Steelcase (NYSE:SCS) Stock Rating Upgraded by StockNews.com

Steelcase (NYSE:SCS) was upgraded by investment analysts at StockNews.com from a “buy” rating to a “strong-buy” rating in a report issued on Friday.

Steelcase Stock Up 1.6 %

SCS stock opened at $13.08 on Friday. Steelcase has a twelve month low of $6.39 and a twelve month high of $14.54. The company has a market cap of $1.49 billion, a PE ratio of 19.24, a price-to-earnings-growth ratio of 1.42 and a beta of 1.35. The business’s 50-day simple moving average is $12.88 and its 200 day simple moving average is $12.18. The company has a quick ratio of 1.12, a current ratio of 1.54 and a debt-to-equity ratio of 0.51.

Steelcase (NYSE:SCS) last released its earnings results on Wednesday, March 20th. The business services provider reported $0.23 earnings per share for the quarter, topping analysts’ consensus estimates of $0.21 by $0.02. Steelcase had a return on equity of 13.00% and a net margin of 2.57%. The business had revenue of $775.20 million for the quarter, compared to the consensus estimate of $780.25 million. During the same period last year, the business earned $0.19 earnings per share. The firm’s revenue for the quarter was down 3.3% compared to the same quarter last year. On average, research analysts anticipate that Steelcase will post 0.92 earnings per share for the current year.

Insider Buying and Selling at Steelcase

In other Steelcase news, VP Robert G. Krestakos sold 4,000 shares of Steelcase stock in a transaction that occurred on Monday, March 25th. The stock was sold at an average price of $12.61, for a total transaction of $50,440.00. Following the sale, the vice president now directly owns 108,081 shares of the company’s stock, valued at $1,362,901.41. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Company insiders own 12.72% of the company’s stock.

Institutional Inflows and Outflows

A number of institutional investors have recently modified their holdings of SCS. Goldman Sachs Group Inc. raised its stake in shares of Steelcase by 156.4% in the second quarter. Goldman Sachs Group Inc. now owns 1,931,500 shares of the business services provider’s stock valued at $14,892,000 after acquiring an additional 1,178,302 shares during the last quarter. Vanguard Group Inc. raised its stake in shares of Steelcase by 15.3% in the third quarter. Vanguard Group Inc. now owns 8,705,377 shares of the business services provider’s stock valued at $56,759,000 after acquiring an additional 1,152,299 shares during the last quarter. BlackRock Inc. raised its stake in shares of Steelcase by 14.3% in the second quarter. BlackRock Inc. now owns 8,350,989 shares of the business services provider’s stock valued at $64,386,000 after acquiring an additional 1,042,474 shares during the last quarter. Invesco Ltd. raised its stake in shares of Steelcase by 82.7% in the first quarter. Invesco Ltd. now owns 1,765,272 shares of the business services provider’s stock valued at $21,095,000 after acquiring an additional 799,202 shares during the last quarter. Finally, Norges Bank bought a new position in shares of Steelcase in the fourth quarter valued at approximately $4,916,000. Institutional investors own 92.42% of the company’s stock.

Steelcase Company Profile

Steelcase Inc provides a portfolio of furniture and architectural products in the United States and internationally. It operates through Americas, EMEA, and Other 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, and mobile power and screens.