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

Key Points

• Steelcase's stock rating was downgraded from "buy" to "hold" by Wall Street Zen and Noble Financial in recent assessments.
• The stock is currently priced at $15.85, with a year range between a low of $9.31 and a high of $17.13.
• Steelcase reported earnings of $0.20 per share, exceeding expectations, with a year-over-year revenue growth of 7.1%.

Wall Street Zen downgraded shares of Steelcase (NYSE:SCS - Free Report) from a buy rating to a hold rating in a research note published on Saturday morning.

Separately, Noble Financial downgraded Steelcase from a "strong-buy" rating to a "hold" rating in a research report on Tuesday, August 5th.

Steelcase Price Performance

NYSE:SCS traded up $0.25 during trading hours on Friday, reaching $16.21. The stock had a trading volume of 2,324,618 shares, compared to its average volume of 1,038,699. The company has a debt-to-equity ratio of 0.46, a quick ratio of 1.15 and a current ratio of 1.65. Steelcase has a 52 week low of $9.31 and a 52 week high of $17.13. The company has a 50 day moving average price of $11.22 and a two-hundred day moving average price of $11.00. The stock has a market capitalization of $1.86 billion, a PE ratio of 15.73, a PEG ratio of 1.51 and a beta of 1.18.

Steelcase (NYSE:SCS - Get Free Report) last announced its earnings results on Wednesday, June 25th. The business services provider reported $0.20 EPS for the quarter, topping analysts' consensus estimates of $0.12 by $0.08. The firm had revenue of $779.00 million during the quarter, compared to analysts' expectations of $759.90 million. Steelcase had a return on equity of 14.49% and a net margin of 3.84%. The company's quarterly revenue was up 7.1% on a year-over-year basis. During the same quarter in the previous year, the business earned $0.16 EPS. As a group, sell-side analysts anticipate that Steelcase will post 1 earnings per share for the current fiscal year.

Steelcase Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Monday, July 21st. Stockholders of record on Monday, July 7th were given a dividend of $0.10 per share. The ex-dividend date of this dividend was Monday, July 7th. This represents a $0.40 dividend on an annualized basis and a dividend yield of 2.5%. Steelcase's dividend payout ratio is presently 38.83%.

Insider Activity

In related news, VP Robert G. Krestakos sold 12,000 shares of the company's stock in a transaction on Friday, July 11th. The stock was sold at an average price of $10.63, for a total transaction of $127,560.00. Following the completion of the sale, the vice president directly owned 127,912 shares in the company, valued at $1,359,704.56. This represents a 8.58% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this link. Insiders own 6.75% of the company's stock.

Institutional Investors Weigh In On Steelcase

A number of hedge funds have recently made changes to their positions in SCS. Pacer Advisors Inc. purchased a new stake in shares of Steelcase during the 1st quarter worth $11,642,000. Victory Capital Management Inc. lifted its stake in shares of Steelcase by 208.4% during the 1st quarter. Victory Capital Management Inc. now owns 1,413,845 shares of the business services provider's stock worth $15,496,000 after purchasing an additional 955,431 shares during the last quarter. Allianz Asset Management GmbH lifted its stake in shares of Steelcase by 49.4% during the 2nd quarter. Allianz Asset Management GmbH now owns 2,128,137 shares of the business services provider's stock worth $22,196,000 after purchasing an additional 703,974 shares during the last quarter. JPMorgan Chase & Co. lifted its stake in shares of Steelcase by 260.4% during the 2nd quarter. JPMorgan Chase & Co. now owns 872,488 shares of the business services provider's stock worth $9,100,000 after purchasing an additional 630,416 shares during the last quarter. Finally, Pzena Investment Management LLC lifted its stake in shares of Steelcase by 7.3% during the 2nd quarter. Pzena Investment Management LLC now owns 5,754,832 shares of the business services provider's stock worth $60,023,000 after purchasing an additional 389,912 shares during the last quarter. 92.42% of the stock is currently 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.