SCS - Steelcase nears 52-week low price after Sidoti downgrades rating to Neutral
- Steelcase ( NYSE: SCS ) is down ~10% to $9.73 after Sidoti downgraded rating to "Neutral" from "Buy."
- Stock nears its 52-week low price of $9.71.
- "Inflationary pressures continued to grow this quarter across a number of commodities, and we responded by announcing our fifth price increase over the past 16 months, to be effective in July," the company had said in June in its quarterly earnings release.
- "In addition, we recently announced a surcharge in the Americas in response to rapidly increasing costs of petroleum-based products, freight and delivery, and we have been slowing incremental spending to help offset some of the cost-price timing lag," it added.
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Steelcase nears 52-week low price after Sidoti downgrades rating to Neutral