Steelcase Inc. (SCS) Receives Consensus Recommendation of “Hold” from Brokerages
Shares of Steelcase Inc. (NYSE:SCS) have received a consensus recommendation of “Hold” from the eight analysts that are currently covering the company, MarketBeat reports. One research analyst has rated the stock with a sell rating, three have given a hold rating and three have given a buy rating to the company. The average 12 month target price among brokers that have covered the stock in the last year is $16.00.
A number of analysts have commented on SCS shares. BidaskClub lowered shares of Steelcase from a “hold” rating to a “sell” rating in a research note on Friday, June 23rd. Sidoti raised shares of Steelcase from a “neutral” rating to a “buy” rating and set a $16.00 price objective for the company in a research note on Friday, September 1st. Zacks Investment Research lowered shares of Steelcase from a “hold” rating to a “strong sell” rating in a research note on Wednesday, June 28th. ValuEngine downgraded Steelcase from a “buy” rating to a “hold” rating in a report on Friday, June 2nd. Finally, UBS AG downgraded Steelcase from a “strong-buy” rating to an “outperform” rating in a report on Friday, June 23rd.
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Steelcase (NYSE SCS) traded up 0.74% during trading on Wednesday, reaching $13.65. 432,185 shares of the company’s stock traded hands. The company has a 50-day moving average of $13.30 and a 200 day moving average of $15.42. Steelcase has a 12 month low of $12.50 and a 12 month high of $18.15. The stock has a market capitalization of $1.61 billion, a P/E ratio of 13.36 and a beta of 1.18.
Steelcase (NYSE:SCS) last posted its quarterly earnings data on Wednesday, June 21st. The business services provider reported $0.15 EPS 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 firm had revenue of $735.10 million for the quarter, compared to analysts’ expectations of $743.27 million. During the same period in the prior year, the company posted $0.18 earnings per share. Steelcase’s quarterly revenue was up 2.3% compared to the same quarter last year. On average, equities research analysts expect that Steelcase will post $0.96 earnings per share for the current fiscal year.
In other news, Director Peter M. Wege II sold 14,400 shares of the company’s stock in a transaction dated Friday, July 14th. The stock was sold at an average price of $13.81, for a total value of $198,864.00. Following the transaction, the director now owns 270,180 shares in the company, valued at approximately $3,731,185.80. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. 18.87% of the stock is owned by corporate insiders.
Several institutional investors and hedge funds have recently modified their holdings of SCS. BlackRock Inc. increased its holdings in shares of Steelcase by 29,527.3% in the 1st quarter. BlackRock Inc. now owns 5,656,450 shares of the business services provider’s stock valued at $94,745,000 after purchasing an additional 5,637,358 shares during the period. Alliancebernstein L.P. increased its holdings in shares of Steelcase by 2,481.3% in the 2nd quarter. Alliancebernstein L.P. now owns 3,183,486 shares of the business services provider’s stock valued at $44,569,000 after purchasing an additional 3,060,155 shares during the period. Wellington Management Group LLP increased its holdings in shares of Steelcase by 29.0% in the 1st quarter. Wellington Management Group LLP now owns 4,978,251 shares of the business services provider’s stock valued at $83,385,000 after purchasing an additional 1,119,428 shares during the period. Skandinaviska Enskilda Banken AB publ acquired a new position in shares of Steelcase in the 1st quarter valued at about $17,609,000. Finally, Vanguard Group Inc. increased its holdings in shares of Steelcase by 9.5% in the 1st quarter. Vanguard Group Inc. now owns 7,590,595 shares of the business services provider’s stock valued at $127,143,000 after purchasing an additional 659,548 shares during the period. Institutional investors own 62.18% of the company’s stock.
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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