Steelcase Inc. (SCS) Upgraded by Zacks Investment Research to Buy
Zacks Investment Research upgraded shares of Steelcase Inc. (NYSE:SCS) from a hold rating to a buy rating in a research note released on Wednesday. They currently have $16.00 target price on the stock.
According to Zacks, “Steelcase Inc. is a designer and manufacturer of products used to create high-performance work environments. Its product portfolio includes furniture systems, seating, storage, desks, casegoods, interior architectural products, technology products and related products and services. The company reports two geographic furniture segments: North America and International. “
Shares of Steelcase (NYSE:SCS) traded up 0.42% during mid-day trading on Wednesday, hitting $14.21. The company had a trading volume of 91,119 shares. The firm has a 50-day moving average price of $14.27 and a 200 day moving average price of $14.73. The firm has a market capitalization of $1.68 billion, a price-to-earnings ratio of 10.25 and a beta of 1.38. Steelcase has a 52-week low of $11.67 and a 52-week high of $20.37.
Steelcase (NYSE:SCS) last issued its quarterly earnings results on Wednesday, September 21st. The company reported $0.32 earnings per share for the quarter, meeting the Zacks’ consensus estimate of $0.32. The firm had revenue of $758 million for the quarter. Steelcase had a net margin of 5.67% and a return on equity of 17.38%. The company’s quarterly revenue was down 7.4% compared to the same quarter last year. During the same period in the prior year, the business posted $0.35 earnings per share. Analysts expect that Steelcase will post $1.09 earnings per share for the current year.
The firm also recently announced a quarterly dividend, which will be paid on Friday, October 14th. Shareholders of record on Tuesday, October 4th will be paid a $0.12 dividend. This represents a $0.48 dividend on an annualized basis and a yield of 3.39%. The ex-dividend date is Friday, September 30th. Steelcase’s dividend payout ratio (DPR) is 35.04%.
Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Public Employees Retirement System of Ohio increased its stake in shares of Steelcase by 10.0% in the second quarter. Public Employees Retirement System of Ohio now owns 8,226 shares of the company’s stock worth $112,000 after buying an additional 745 shares in the last quarter. Manchester Capital Management LLC purchased a new stake in shares of Steelcase during the first quarter worth about $138,000. ProShare Advisors LLC increased its stake in shares of Steelcase by 3.3% in the second quarter. ProShare Advisors LLC now owns 10,531 shares of the company’s stock worth $143,000 after buying an additional 336 shares in the last quarter. Stifel Financial Corp purchased a new stake in shares of Steelcase during the second quarter worth about $164,000. Finally, Teacher Retirement System of Texas increased its stake in shares of Steelcase by 13.8% in the second quarter. Teacher Retirement System of Texas now owns 12,604 shares of the company’s stock worth $171,000 after buying an additional 1,527 shares in the last quarter. 65.72% of the stock is currently owned by institutional investors and hedge funds.
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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