Steelcase (NYSE:SCS) Upgraded by Zacks Research to Strong-Buy Rating

Key Points

• Steelcase has been upgraded from a "hold" rating to a "strong-buy" rating by Zacks Research, reflecting positive sentiment in the market.
• The company's stock opened at $16.89, with an average target price of $16.00 and a significant increase in quarterly revenue of 4.8% compared to last year.
• Institutional investors own approximately 92.42% of Steelcase's stock, indicating strong confidence from major financial players in the company's future performance.

Steelcase (NYSE:SCS - Get Free Report) was upgraded by research analysts at Zacks Research from a "hold" rating to a "strong-buy" rating in a report issued on Monday,Zacks.com reports.

SCS has been the subject of a number of other reports. Wall Street Zen cut shares of Steelcase from a "buy" rating to a "hold" rating in a research note on Saturday, August 9th. Noble Financial cut Steelcase from a "strong-buy" rating to a "hold" rating in a report on Tuesday, August 5th. Finally, Weiss Ratings reaffirmed a "buy (b-)" rating on shares of Steelcase in a research note on Saturday, September 27th. One research analyst has rated the stock with a Strong Buy rating, one has assigned a Buy rating and two have assigned a Hold rating to the company. According to MarketBeat, Steelcase presently has an average rating of "Moderate Buy" and an average target price of $16.00.

Steelcase Price Performance

Shares of NYSE:SCS opened at $16.89 on Monday. The firm has a market capitalization of $1.94 billion, a price-to-earnings ratio of 16.39, a price-to-earnings-growth ratio of 1.55 and a beta of 1.26. The company has a debt-to-equity ratio of 0.44, a current ratio of 1.66 and a quick ratio of 1.18. The business's 50 day simple moving average is $16.28 and its 200-day simple moving average is $12.45. Steelcase has a 12 month low of $9.31 and a 12 month high of $17.40.

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

Insider Activity at Steelcase

In other news, VP Robert G. Krestakos sold 12,000 shares of the stock in a transaction dated Friday, July 11th. The shares were 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 in the company, valued at $1,359,704.56. This represents a 8.58% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this link. 6.75% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Steelcase

A number of large investors have recently bought and sold shares of SCS. MTM Investment Management LLC purchased a new stake in shares of Steelcase during the 2nd quarter valued at $26,000. GAMMA Investing LLC grew its position in Steelcase by 222.0% during the third quarter. GAMMA Investing LLC now owns 1,639 shares of the business services provider's stock valued at $28,000 after acquiring an additional 1,130 shares during the period. Jones Financial Companies Lllp increased its stake in Steelcase by 3,634.2% during the first quarter. Jones Financial Companies Lllp now owns 2,950 shares of the business services provider's stock worth $32,000 after acquiring an additional 2,871 shares during the last quarter. EverSource Wealth Advisors LLC raised its holdings in shares of Steelcase by 1,279.8% in the 2nd quarter. EverSource Wealth Advisors LLC now owns 3,546 shares of the business services provider's stock worth $37,000 after purchasing an additional 3,289 shares during the period. Finally, US Bancorp DE lifted its stake in shares of Steelcase by 4,509.8% in the 1st quarter. US Bancorp DE now owns 4,702 shares of the business services provider's stock valued at $52,000 after purchasing an additional 4,600 shares in 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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