Steelcase Inc. (NYSE:SCS) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a research note issued on Wednesday.

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, Seaport Global Securities began coverage on Steelcase in a report on Friday, November 4th. They set a “neutral” rating on the stock.

Shares of Steelcase (NYSE:SCS) opened at 16.20 on Wednesday. The company’s 50-day moving average price is $14.08 and its 200 day moving average price is $14.46. Steelcase has a 1-year low of $11.67 and a 1-year high of $20.37. The company has a market cap of $1.92 billion, a price-to-earnings ratio of 11.68 and a beta of 1.15.

Steelcase (NYSE:SCS) last released its quarterly earnings results on Wednesday, September 21st. The company reported $0.32 earnings per share for the quarter, meeting the consensus estimate of $0.32. The firm had revenue of $758 million for the quarter. Steelcase had a return on equity of 17.38% and a net margin of 5.67%. Steelcase’s quarterly revenue was down 7.4% compared to the same quarter last year. During the same period in the previous year, the company earned $0.35 earnings per share. On average, analysts predict that Steelcase will post $1.07 earnings per share for the current fiscal year.

Large investors have recently bought and sold shares of the company. Piedmont Investment Advisors LLC bought a new stake in Steelcase during the third quarter valued at approximately $267,000. Delphi Management Inc. MA bought a new stake in Steelcase during the third quarter valued at approximately $639,000. Credit Suisse AG raised its stake in Steelcase by 196.3% in the third quarter. Credit Suisse AG now owns 298,147 shares of the company’s stock valued at $4,142,000 after buying an additional 197,531 shares during the period. Verition Fund Management LLC raised its stake in Steelcase by 240.3% in the third quarter. Verition Fund Management LLC now owns 35,553 shares of the company’s stock valued at $494,000 after buying an additional 25,106 shares during the period. Finally, Dean Investment Associates LLC bought a new stake in Steelcase during the third quarter valued at approximately $464,000. Hedge funds and other institutional investors own 68.17% of the company’s stock.

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Steelcase Company Profile

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.

5 Day Chart for NYSE:SCS

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