Steelcase Inc. (SCS) Given Consensus Recommendation of “Hold” by Brokerages
Shares of Steelcase Inc. (NYSE:SCS) have earned a consensus recommendation of “Hold” from the eight analysts that are covering the company, Marketbeat reports. One equities research analyst has rated the stock with a sell recommendation, four have issued a hold recommendation and two have given a buy recommendation to the company. The average 12-month price objective among analysts that have issued a report on the stock in the last year is $16.00.
A number of research analysts recently issued reports on the company. Sidoti downgraded Steelcase from a “buy” rating to a “neutral” rating and set a $16.00 price target on the stock. in a research note on Wednesday, September 20th. ValuEngine downgraded Steelcase from a “buy” rating to a “hold” rating in a research note on Friday, September 1st. Zacks Investment Research upgraded Steelcase from a “sell” rating to a “hold” rating in a research note on Thursday, August 24th. BidaskClub downgraded Steelcase from a “sell” rating to a “strong sell” rating in a research note on Monday, July 24th. Finally, TheStreet downgraded Steelcase from a “b-” rating to a “c+” rating in a research note on Thursday, July 20th.
Steelcase (NYSE:SCS) traded up 0.65% during midday trading on Friday, hitting $15.40. The company had a trading volume of 1,109,817 shares. The company has a market cap of $1.79 billion, a price-to-earnings ratio of 15.14 and a beta of 1.18. The firm has a 50-day moving average price of $13.41 and a 200-day moving average price of $15.32. Steelcase has a 12 month low of $12.50 and a 12 month high of $18.15.
Steelcase (NYSE:SCS) last released its quarterly earnings results on Monday, September 18th. The business services provider reported $0.31 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.23 by $0.08. The firm had revenue of $775.60 million for the quarter, compared to the consensus estimate of $759.83 million. Steelcase had a return on equity of 15.72% and a net margin of 3.98%. The firm’s quarterly revenue was up 2.3% compared to the same quarter last year. During the same quarter last year, the business posted $0.32 EPS. Equities analysts anticipate that Steelcase will post $0.93 EPS for the current year.
The business also recently disclosed a quarterly dividend, which will be paid on Thursday, October 12th. Shareholders of record on Thursday, September 28th will be given a dividend of $0.1275 per share. The ex-dividend date of this dividend is Wednesday, September 27th. This represents a $0.51 dividend on an annualized basis and a yield of 3.31%. Steelcase’s payout ratio is 50.50%.
In other Steelcase news, Director Peter M. Wege II sold 14,400 shares of the stock in a transaction that occurred on Friday, July 14th. The stock was sold at an average price of $13.81, for a total transaction of $198,864.00. Following the completion of the sale, the director now directly owns 270,180 shares of the company’s stock, valued at approximately $3,731,185.80. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. 18.87% of the stock is currently owned by company insiders.
Institutional investors have recently bought and sold shares of the business. Ameritas Investment Partners Inc. acquired a new stake in Steelcase during the 1st quarter worth approximately $125,000. New York State Teachers Retirement System lifted its position in Steelcase by 4.2% during the 1st quarter. New York State Teachers Retirement System now owns 7,500 shares of the business services provider’s stock worth $126,000 after acquiring an additional 300 shares during the period. Chevy Chase Trust Holdings Inc. acquired a new stake in Steelcase during the 2nd quarter worth approximately $147,000. Public Employees Retirement System of Ohio lifted its position in Steelcase by 9.6% during the 2nd quarter. Public Employees Retirement System of Ohio now owns 10,833 shares of the business services provider’s stock worth $152,000 after acquiring an additional 947 shares during the period. Finally, Amalgamated Bank lifted its position in Steelcase by 3.4% during the 2nd quarter. Amalgamated Bank now owns 10,913 shares of the business services provider’s stock worth $153,000 after acquiring an additional 358 shares during the period. 62.10% 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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