Steelcase Inc. (NYSE:SCS) Receives Average Rating of “Hold” from Analysts
Steelcase Inc. (NYSE:SCS) has been assigned an average recommendation of “Hold” from the seven research firms that are presently covering the stock, Marketbeat.com reports. Two equities research analysts have rated the stock with a sell rating, two have given a hold rating and two have assigned a buy rating to the company. The average 12 month price objective among brokers that have issued a report on the stock in the last year is $16.00.
A number of research analysts have weighed in on the stock. TheStreet lowered shares of Steelcase from a “b-” rating to a “c+” rating in a research note on Thursday, July 20th. Raymond James Financial, Inc. reaffirmed an “outperform” rating and issued a $16.00 price objective (down from $19.00) on shares of Steelcase in a research note on Friday, June 23rd. Zacks Investment Research raised shares of Steelcase from a “sell” rating to a “hold” rating in a research note on Tuesday, May 30th. UBS AG lowered shares of Steelcase from a “strong-buy” rating to an “outperform” rating in a research note on Friday, June 23rd. Finally, ValuEngine lowered shares of Steelcase from a “buy” rating to a “hold” rating in a research note on Friday, June 2nd.
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In other news, Director Peter M. Wege II sold 14,400 shares of the stock in a transaction dated Friday, July 14th. The shares were sold at an average price of $13.81, for a total value of $198,864.00. Following the completion of the sale, the director now owns 270,180 shares in the company, valued at $3,731,185.80. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Corporate insiders own 18.87% of the company’s stock.
Hedge funds have recently made changes to their positions in the stock. North Star Investment Management Corp. purchased a new stake in shares of Steelcase during the first quarter valued at approximately $112,000. Ameritas Investment Partners Inc. purchased a new stake in shares of Steelcase during the first quarter valued at approximately $125,000. New York State Teachers Retirement System increased its stake in shares of Steelcase by 4.2% in the first quarter. New York State Teachers Retirement System now owns 7,500 shares of the business services provider’s stock valued at $126,000 after buying an additional 300 shares in the last quarter. Chevy Chase Trust Holdings Inc. purchased a new stake in shares of Steelcase during the second quarter valued at approximately $147,000. Finally, Amalgamated Bank increased its stake in shares of Steelcase by 3.4% in the second quarter. Amalgamated Bank now owns 10,913 shares of the business services provider’s stock valued at $153,000 after buying an additional 358 shares in the last quarter. Institutional investors own 64.12% of the company’s stock.
Shares of Steelcase (NYSE SCS) traded up 1.14% during midday trading on Friday, hitting $13.30. 917,953 shares of the company were exchanged. The firm’s 50 day moving average price is $13.72 and its 200 day moving average price is $15.88. The firm has a market capitalization of $1.57 billion, a price-to-earnings ratio of 13.01 and a beta of 1.20. Steelcase has a one year low of $12.67 and a one year high of $18.15.
Steelcase (NYSE:SCS) last released its quarterly earnings data on Wednesday, June 21st. The business services provider reported $0.15 earnings per share for the quarter, missing analysts’ consensus estimates of $0.19 by $0.04. Steelcase had a net margin of 4.04% and a return on equity of 16.37%. The business had revenue of $735.10 million during the quarter, compared to the consensus estimate of $743.27 million. During the same period last year, the business posted $0.18 earnings per share. The firm’s quarterly revenue was up 2.3% on a year-over-year basis. Analysts forecast that Steelcase will post $0.96 EPS for the current fiscal year.
The company also recently announced a quarterly dividend, which was paid on Friday, July 14th. Stockholders of record on Monday, July 3rd were issued a $0.1275 dividend. The ex-dividend date of this dividend was Thursday, June 29th. This represents a $0.51 annualized dividend and a dividend yield of 3.83%. Steelcase’s dividend payout ratio is currently 50.50%.
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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