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

Several other research firms have also commented on SCS. TheStreet lowered Steelcase from a b- rating to a c+ rating in a research note on Monday, June 25th. Seaport Global Securities upgraded Steelcase from a neutral rating to a buy rating and set a $20.00 target price for the company in a research note on Friday. Zacks Investment Research upgraded Steelcase from a hold rating to a buy rating and set a $16.00 target price for the company in a research note on Tuesday, June 26th. Finally, Raymond James upped their target price on Steelcase from $16.50 to $20.00 and gave the company an outperform rating in a research note on Monday, September 24th. One equities research analyst has rated the stock with a hold rating and three have issued a buy rating to the stock. The company currently has an average rating of Buy and an average target price of $20.33.

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

Steelcase (NYSE:SCS) last released its earnings results on Friday, September 21st. The business services provider reported $0.41 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $0.29 by $0.12. The firm had revenue of $875.80 million during the quarter, compared to analyst estimates of $873.70 million. Steelcase had a return on equity of 13.97% and a net margin of 2.89%. The business’s quarterly revenue was up 12.9% compared to the same quarter last year. During the same period in the prior year, the firm posted $0.26 earnings per share. As a group, equities analysts predict that Steelcase will post 1.08 EPS for the current year.

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

In other Steelcase news, VP Allan W. Smith, Jr. sold 14,000 shares of the company’s stock in a transaction dated Tuesday, September 25th. The stock was sold at an average price of $18.54, for a total transaction of $259,560.00. Following the completion of the sale, the vice president now directly owns 31,490 shares in the company, valued at $583,824.60. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Robert C. Pew III sold 16,291 shares of the company’s stock in a transaction dated Wednesday, October 10th. The stock was sold at an average price of $17.51, for a total value of $285,255.41. Following the sale, the director now owns 255,090 shares of the company’s stock, valued at $4,466,625.90. The disclosure for this sale can be found here. Insiders have sold 57,791 shares of company stock valued at $1,056,215 over the last 90 days. 17.58% of the stock is currently owned by insiders.

Large investors have recently made changes to their positions in the business. Hartford Investment Management Co. acquired a new stake in Steelcase during the second quarter worth about $167,000. WBI Investments Inc. acquired a new stake in Steelcase during the second quarter worth about $173,000. Summit Trail Advisors LLC increased its stake in Steelcase by 53.0% during the first quarter. Summit Trail Advisors LLC now owns 13,044 shares of the business services provider’s stock worth $180,000 after acquiring an additional 4,521 shares during the last quarter. Baldwin Brothers Inc. MA acquired a new stake in Steelcase during the second quarter worth about $184,000. Finally, Cornerstone Wealth Management LLC acquired a new stake in Steelcase during the second quarter worth about $1,000,000. 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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