Steelcase (NYSE:SCS) Stock Rating Lowered by Wall Street Zen

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

Separately, Sidoti upgraded shares of Steelcase to a "hold" rating in a research note on Friday, March 28th.

Steelcase Stock Down 0.4%

SCS stock traded down $0.04 during midday trading on Friday, reaching $10.44. The company had a trading volume of 1,238,325 shares, compared to its average volume of 667,039. Steelcase has a 1 year low of $9.32 and a 1 year high of $14.74. The company has a current ratio of 1.54, a quick ratio of 1.17 and a debt-to-equity ratio of 0.47. The company has a market capitalization of $1.20 billion, a P/E ratio of 10.14, a PEG ratio of 1.01 and a beta of 1.14. The company has a 50 day moving average of $10.27 and a two-hundred day moving average of $11.02.

Steelcase (NYSE:SCS - Get Free Report) last released its earnings results on Wednesday, June 25th. The business services provider reported $0.20 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.12 by $0.08. Steelcase had a net margin of 3.84% and a return on equity of 14.66%. The company 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 firm earned $0.16 EPS. The company's revenue was up 7.1% compared to the same quarter last year. On average, equities research analysts expect that Steelcase will post 1 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other Steelcase news, VP Robert G. Krestakos sold 6,000 shares of the stock in a transaction on Monday, April 14th. The shares were sold at an average price of $10.13, for a total value of $60,780.00. Following the completion of the sale, the vice president directly owned 139,912 shares of the company's stock, valued at $1,417,308.56. This represents a 4.11% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. 6.75% of the stock is currently owned by company insiders.

Institutional Trading of Steelcase

Several institutional investors have recently made changes to their positions in SCS. Rhumbline Advisers boosted its position in shares of Steelcase by 0.6% during the 4th quarter. Rhumbline Advisers now owns 155,013 shares of the business services provider's stock valued at $1,832,000 after acquiring an additional 932 shares in the last quarter. Ieq Capital LLC acquired a new stake in shares of Steelcase during the 4th quarter worth approximately $203,000. Handelsbanken Fonder AB grew its position in shares of Steelcase by 33.3% during the 4th quarter. Handelsbanken Fonder AB now owns 26,418 shares of the business services provider's stock worth $312,000 after buying an additional 6,600 shares during the period. Y Intercept Hong Kong Ltd grew its position in shares of Steelcase by 17.9% during the 4th quarter. Y Intercept Hong Kong Ltd now owns 64,810 shares of the business services provider's stock worth $766,000 after buying an additional 9,830 shares during the period. Finally, Victory Capital Management Inc. grew its position in shares of Steelcase by 33.2% during the 4th quarter. Victory Capital Management Inc. now owns 458,414 shares of the business services provider's stock worth $5,418,000 after buying an additional 114,311 shares during the period. 92.42% of the stock is currently owned by institutional investors and hedge funds.

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.