Steelcase (NYSE:SCS) Upgraded to “Buy” at Benchmark

Steelcase (NYSE:SCS) was upgraded by analysts at Benchmark from a “hold” rating to a “buy” rating in a research report issued on Friday, MarketBeat.com reports. The brokerage currently has a $17.00 target price on the business services provider’s stock. Benchmark’s price objective indicates a potential upside of 37.10% from the stock’s previous close.

Separately, StockNews.com upgraded Steelcase from a “buy” rating to a “strong-buy” rating in a research note on Friday, March 29th.

Steelcase Price Performance

Steelcase stock opened at $12.40 on Friday. The company has a debt-to-equity ratio of 0.50, a quick ratio of 1.20 and a current ratio of 1.58. Steelcase has a 52 week low of $7.10 and a 52 week high of $14.54. The stock has a market capitalization of $1.42 billion, a P/E ratio of 18.24, a price-to-earnings-growth ratio of 1.34 and a beta of 1.35. The stock has a fifty day moving average of $12.69 and a 200-day moving average of $12.82.

Steelcase (NYSE:SCS) last announced its quarterly earnings results on Wednesday, March 20th. The business services provider reported $0.23 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.21 by $0.02. The company had revenue of $775.20 million for the quarter, compared to analyst estimates of $780.25 million. Steelcase had a net margin of 2.57% and a return on equity of 12.87%. The firm’s revenue was down 3.3% on a year-over-year basis. During the same period in the previous year, the firm posted $0.19 EPS. On average, sell-side analysts expect that Steelcase will post 0.92 earnings per share for the current fiscal year.

Insider Activity

In related news, VP Robert G. Krestakos sold 4,000 shares of the stock in a transaction on Monday, March 25th. The stock was sold at an average price of $12.61, for a total value of $50,440.00. Following the completion of the sale, the vice president now directly owns 108,081 shares in the company, valued at $1,362,901.41. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Insiders own 12.96% of the company’s stock.

Institutional Trading of Steelcase

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the company. USA Financial Formulas bought a new stake in shares of Steelcase in the 4th quarter valued at $28,000. FinTrust Capital Advisors LLC bought a new stake in Steelcase during the fourth quarter valued at $44,000. Quest Partners LLC acquired a new stake in Steelcase during the 4th quarter worth about $71,000. Skandinaviska Enskilda Banken AB publ bought a new position in shares of Steelcase in the 3rd quarter worth about $111,000. Finally, QRG Capital Management Inc. acquired a new position in shares of Steelcase in the 3rd quarter valued at about $113,000. Institutional investors and hedge funds own 92.42% of the company’s stock.

About Steelcase

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