Zacks Research Downgrades Steelcase (NYSE:SCS) to Hold

Steelcase (NYSE:SCS) was downgraded by equities researchers at Zacks Research from a “strong-buy” rating to a “hold” rating in a research note issued on Tuesday,Zacks.com reports.

A number of other equities analysts also recently issued reports on SCS. Noble Financial downgraded shares of Steelcase from a “strong-buy” rating to a “hold” rating in a report on Tuesday, August 5th. Weiss Ratings reiterated a “hold (c+)” rating on shares of Steelcase in a research note on Friday, October 31st. Finally, Wall Street Zen downgraded shares of Steelcase from a “buy” rating to a “hold” rating in a research report on Saturday, August 9th. Four investment analysts have rated the stock with a Hold rating, Based on data from MarketBeat.com, the company presently has a consensus rating of “Hold”.

Steelcase Price Performance

Shares of NYSE SCS opened at $16.20 on Tuesday. Steelcase has a twelve month low of $9.31 and a twelve month high of $17.40. The firm has a market cap of $1.86 billion, a P/E ratio of 15.73, a PEG ratio of 1.46 and a beta of 1.28. The company has a 50 day moving average of $16.40 and a 200 day moving average of $13.96. The company has a quick ratio of 1.18, a current ratio of 1.66 and a debt-to-equity ratio of 0.44.

Steelcase (NYSE:SCS) last issued its earnings results on Friday, June 2nd. The business services provider reported $0.23 earnings per share for the quarter. The business had revenue of $724.80 million during the quarter. Steelcase had a return on equity of 13.00% and a net margin of 2.92%. As a group, research analysts expect that Steelcase will post 1 EPS for the current fiscal year.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently modified their holdings of the business. MTM Investment Management LLC purchased a new position in shares of Steelcase in the 2nd quarter worth $26,000. GAMMA Investing LLC grew its position in Steelcase by 222.0% in the third quarter. GAMMA Investing LLC now owns 1,639 shares of the business services provider’s stock worth $28,000 after acquiring an additional 1,130 shares in the last quarter. Jones Financial Companies Lllp increased its stake in Steelcase by 3,634.2% during the first quarter. Jones Financial Companies Lllp now owns 2,950 shares of the business services provider’s stock worth $32,000 after acquiring an additional 2,871 shares during the last quarter. EverSource Wealth Advisors LLC raised its position in Steelcase by 1,279.8% during the second quarter. EverSource Wealth Advisors LLC now owns 3,546 shares of the business services provider’s stock valued at $37,000 after purchasing an additional 3,289 shares during the period. Finally, Caitong International Asset Management Co. Ltd bought a new stake in shares of Steelcase in the 3rd quarter valued at approximately $41,000. 92.42% of the stock is owned by hedge funds and other institutional investors.

Steelcase Company Profile

Steelcase Inc provides a portfolio of furniture and architectural products and services in the United States and internationally. It operates through Americas and International 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, mobile power, and screens.