Steelcase (NYSE:SCS) Cut to Buy at Wall Street Zen

Steelcase (NYSE:SCS - Get Free Report) was downgraded by equities research analysts at Wall Street Zen from a "strong-buy" rating to a "buy" rating in a note issued to investors on Friday.

Separately, Sidoti upgraded Steelcase to a "hold" rating in a report on Friday, March 28th.

Steelcase Stock Down 3.7%

Shares of NYSE SCS traded down $0.41 during midday trading on Friday, hitting $10.49. 2,760,884 shares of the stock traded hands, compared to its average volume of 668,169. The company has a market cap of $1.20 billion, a PE ratio of 10.18, a P/E/G ratio of 1.05 and a beta of 1.14. Steelcase has a one year low of $9.32 and a one year high of $14.74. The business has a 50 day moving average price of $10.27 and a two-hundred day moving average price of $11.05. The company has a debt-to-equity ratio of 0.47, a quick ratio of 1.17 and a current ratio of 1.54.

Steelcase (NYSE:SCS - Get Free Report) last announced its quarterly earnings results on Wednesday, June 25th. The business services provider reported $0.20 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.12 by $0.08. Steelcase had a return on equity of 14.66% and a net margin of 3.84%. The business had revenue of $779.00 million during the quarter, compared to the consensus estimate of $759.90 million. During the same quarter in the prior year, the company posted $0.16 earnings per share. Steelcase's revenue was up 7.1% compared to the same quarter last year. On average, equities analysts predict that Steelcase will post 1 EPS for the current year.

Insiders Place Their Bets

In other Steelcase news, VP Robert G. Krestakos sold 6,000 shares of the business's stock in a transaction on Monday, April 14th. The stock was sold at an average price of $10.13, for a total value of $60,780.00. Following the transaction, the vice president now owns 139,912 shares of the company's stock, valued at approximately $1,417,308.56. The trade was a 4.11% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Insiders own 6.75% of the company's stock.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently bought and sold shares of the business. Rhumbline Advisers boosted its position in Steelcase by 0.6% in the fourth quarter. Rhumbline Advisers now owns 155,013 shares of the business services provider's stock worth $1,832,000 after purchasing an additional 932 shares during the last quarter. MetLife Investment Management LLC lifted its position in shares of Steelcase by 2.0% during the 4th quarter. MetLife Investment Management LLC now owns 54,643 shares of the business services provider's stock valued at $646,000 after buying an additional 1,079 shares during the last quarter. Hillsdale Investment Management Inc. lifted its position in shares of Steelcase by 0.5% during the 4th quarter. Hillsdale Investment Management Inc. now owns 284,800 shares of the business services provider's stock valued at $3,366,000 after buying an additional 1,500 shares during the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. lifted its position in shares of Steelcase by 3.4% during the 4th quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 52,596 shares of the business services provider's stock valued at $622,000 after buying an additional 1,741 shares during the last quarter. Finally, State of Wyoming lifted its position in shares of Steelcase by 9.3% during the 4th quarter. State of Wyoming now owns 20,668 shares of the business services provider's stock valued at $244,000 after buying an additional 1,762 shares during the last quarter. Hedge funds and other institutional investors own 92.42% of the company's stock.

About Steelcase

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.

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