Zacks Investment Research upgraded shares of Steelcase Inc. (NYSE:SCS) from a sell rating to a hold rating in a report issued on Thursday morning.

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. “

Other analysts have also recently issued reports about the stock. UBS AG cut shares of Steelcase from a strong-buy rating to an outperform rating in a report on Friday, June 23rd. TheStreet cut shares of Steelcase from a b- rating to a c+ rating in a report on Thursday, July 20th. BidaskClub cut shares of Steelcase from a hold rating to a sell rating in a report on Friday, June 23rd. Raymond James Financial, Inc. reissued an outperform rating and set a $16.00 target price (down from $19.00) on shares of Steelcase in a report on Friday, June 23rd. Finally, ValuEngine cut shares of Steelcase from a buy rating to a hold rating in a report on Friday, June 2nd. One equities research analyst has rated the stock with a sell rating, three have issued a hold rating and two have given a buy rating to the company. Steelcase has an average rating of Hold and an average target price of $17.50.

Steelcase (NYSE:SCS) traded up 0.194% during trading on Thursday, reaching $12.925. 489,396 shares of the company’s stock traded hands. The company has a market cap of $1.53 billion, a PE ratio of 12.647 and a beta of 1.20. The company has a 50 day moving average price of $13.47 and a 200-day moving average price of $15.65. Steelcase has a 12-month low of $12.50 and a 12-month high of $18.15.

Steelcase (NYSE:SCS) last posted its quarterly earnings results on Wednesday, June 21st. The business services provider reported $0.15 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.19 by $0.04. The company had revenue of $735.10 million during the quarter, compared to analyst estimates of $743.27 million. Steelcase had a net margin of 4.04% and a return on equity of 16.37%. The company’s revenue was up 2.3% on a year-over-year basis. During the same period in the prior year, the company earned $0.18 earnings per share. On average, equities research analysts forecast 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 stock in a transaction on Friday, July 14th. The shares were sold at an average price of $13.81, for a total transaction of $198,864.00. Following the sale, the director now directly owns 270,180 shares of the company’s stock, valued at $3,731,185.80. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 18.87% of the stock is currently owned by corporate insiders.

Hedge funds have recently modified their holdings of the company. New York State Teachers Retirement System raised its position in Steelcase by 4.2% in the first quarter. New York State Teachers Retirement System now owns 7,500 shares of the business services provider’s stock valued at $126,000 after buying an additional 300 shares in the last quarter. Amalgamated Bank raised its position in Steelcase by 3.4% in the second quarter. Amalgamated Bank now owns 10,913 shares of the business services provider’s stock valued at $153,000 after buying an additional 358 shares in the last quarter. Principal Financial Group Inc. raised its position in Steelcase by 1.0% in the first quarter. Principal Financial Group Inc. now owns 40,040 shares of the business services provider’s stock valued at $670,000 after buying an additional 387 shares in the last quarter. Rhumbline Advisers raised its position in Steelcase by 0.4% in the second quarter. Rhumbline Advisers now owns 110,940 shares of the business services provider’s stock valued at $1,553,000 after buying an additional 450 shares in the last quarter. Finally, Engineers Gate Manager LP raised its position in Steelcase by 0.9% in the first quarter. Engineers Gate Manager LP now owns 68,499 shares of the business services provider’s stock valued at $1,147,000 after buying an additional 618 shares in the last quarter. 60.55% of the stock is currently owned by 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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