Steelcase Inc. (SCS) Receives $16.00 Average PT from Analysts

Steelcase Inc. (NYSE:SCS) has been assigned a consensus rating of “Hold” from the seven research firms that are covering the company, Marketbeat.com reports. Two analysts have rated the stock with a sell rating, two have issued a hold rating and two have given a buy rating to the company. The average 12-month target price among brokerages that have updated their coverage on the stock in the last year is $16.00.

SCS has been the topic of a number of research analyst reports. TheStreet upgraded Steelcase from a “c+” rating to a “b-” rating in a report on Tuesday, October 3rd. Sidoti downgraded Steelcase from a “buy” rating to a “neutral” rating and set a $16.00 target price on the stock. in a report on Wednesday, September 20th. Finally, Zacks Investment Research downgraded Steelcase from a “hold” rating to a “sell” rating in a report on Tuesday, December 12th.

Steelcase (NYSE SCS) traded down $0.30 during mid-day trading on Tuesday, hitting $15.40. The company’s stock had a trading volume of 1,030,247 shares, compared to its average volume of 849,078. Steelcase has a 1 year low of $12.50 and a 1 year high of $18.15. The company has a debt-to-equity ratio of 0.36, a current ratio of 1.58 and a quick ratio of 1.23. The stock has a market cap of $1,780.00, a P/E ratio of 17.30 and a beta of 1.25.

Steelcase (NYSE:SCS) last posted its earnings results on Tuesday, December 19th. The business services provider reported $0.22 earnings per share for the quarter, hitting analysts’ consensus estimates of $0.22. Steelcase had a return on equity of 13.62% and a net margin of 3.49%. The firm had revenue of $772.10 million for the quarter, compared to the consensus estimate of $762.37 million. During the same quarter in the prior year, the business earned $0.30 EPS. The business’s revenue for the quarter was down 1.8% on a year-over-year basis. research analysts forecast that Steelcase will post 0.81 earnings per share for the current year.

The business also recently declared a quarterly dividend, which will be paid on Monday, January 15th. Investors of record on Friday, December 29th will be paid a $0.1275 dividend. The ex-dividend date is Thursday, December 28th. This represents a $0.51 annualized dividend and a dividend yield of 3.31%. Steelcase’s payout ratio is currently 57.30%.

In related news, VP Sara E. Armbruster sold 3,000 shares of the company’s stock in a transaction that occurred on Friday, December 22nd. The stock was sold at an average price of $14.80, for a total value of $44,400.00. Following the sale, the vice president now owns 69,870 shares in the company, valued at approximately $1,034,076. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, Director Peter M. Wege II sold 13,300 shares of the company’s stock in a transaction that occurred on Thursday, January 4th. The stock was sold at an average price of $15.14, for a total value of $201,362.00. Following the completion of the sale, the director now owns 254,244 shares in the company, valued at approximately $3,849,254.16. The disclosure for this sale can be found here. Corporate insiders own 18.87% of the company’s stock.

A number of hedge funds have recently added to or reduced their stakes in SCS. New York State Teachers Retirement System bought a new position in Steelcase in the 3rd quarter valued at approximately $117,000. Public Employees Retirement System of Ohio lifted its position in Steelcase by 9.6% in the 2nd quarter. Public Employees Retirement System of Ohio now owns 10,833 shares of the business services provider’s stock valued at $152,000 after acquiring an additional 947 shares in the last quarter. Amalgamated Bank lifted its position in Steelcase by 3.4% in the 2nd quarter. Amalgamated Bank now owns 10,913 shares of the business services provider’s stock valued at $153,000 after acquiring an additional 358 shares in the last quarter. AXA bought a new position in Steelcase in the 2nd quarter valued at approximately $169,000. Finally, Ramsey Quantitative Systems bought a new position in Steelcase in the 2nd quarter valued at approximately $255,000. 62.15% of the stock is currently owned by institutional investors and hedge funds.

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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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