Steelcase (NYSE:SCS) Cut to "Hold (C)" at Weiss Ratings

Key Points

• Steelcase has been downgraded by Weiss Ratings from a "buy" to a "hold" rating, indicating a cautious outlook from analysts.
• Despite the downgrade, Steelcase reported strong quarterly earnings, with an EPS of $0.45, surpassing analyst expectations.
• Hedge funds and institutional investors own approximately 92.42% of Steelcase's stock, reflecting significant confidence in the company's future performance.

Steelcase (NYSE:SCS - Get Free Report) was downgraded by equities research analysts at Weiss Ratings from a "buy (b-)" rating to a "hold (c)" rating in a research note issued to investors on Wednesday,Weiss Ratings reports.

A number of other brokerages have also recently weighed in on SCS. Zacks Research upgraded shares of Steelcase from a "hold" rating to a "strong-buy" rating in a research note on Monday. Wall Street Zen cut shares of Steelcase from a "buy" rating to a "hold" rating in a research note on Saturday, August 9th. Finally, Noble Financial cut shares of Steelcase from a "strong-buy" rating to a "hold" rating in a research note on Tuesday, August 5th. One equities research analyst has rated the stock with a Strong Buy rating and three have given a Hold rating to the stock. Based on data from MarketBeat, the stock has an average rating of "Moderate Buy".

Steelcase Stock Performance

SCS stock opened at $16.79 on Wednesday. The company has a debt-to-equity ratio of 0.44, a quick ratio of 1.18 and a current ratio of 1.66. The stock has a market capitalization of $1.93 billion, a price-to-earnings ratio of 16.30, a PEG ratio of 1.54 and a beta of 1.26. Steelcase has a 1 year low of $9.31 and a 1 year high of $17.40. The stock's fifty day moving average is $16.41 and its two-hundred day moving average is $12.48.

Steelcase (NYSE:SCS - Get Free Report) last posted its earnings results on Wednesday, September 24th. The business services provider reported $0.45 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.37 by $0.08. The company had revenue of $897.10 million for the quarter, compared to analysts' expectations of $878.73 million. Steelcase had a return on equity of 13.00% and a net margin of 2.92%.The firm's quarterly revenue was up 4.8% compared to the same quarter last year. During the same period last year, the business posted $0.39 earnings per share. On average, research analysts predict that Steelcase will post 1 EPS for the current year.

Insider Transactions at Steelcase

In related news, VP Robert G. Krestakos sold 12,000 shares of Steelcase stock in a transaction dated Friday, July 11th. The stock was sold at an average price of $10.63, for a total transaction of $127,560.00. Following the transaction, the vice president directly owned 127,912 shares of the company's stock, valued at $1,359,704.56. The trade was a 8.58% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. 6.75% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Steelcase

A number of institutional investors have recently bought and sold shares of the stock. GAMMA Investing LLC increased its stake in Steelcase by 222.0% in the 3rd quarter. GAMMA Investing LLC now owns 1,639 shares of the business services provider's stock worth $28,000 after purchasing an additional 1,130 shares in the last quarter. Osaic Holdings Inc. increased its stake in Steelcase by 918.8% in the 2nd quarter. Osaic Holdings Inc. now owns 10,789 shares of the business services provider's stock worth $113,000 after purchasing an additional 9,730 shares in the last quarter. Tower Research Capital LLC TRC increased its stake in Steelcase by 744.9% in the 2nd quarter. Tower Research Capital LLC TRC now owns 16,704 shares of the business services provider's stock worth $174,000 after purchasing an additional 14,727 shares in the last quarter. Vident Advisory LLC purchased a new position in Steelcase in the 2nd quarter worth about $452,000. Finally, Lazard Asset Management LLC increased its stake in Steelcase by 11.4% in the 2nd quarter. Lazard Asset Management LLC now owns 297,044 shares of the business services provider's stock worth $3,097,000 after purchasing an additional 30,404 shares in the last quarter. Hedge funds and other institutional investors own 92.42% of the company's stock.

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.

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