Wall Street Zen Downgrades Steelcase (NYSE:SCS) to Hold

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 report report published on Saturday morning.

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

Steelcase Stock Performance

Shares of NYSE SCS traded up $0.39 during trading hours on Friday, reaching $16.58. The stock had a trading volume of 750,644 shares, compared to its average volume of 1,047,259. The firm has a market cap of $1.90 billion, a price-to-earnings ratio of 16.06, a PEG ratio of 1.52 and a beta of 1.18. The company has a current ratio of 1.65, a quick ratio of 1.15 and a debt-to-equity ratio of 0.46. Steelcase has a fifty-two week low of $9.31 and a fifty-two week high of $17.13. The firm has a 50-day moving average of $11.33 and a 200-day moving average of $11.04.

Steelcase (NYSE:SCS - Get Free Report) last announced its earnings results on Wednesday, June 25th. The business services provider reported $0.20 earnings per share (EPS) for the quarter, beating 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 business's revenue was up 7.1% on a year-over-year basis. During the same period in the prior year, the firm earned $0.16 EPS. Equities research analysts predict that Steelcase will post 1 earnings per share for the current year.

Steelcase Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Monday, July 21st. Shareholders of record on Monday, July 7th were paid a dividend of $0.10 per share. The ex-dividend date of this dividend was Monday, July 7th. This represents a $0.40 annualized dividend and a yield of 2.4%. Steelcase's dividend payout ratio is currently 38.83%.

Insider Buying and Selling

In other Steelcase news, VP Robert G. Krestakos sold 12,000 shares of the company's stock in a transaction that occurred 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 of the company's stock, valued at $1,359,704.56. This represents a 8.58% decrease in their position. 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 corporate insiders.

Institutional Trading of Steelcase

Institutional investors and hedge funds have recently added to or reduced their stakes in the stock. MTM Investment Management LLC purchased a new position in shares of Steelcase during the 2nd quarter worth approximately $26,000. Jones Financial Companies Lllp raised its stake in shares of Steelcase by 3,634.2% during the 1st quarter. Jones Financial Companies Lllp now owns 2,950 shares of the business services provider's stock worth $32,000 after buying an additional 2,871 shares in the last quarter. US Bancorp DE raised its stake in shares of Steelcase by 4,509.8% during the 1st quarter. US Bancorp DE now owns 4,702 shares of the business services provider's stock worth $52,000 after buying an additional 4,600 shares in the last quarter. GAMMA Investing LLC raised its stake in shares of Steelcase by 1,468.7% during the 1st quarter. GAMMA Investing LLC now owns 5,710 shares of the business services provider's stock worth $63,000 after buying an additional 5,346 shares in the last quarter. Finally, Virtus Fund Advisers LLC raised its stake in shares of Steelcase by 228.9% during the 4th quarter. Virtus Fund Advisers LLC now owns 7,893 shares of the business services provider's stock worth $93,000 after buying an additional 5,493 shares in the last quarter. 92.42% of the stock is owned by hedge funds and other institutional investors.

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.