Steelcase (SCS) Downgraded by Zacks Investment Research to Sell
Zacks Investment Research downgraded shares of Steelcase (NYSE:SCS) from a hold rating to a sell rating in a research note released on Tuesday.
According to Zacks, “Steelcase Inc. is a designer and manufacturer of products used to create high-performance work environments. Its product portfolio includes furniture systems, seating, storage, desks, casegoods, interior architectural products, technology products and related products and services. The company reports two geographic furniture segments: North America and International. “
A number of other equities analysts also recently weighed in on SCS. Sidoti downgraded shares of Steelcase from a buy rating to a neutral rating and set a $16.00 target price for the company. in a research note on Wednesday, September 20th. ValuEngine downgraded shares of Steelcase from a buy rating to a hold rating in a research note on Friday, September 1st. Finally, TheStreet raised shares of Steelcase from a c+ rating to a b- rating in a research note on Tuesday, October 3rd. Two investment analysts have rated the stock with a sell rating, two have issued a hold rating and two have issued a buy rating to the company’s stock. The company has a consensus rating of Hold and a consensus target price of $16.00.
Steelcase (NYSE:SCS) last announced its earnings results on Monday, September 18th. The business services provider reported $0.31 earnings per share for the quarter, beating the Zacks’ consensus estimate of $0.23 by $0.08. Steelcase had a net margin of 3.98% and a return on equity of 15.72%. The business had revenue of $775.60 million during the quarter, compared to the consensus estimate of $759.83 million. During the same quarter last year, the firm earned $0.32 earnings per share. The business’s revenue for the quarter was up 2.3% on a year-over-year basis. analysts anticipate that Steelcase will post 0.89 EPS for the current year.
Hedge funds and other institutional investors have recently made changes to their positions in the business. Dimensional Fund Advisors LP increased its stake in shares of Steelcase by 0.9% during the second quarter. Dimensional Fund Advisors LP now owns 3,352,061 shares of the business services provider’s stock valued at $46,929,000 after purchasing an additional 31,353 shares in the last quarter. Thompson Siegel & Walmsley LLC increased its position in shares of Steelcase by 9.1% during the second quarter. Thompson Siegel & Walmsley LLC now owns 2,340,478 shares of the business services provider’s stock valued at $32,766,000 after acquiring an additional 195,864 shares in the last quarter. Fox Run Management L.L.C. bought a new stake in shares of Steelcase during the third quarter valued at approximately $256,000. Teachers Advisors LLC increased its position in shares of Steelcase by 4.4% during the second quarter. Teachers Advisors LLC now owns 156,596 shares of the business services provider’s stock valued at $2,192,000 after acquiring an additional 6,535 shares in the last quarter. Finally, Goldman Sachs Group Inc. increased its position in shares of Steelcase by 65.9% during the second quarter. Goldman Sachs Group Inc. now owns 370,870 shares of the business services provider’s stock valued at $5,193,000 after acquiring an additional 147,323 shares in the last quarter. 62.23% of the stock is owned by institutional investors and hedge funds.
Steelcase Company Profile
Steelcase Inc provides an integrated portfolio of furniture settings, user-centered technologies and interior architectural products. The Company’s segments include Americas, EMEA and Other Category. The Company’s furniture portfolio includes panel-based and freestanding furniture systems and complementary products, such as storage, tables and ergonomic worktools.
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