Seaport Global Securities upgraded shares of Steelcase (NYSE:SCS) from a neutral rating to a buy rating in a report published on Friday, Marketbeat Ratings reports. Seaport Global Securities currently has $20.00 price objective on the business services provider’s stock.
A number of other analysts also recently weighed in on the stock. Zacks Investment Research upgraded shares of Steelcase from a hold rating to a buy rating and set a $21.00 price target on the stock in a research report on Wednesday, September 26th. TheStreet upgraded shares of Steelcase from a c+ rating to a b rating in a research report on Friday, September 21st. Raymond James increased their price target on shares of Steelcase from $16.50 to $20.00 and gave the company an outperform rating in a research report on Monday, September 24th. Finally, ValuEngine upgraded shares of Steelcase from a hold rating to a buy rating in a research report on Saturday, September 22nd. One investment analyst has rated the stock with a hold rating and three have assigned a buy rating to the stock. The stock currently has an average rating of Buy and a consensus price target of $20.33.
Get Steelcase alerts:Shares of NYSE:SCS traded down $0.21 during mid-day trading on Friday, reaching $16.44. The stock had a trading volume of 1,500,385 shares, compared to its average volume of 632,960. The company has a market capitalization of $2.16 billion, a price-to-earnings ratio of 18.07 and a beta of 1.23. The company has a debt-to-equity ratio of 0.35, a current ratio of 1.34 and a quick ratio of 0.94. Steelcase has a twelve month low of $13.10 and a twelve month high of $19.35.
Steelcase (NYSE:SCS) last announced its quarterly earnings results on Friday, September 21st. The business services provider reported $0.41 earnings per share for the quarter, beating analysts’ consensus estimates of $0.29 by $0.12. The business had revenue of $875.80 million for the quarter, compared to the consensus estimate of $873.70 million. Steelcase had a net margin of 2.89% and a return on equity of 13.97%. Steelcase’s revenue for the quarter was up 12.9% on a year-over-year basis. During the same period last year, the company posted $0.26 EPS. Equities research analysts expect that Steelcase will post 1.08 earnings per share for the current year.
The business also recently announced a quarterly dividend, which will be paid on Monday, October 15th. Shareholders of record on Monday, October 1st will be issued a dividend of $0.135 per share. The ex-dividend date of this dividend is Friday, September 28th. This represents a $0.54 annualized dividend and a yield of 3.28%. Steelcase’s dividend payout ratio (DPR) is currently 59.34%.
In other Steelcase news, Director Robert C. Pew III sold 16,291 shares of the firm’s stock in a transaction that occurred on Wednesday, October 10th. The shares were sold at an average price of $17.51, for a total transaction of $285,255.41. Following the sale, the director now directly owns 255,090 shares in the company, valued at approximately $4,466,625.90. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, VP Allan W. Smith, Jr. sold 14,000 shares of the firm’s stock in a transaction that occurred on Tuesday, September 25th. The stock was sold at an average price of $18.54, for a total transaction of $259,560.00. Following the sale, the vice president now owns 31,490 shares in the company, valued at $583,824.60. The disclosure for this sale can be found here. Insiders have sold a total of 57,791 shares of company stock worth $1,056,215 over the last 90 days. Corporate insiders own 17.58% of the company’s stock.
A number of hedge funds have recently made changes to their positions in SCS. Bank of Montreal Can raised its stake in Steelcase by 610.4% in the third quarter. Bank of Montreal Can now owns 261,798 shares of the business services provider’s stock valued at $4,843,000 after purchasing an additional 224,947 shares in the last quarter. United Services Automobile Association raised its stake in Steelcase by 22.4% during the second quarter. United Services Automobile Association now owns 476,577 shares of the business services provider’s stock worth $6,434,000 after acquiring an additional 87,290 shares in the last quarter. Northern Trust Corp raised its stake in Steelcase by 4.8% during the second quarter. Northern Trust Corp now owns 1,313,649 shares of the business services provider’s stock worth $17,735,000 after acquiring an additional 59,607 shares in the last quarter. California Public Employees Retirement System raised its stake in Steelcase by 2.7% during the second quarter. California Public Employees Retirement System now owns 258,032 shares of the business services provider’s stock worth $3,483,000 after acquiring an additional 6,711 shares in the last quarter. Finally, Putnam Investments LLC acquired a new position in Steelcase during the second quarter worth about $1,590,000. Hedge funds and other institutional investors own 63.70% of the company’s stock.
Steelcase Company Profile
Steelcase Inc manufactures and sells integrated furniture settings, user-centered technologies, and interior architectural products. It operates through Americas, EMEA, and Other Category segments. The company's furniture portfolio includes panel-based furniture systems, storage products, fixed and height-adjustable desks, benches, and tables, as well as other products, including worktools.
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