Steelcase (NYSE:SCS) Lowered to “Hold” Rating by Zacks Research

Steelcase (NYSE:SCS) was downgraded by investment analysts at Zacks Research from a “strong-buy” rating to a “hold” rating in a research report issued on Tuesday,Zacks.com reports.

Several other research firms have also recently weighed in on SCS. Noble Financial cut Steelcase from a “strong-buy” rating to a “hold” rating in a report on Tuesday, August 5th. Wall Street Zen downgraded shares of Steelcase from a “buy” rating to a “hold” rating in a research note on Saturday, August 9th. Finally, Weiss Ratings reiterated a “hold (c+)” rating on shares of Steelcase in a research report on Friday, October 31st. Four investment analysts have rated the stock with a Hold rating, Based on data from MarketBeat.com, the stock presently has an average rating of “Hold”.

Steelcase Trading Down 0.2%

Shares of SCS stock opened at $16.20 on Tuesday. The company has a quick ratio of 1.18, a current ratio of 1.66 and a debt-to-equity ratio of 0.44. The firm has a market cap of $1.86 billion, a P/E ratio of 15.73, a PEG ratio of 1.46 and a beta of 1.28. The company has a 50 day moving average of $16.40 and a 200-day moving average of $13.96. Steelcase has a 12-month low of $9.31 and a 12-month high of $17.40.

Steelcase (NYSE:SCS) last announced its quarterly earnings data on Friday, June 2nd. The business services provider reported $0.23 earnings per share (EPS) for the quarter. Steelcase had a return on equity of 13.00% and a net margin of 2.92%.The business had revenue of $724.80 million for the quarter. Sell-side analysts anticipate that Steelcase will post 1 earnings per share for the current year.

Institutional Investors Weigh In On Steelcase

Several institutional investors and hedge funds have recently modified their holdings of the stock. Fifth Third Bancorp boosted its holdings in shares of Steelcase by 152.4% during the 3rd quarter. Fifth Third Bancorp now owns 9,668,677 shares of the business services provider’s stock valued at $166,301,000 after buying an additional 5,837,343 shares in the last quarter. Magnetar Financial LLC purchased a new position in Steelcase during the 3rd quarter valued at about $59,390,000. JPMorgan Chase & Co. boosted its stake in Steelcase by 201.5% during the third quarter. JPMorgan Chase & Co. now owns 2,630,255 shares of the business services provider’s stock worth $45,240,000 after acquiring an additional 1,757,767 shares in the last quarter. Citigroup Inc. grew its holdings in Steelcase by 3,309.6% in the third quarter. Citigroup Inc. now owns 1,649,892 shares of the business services provider’s stock worth $28,378,000 after purchasing an additional 1,601,503 shares during the period. Finally, AQR Arbitrage LLC purchased a new stake in Steelcase in the third quarter worth about $23,885,000. 92.42% of the stock is 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.