Steelcase (SCS) Downgraded by ValuEngine to Hold

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ValuEngine lowered shares of Steelcase (NYSE:SCS) from a buy rating to a hold rating in a report published on Friday morning.

SCS has been the topic of a number of other reports. TheStreet upgraded Steelcase from a c+ rating to a b rating in a research report on Friday, September 21st. Zacks Investment Research upgraded Steelcase from a hold rating to a buy rating and set a $21.00 target price on the stock in a research report on Wednesday, September 26th. Raymond James boosted their target price on Steelcase from $16.50 to $20.00 and gave the stock an outperform rating in a research report on Monday, September 24th. Finally, Seaport Global Securities upgraded Steelcase from a neutral rating to a buy rating and set a $20.00 target price on the stock in a research report on Friday. One research analyst has rated the stock with a hold rating and three have assigned a buy rating to the company’s stock. The stock presently has a consensus rating of Buy and a consensus price target of $20.33.

Shares of Steelcase stock traded down $0.21 during trading on Friday, reaching $16.44. The company’s stock had a trading volume of 1,500,385 shares, compared to its average volume of 632,960. The company has a debt-to-equity ratio of 0.35, a current ratio of 1.34 and a quick ratio of 0.94. Steelcase has a 12-month low of $13.10 and a 12-month high of $19.35. The company has a market cap of $2.16 billion, a PE ratio of 18.07 and a beta of 1.23.

Steelcase (NYSE:SCS) last posted its quarterly earnings results on Friday, September 21st. The business services provider reported $0.41 earnings per share for the quarter, beating the Zacks’ consensus estimate of $0.29 by $0.12. Steelcase had a return on equity of 13.97% and a net margin of 2.89%. The firm had revenue of $875.80 million for the quarter, compared to the consensus estimate of $873.70 million. During the same period in the previous year, the business earned $0.26 earnings per share. The company’s revenue for the quarter was up 12.9% compared to the same quarter last year. On average, equities research analysts anticipate that Steelcase will post 1.08 EPS for the current fiscal year.

The company also recently announced a quarterly dividend, which will be paid on Monday, October 15th. Shareholders of record on Monday, October 1st will be given a dividend of $0.135 per share. The ex-dividend date is Friday, September 28th. This represents a $0.54 dividend on an annualized basis and a yield of 3.28%. Steelcase’s payout ratio is 59.34%.

In other Steelcase news, Director Robert C. Pew III sold 16,291 shares of the business’s stock in a transaction on Wednesday, October 10th. The stock was sold at an average price of $17.51, for a total transaction of $285,255.41. Following the sale, the director now directly owns 255,090 shares in the company, valued at $4,466,625.90. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, CAO Lizbeth S. O’shaughnessy sold 20,000 shares of the business’s stock in a transaction on Thursday, September 27th. The stock was sold at an average price of $18.61, for a total value of $372,200.00. Following the sale, the chief accounting officer now owns 218,091 shares in the company, valued at $4,058,673.51. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 57,791 shares of company stock worth $1,056,215. 17.58% of the stock is owned by company insiders.

A number of institutional investors and hedge funds have recently bought and sold shares of the business. Deprince Race & Zollo Inc. raised its holdings in shares of Steelcase by 22.6% in the second quarter. Deprince Race & Zollo Inc. now owns 2,925,293 shares of the business services provider’s stock worth $39,491,000 after acquiring an additional 539,088 shares during the last quarter. BlackRock Inc. raised its holdings in shares of Steelcase by 8.5% in the second quarter. BlackRock Inc. now owns 5,802,959 shares of the business services provider’s stock worth $78,341,000 after acquiring an additional 456,137 shares during the last quarter. Russell Investments Group Ltd. raised its holdings in shares of Steelcase by 39.1% in the second quarter. Russell Investments Group Ltd. now owns 1,600,204 shares of the business services provider’s stock worth $21,604,000 after acquiring an additional 449,466 shares during the last quarter. Pzena Investment Management LLC raised its holdings in shares of Steelcase by 14.0% in the second quarter. Pzena Investment Management LLC now owns 3,393,731 shares of the business services provider’s stock worth $45,815,000 after acquiring an additional 416,815 shares during the last quarter. Finally, Dimensional Fund Advisors LP raised its holdings in shares of Steelcase by 10.1% in the second quarter. Dimensional Fund Advisors LP now owns 4,199,765 shares of the business services provider’s stock worth $56,697,000 after acquiring an additional 386,228 shares during the last quarter. Institutional investors own 63.70% of the company’s stock.

About Steelcase

Steelcase Inc manufactures and sells integrated furniture settings, user-centered technologies, and interior architectural products. It operates through Americas, EMEA, and Other Category segments. The company's furniture portfolio includes panel-based furniture systems, storage products, fixed and height-adjustable desks, benches, and tables, as well as other products, including worktools.

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