Steelcase Inc. (NYSE:SCS) Stock Rating Lowered by BidaskClub
Steelcase Inc. (NYSE:SCS) was downgraded by equities research analysts at BidaskClub from a “sell” rating to a “strong sell” rating in a research report issued to clients and investors on Monday.
Several other research firms have also commented on SCS. ValuEngine lowered Steelcase from a “buy” rating to a “hold” rating in a research note on Friday, June 2nd. Zacks Investment Research upgraded Steelcase from a “sell” rating to a “hold” rating in a research note on Tuesday, May 30th. Raymond James Financial, Inc. reiterated an “outperform” rating and set a $16.00 price objective (down from $19.00) on shares of Steelcase in a research note on Friday, June 23rd. UBS AG lowered Steelcase from a “strong-buy” rating to an “outperform” rating in a research note on Friday, June 23rd. Finally, TheStreet lowered Steelcase from a “b-” rating to a “c+” rating in a research note on Thursday. Two analysts have rated the stock with a sell rating, two have assigned a hold rating and two have given a buy rating to the stock. The company presently has a consensus rating of “Hold” and an average price target of $17.50.
Shares of Steelcase (NYSE SCS) traded down 0.87% during trading on Monday, reaching $13.65. The company had a trading volume of 627,638 shares. The company has a market capitalization of $1.61 billion, a PE ratio of 13.36 and a beta of 1.21. The stock’s 50-day moving average price is $15.25 and its 200-day moving average price is $16.24. Steelcase has a 52 week low of $12.67 and a 52 week high of $18.15.
Steelcase (NYSE:SCS) last posted its quarterly earnings data on Wednesday, June 21st. The business services provider reported $0.15 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 for the quarter, compared to analysts’ expectations of $743.27 million. During the same quarter last year, the firm posted $0.18 earnings per share. Steelcase’s quarterly revenue was up 2.3% on a year-over-year basis. On average, equities analysts expect that Steelcase will post $0.96 EPS for the current fiscal year.
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In other news, Director Peter M. Wege II sold 14,400 shares of the business’s stock in a transaction that occurred on Friday, July 14th. The stock was sold at an average price of $13.81, for a total transaction of $198,864.00. Following the transaction, the director now directly owns 270,180 shares in the company, valued at approximately $3,731,185.80. The sale was disclosed in a legal filing with the SEC, which is available at the SEC website. Insiders own 18.87% of the company’s stock.
Several hedge funds and other institutional investors have recently modified their holdings of SCS. Vanguard Group Inc. boosted its position in shares of Steelcase by 9.5% in the first quarter. Vanguard Group Inc. now owns 7,590,595 shares of the business services provider’s stock valued at $127,143,000 after buying an additional 659,548 shares in the last quarter. BlackRock Inc. boosted its position in shares of Steelcase by 29,527.3% in the first quarter. BlackRock Inc. now owns 5,656,450 shares of the business services provider’s stock valued at $94,745,000 after buying an additional 5,637,358 shares in the last quarter. Wellington Management Group LLP boosted its position in shares of Steelcase by 29.0% in the first quarter. Wellington Management Group LLP now owns 4,978,251 shares of the business services provider’s stock valued at $83,385,000 after buying an additional 1,119,428 shares in the last quarter. Bank of New York Mellon Corp boosted its position in shares of Steelcase by 3.1% in the first quarter. Bank of New York Mellon Corp now owns 4,445,174 shares of the business services provider’s stock valued at $74,456,000 after buying an additional 135,463 shares in the last quarter. Finally, Dimensional Fund Advisors LP boosted its position in shares of Steelcase by 7.1% in the first quarter. Dimensional Fund Advisors LP now owns 3,320,708 shares of the business services provider’s stock valued at $55,621,000 after buying an additional 219,066 shares in the last quarter. Institutional investors and hedge funds own 65.60% of the company’s stock.
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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