Todays Report: Today, Steelcase Inc. (SCS) Rating Decreased to Hold at The Zacks Investment Research

Today, Steelcase Inc. (SCS) Rating Decreased to Hold at The Zacks Investment Research

Steelcase Inc. (NYSE:SCS) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a research note issued on Wednesday.

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. “

Separately, Seaport Global Securities began coverage on shares of Steelcase in a report on Friday, November 4th. They issued a “neutral” rating on the stock.

Shares of Steelcase (NYSE:SCS) opened at 16.20 on Wednesday. The stock has a 50 day moving average price of $14.08 and a 200 day moving average price of $14.46. The stock has a market capitalization of $1.92 billion, a price-to-earnings ratio of 11.68 and a beta of 1.15. Steelcase has a 1-year low of $11.67 and a 1-year high of $20.37.

Steelcase (NYSE:SCS) last posted its quarterly earnings results on Wednesday, September 21st. The company reported $0.32 earnings per share for the quarter, meeting the consensus estimate of $0.32. Steelcase had a net margin of 5.67% and a return on equity of 17.38%. The business earned $758 million during the quarter. During the same period last year, the company earned $0.35 EPS. The business’s quarterly revenue was down 7.4% on a year-over-year basis. Equities research analysts anticipate that Steelcase will post $1.07 EPS for the current year.

Several institutional investors have recently modified their holdings of the company. Fuller & Thaler Asset Management Inc. bought a new position in shares of Steelcase during the third quarter valued at approximately $111,000. Public Employees Retirement System of Ohio raised its stake in Steelcase by 10.0% in the second quarter. Public Employees Retirement System of Ohio now owns 8,226 shares of the company’s stock worth $112,000 after buying an additional 745 shares during the period. Meeder Asset Management Inc. acquired a new stake in Steelcase during the third quarter worth about $138,000. ProShare Advisors LLC raised its stake in Steelcase by 3.3% in the second quarter. ProShare Advisors LLC now owns 10,531 shares of the company’s stock worth $143,000 after buying an additional 336 shares during the period. Finally, BNP Paribas Arbitrage SA raised its stake in Steelcase by 47.0% in the third quarter. BNP Paribas Arbitrage SA now owns 10,604 shares of the company’s stock worth $147,000 after buying an additional 3,389 shares during the period. Hedge funds and other institutional investors own 68.17% of the company’s stock.

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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