Steelcase Inc. (NYSE:SCS) Receives Average Rating of “Hold” from Brokerages
Shares of Steelcase Inc. (NYSE:SCS) have been assigned a consensus recommendation of “Hold” from the six brokerages that are presently covering the company, Marketbeat reports. Two research analysts have rated the stock with a sell recommendation, two have assigned a hold recommendation and two have issued a buy recommendation on the company. The average 1 year target price among brokers that have covered the stock in the last year is $16.00.
Several equities analysts recently weighed in on SCS shares. Raymond James Financial, Inc. raised shares of Steelcase from a “market perform” rating to a “strong-buy” rating and set a $19.00 target price for the company in a research note on Thursday, March 23rd. Zacks Investment Research cut shares of Steelcase from a “hold” rating to a “sell” rating in a research note on Thursday, March 23rd. ValuEngine cut shares of Steelcase from a “buy” rating to a “hold” rating in a research note on Friday, June 2nd. BidaskClub cut shares of Steelcase from a “hold” rating to a “sell” rating in a research note on Friday, June 23rd. Finally, UBS AG cut shares of Steelcase from a “strong-buy” rating to an “outperform” rating in a research note on Friday, June 23rd.
Steelcase (NYSE:SCS) traded down 0.36% on Tuesday, hitting $13.75. 627,712 shares of the stock were exchanged. The company has a 50-day moving average of $16.39 and a 200 day moving average of $16.56. Steelcase has a 12 month low of $12.67 and a 12 month high of $18.15. The firm has a market cap of $1.62 billion, a P/E ratio of 13.45 and a beta of 1.21.
Steelcase (NYSE:SCS) last announced its quarterly earnings data on Wednesday, June 21st. The business services provider reported $0.15 earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of $0.19 by $0.04. The firm had revenue of $735.10 million during the quarter, compared to analysts’ expectations of $743.27 million. Steelcase had a return on equity of 16.37% and a net margin of 4.04%. The business’s revenue for the quarter was up 2.3% on a year-over-year basis. During the same period last year, the company earned $0.18 earnings per share. Equities research analysts expect that Steelcase will post $0.96 earnings per share for the current fiscal year.
The business also recently announced a quarterly dividend, which was paid on Friday, July 14th. Investors of record on Monday, July 3rd were paid a dividend of $0.1275 per share. The ex-dividend date was Thursday, June 29th. This represents a $0.51 annualized dividend and a yield of 3.71%. Steelcase’s payout ratio is 50.50%.
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In related news, Director Peter M. Wege II sold 14,400 shares of the firm’s stock in a transaction on Friday, July 14th. The shares were sold at an average price of $13.81, for a total transaction of $198,864.00. Following the completion of the transaction, the director now directly owns 270,180 shares of the company’s stock, valued at $3,731,185.80. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Company insiders own 18.87% of the company’s stock.
A number of institutional investors have recently bought and sold shares of SCS. BlackRock Inc. boosted its position in Steelcase by 29,527.3% in the first quarter. BlackRock Inc. now owns 5,656,450 shares of the business services provider’s stock valued at $94,745,000 after buying an additional 5,637,358 shares during the last quarter. Norges Bank acquired a new position in shares of Steelcase during the fourth quarter worth approximately $21,863,000. Wellington Management Group LLP boosted its position in shares of Steelcase by 29.0% in the first quarter. Wellington Management Group LLP now owns 4,978,251 shares of the business services provider’s stock worth $83,385,000 after buying an additional 1,119,428 shares during the last quarter. LSV Asset Management boosted its position in shares of Steelcase by 201.7% in the first quarter. LSV Asset Management now owns 1,666,066 shares of the business services provider’s stock worth $27,906,000 after buying an additional 1,113,804 shares during the last quarter. Finally, Skandinaviska Enskilda Banken AB publ acquired a new position in shares of Steelcase during the first quarter worth approximately $17,609,000. 65.58% of the stock is owned by institutional investors.
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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