Free Report) was downgraded by research analysts at from a “strong-buy” rating to a “buy” rating in a research report issued to clients and investors on Thursday.

Steelcase Stock Down 1.3 %

NYSE:SCS opened at $12.15 on Thursday. The company has a market cap of $1.39 billion, a price-to-earnings ratio of 17.86, a P/E/G ratio of 1.43 and a beta of 1.35. 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’s fifty day moving average price is $12.84 and its two-hundred day moving average price is $12.01. Steelcase has a 52-week low of $6.39 and a 52-week high of $14.54.

Steelcase (NYSE:SCSGet Free Report) last issued its quarterly earnings results on Wednesday, March 20th. The business services provider reported $0.23 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.21 by $0.02. The business had revenue of $775.20 million for the quarter, compared to analyst estimates of $780.25 million. Steelcase had a return on equity of 13.00% and a net margin of 2.57%. The firm’s revenue for the quarter was down 3.3% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $0.19 earnings per share. On average, analysts anticipate that Steelcase will post 0.91 EPS for the current year.

Insider Activity

In other Steelcase news, VP Robert G. Krestakos sold 3,800 shares of the firm’s stock in a transaction dated Tuesday, December 26th. The stock was sold at an average price of $13.83, for a total transaction of $52,554.00. Following the transaction, the vice president now owns 110,489 shares in the company, valued at $1,528,062.87. The sale was disclosed in a document filed with the SEC, which is available through this link. 12.72% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Dark Forest Capital Management LP raised its holdings in Steelcase by 106.2% during the 3rd quarter. Dark Forest Capital Management LP now owns 74,273 shares of the business services provider’s stock worth $830,000 after buying an additional 38,252 shares during the period. Charles Schwab Investment Management Inc. lifted its position in Steelcase by 6.7% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 2,322,643 shares of the business services provider’s stock valued at $25,944,000 after acquiring an additional 145,328 shares in the last quarter. Diversified Trust Co boosted its stake in Steelcase by 75.6% in the 3rd quarter. Diversified Trust Co now owns 46,902 shares of the business services provider’s stock worth $524,000 after purchasing an additional 20,187 shares during the period. Qube Research & Technologies Ltd bought a new position in Steelcase during the 3rd quarter worth about $4,505,000. Finally, SG Americas Securities LLC acquired a new stake in shares of Steelcase in the 3rd quarter valued at about $880,000. 69.51% of the stock is currently owned by institutional investors.

Steelcase Company Profile

(Get Free Report)

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.

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