Steelcase Inc. (NYSE:SCS) was upgraded by equities research analysts at Sidoti from a “neutral” rating to a “buy” rating in a note issued to investors on Friday.

Several other analysts have also recently issued reports on the stock. ValuEngine cut shares of Steelcase from a “buy” rating to a “hold” rating in a research note on Friday. Zacks Investment Research upgraded shares of Steelcase from a “sell” rating to a “hold” rating in a research note on Thursday, August 24th. BidaskClub cut shares of Steelcase from a “sell” rating to a “strong sell” rating in a research note on Monday, July 24th. TheStreet cut shares of Steelcase from a “b-” rating to a “c+” rating in a research note on Thursday, July 20th. Finally, Raymond James Financial, Inc. reiterated an “outperform” rating and issued a $16.00 target price (down from $19.00) on shares of Steelcase in a research note on Friday, June 23rd. One research analyst has rated the stock with a sell rating, three have given a hold rating and three have given a buy rating to the company. The company presently has an average rating of “Hold” and a consensus price target of $17.50.

Steelcase (NYSE:SCS) opened at 13.20 on Friday. The company has a 50-day moving average of $13.37 and a 200-day moving average of $15.53. The company has a market capitalization of $1.56 billion, a PE ratio of 12.92 and a beta of 1.20. Steelcase has a 52 week low of $12.50 and a 52 week high of $18.15.

Steelcase (NYSE:SCS) last posted its earnings results on Wednesday, June 21st. The business services provider reported $0.15 earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of $0.19 by $0.04. Steelcase had a return on equity of 16.37% and a net margin of 4.04%. The firm had revenue of $735.10 million during the quarter, compared to analysts’ expectations of $743.27 million. During the same quarter in the prior year, the company earned $0.18 earnings per share. The business’s revenue for the quarter was up 2.3% compared to the same quarter last year. On average, equities research analysts anticipate that Steelcase will post $0.96 EPS for the current year.

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In other news, Director Peter M. Wege II sold 14,400 shares of the firm’s 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 owns 270,180 shares in the company, valued at approximately $3,731,185.80. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Company insiders own 18.87% of the company’s stock.

Several hedge funds have recently bought and sold shares of the stock. Navellier & Associates Inc boosted its stake in Steelcase by 3.3% in the second quarter. Navellier & Associates Inc now owns 126,499 shares of the business services provider’s stock valued at $1,771,000 after buying an additional 4,063 shares during the period. Public Employees Retirement System of Ohio boosted its stake in Steelcase by 9.6% in the second quarter. Public Employees Retirement System of Ohio now owns 10,833 shares of the business services provider’s stock valued at $152,000 after buying an additional 947 shares during the period. Verition Fund Management LLC boosted its stake in Steelcase by 221.1% in the second quarter. Verition Fund Management LLC now owns 35,899 shares of the business services provider’s stock valued at $503,000 after buying an additional 24,719 shares during the period. Delphi Management Inc. MA boosted its stake in Steelcase by 10.8% in the second quarter. Delphi Management Inc. MA now owns 129,635 shares of the business services provider’s stock valued at $1,815,000 after buying an additional 12,685 shares during the period. Finally, Walthausen & Co. LLC boosted its stake in Steelcase by 47.5% in the second quarter. Walthausen & Co. LLC now owns 356,986 shares of the business services provider’s stock valued at $4,998,000 after buying an additional 115,002 shares during the period. Hedge funds and other institutional investors own 62.18% of the company’s stock.

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.

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