Steelcase (NYSE:SCS) had its target price hoisted by Raymond James from $16.50 to $20.00 in a report issued on Monday, September 24th. Raymond James currently has an outperform rating on the business services provider’s stock.
Several other equities research analysts have also recently commented on SCS. TheStreet cut Steelcase from a b- rating to a c+ rating in a research note on Monday, June 25th. Zacks Investment Research raised Steelcase from a hold rating to a buy rating and set a $16.00 target price for the company in a research note on Tuesday, June 26th. Finally, ValuEngine raised Steelcase from a sell rating to a hold rating in a research note on Friday, July 6th. One equities research analyst has rated the stock with a hold rating and three have assigned a buy rating to the company. Steelcase has a consensus rating of Buy and a consensus price target of $20.50.
SCS stock opened at $17.49 on Monday. Steelcase has a fifty-two week low of $13.10 and a fifty-two week high of $19.35. The firm has a market cap of $2.16 billion, a P/E ratio of 19.22 and a beta of 1.23. The company has a quick ratio of 0.94, a current ratio of 1.34 and a debt-to-equity ratio of 0.35.
Steelcase (NYSE:SCS) last released its earnings results on Friday, September 21st. The business services provider reported $0.41 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $0.29 by $0.12. The company had revenue of $875.80 million during the quarter, compared to analysts’ expectations of $873.70 million. Steelcase had a return on equity of 13.97% and a net margin of 2.89%. The business’s revenue for the quarter was up 12.9% on a year-over-year basis. During the same period last year, the firm earned $0.26 EPS. As a group, equities research analysts expect that Steelcase will post 1.08 EPS for the current fiscal year.
The business also recently disclosed a quarterly dividend, which will be paid on Monday, October 15th. Investors of record on Monday, October 1st will be paid a dividend of $0.135 per share. The ex-dividend date of this dividend is Friday, September 28th. This represents a $0.54 dividend on an annualized basis and a dividend yield of 3.09%. Steelcase’s dividend payout ratio (DPR) is presently 59.34%.
In other Steelcase news, CAO Lizbeth S. O’shaughnessy sold 20,000 shares of Steelcase stock in a transaction dated Thursday, September 27th. The stock was sold at an average price of $18.61, for a total transaction of $372,200.00. Following the transaction, the chief accounting officer now directly owns 218,091 shares in the company, valued at $4,058,673.51. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, VP James N. Ludwig sold 7,500 shares of Steelcase stock in a transaction dated Friday, September 28th. The stock was sold at an average price of $18.56, for a total value of $139,200.00. Following the transaction, the vice president now owns 31,960 shares in the company, valued at $593,177.60. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 41,500 shares of company stock valued at $770,960. 17.58% of the stock is owned by insiders.
A number of hedge funds have recently bought and sold shares of SCS. Hartford Investment Management Co. bought a new position in Steelcase during the second quarter worth about $167,000. WBI Investments Inc. bought a new stake in shares of Steelcase in the second quarter valued at about $173,000. Summit Trail Advisors LLC lifted its holdings in shares of Steelcase by 53.0% in the first quarter. Summit Trail Advisors LLC now owns 13,044 shares of the business services provider’s stock valued at $180,000 after purchasing an additional 4,521 shares in the last quarter. Baldwin Brothers Inc. MA bought a new stake in shares of Steelcase in the second quarter valued at about $184,000. Finally, Bayesian Capital Management LP bought a new stake in shares of Steelcase in the first quarter valued at about $204,000. Hedge funds and other institutional investors own 63.70% of the company’s stock.
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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