Zacks Investment Research upgraded shares of Steelcase Inc. (NYSE:SCS) from a hold rating to a buy rating in a report published on Wednesday morning. Zacks Investment Research currently has $16.00 price objective 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. 91,119 shares of the stock were exchanged. Steelcase has a one year low of $11.67 and a one year high of $20.37. The stock has a market cap of $1.68 billion, a PE ratio of 10.25 and a beta of 1.38. The company has a 50-day moving average of $14.27 and a 200 day moving average of $14.73.
Steelcase (NYSE:SCS) last issued its quarterly earnings results on Wednesday, September 21st. The company reported $0.32 earnings per share (EPS) for the quarter, hitting analysts’ consensus estimates of $0.32. Steelcase had a net margin of 5.67% and a return on equity of 17.38%. The business had revenue of $758 million for the quarter. During the same quarter last year, the firm earned $0.35 earnings per share. The company’s revenue was down 7.4% compared to the same quarter last year. On average, equities analysts predict that Steelcase will post $1.09 earnings per share for the current year.
The company also recently declared a quarterly dividend, which will be paid on Friday, October 14th. Stockholders of record on Tuesday, October 4th will be paid a dividend of $0.12 per share. The ex-dividend date of this dividend is Friday, September 30th. This represents a $0.48 dividend on an annualized basis and a dividend yield of 3.39%. Steelcase’s dividend payout ratio (DPR) is 35.04%.
A number of hedge funds and other institutional investors have recently modified their holdings of the company. ProShare Advisors LLC raised its position in shares of Steelcase by 3.3% in the second quarter. ProShare Advisors LLC now owns 10,531 shares of the company’s stock valued at $143,000 after buying an additional 336 shares during the last quarter. SECOR Capital Advisors LP raised its position in shares of Steelcase by 1.1% in the second quarter. SECOR Capital Advisors LP now owns 57,356 shares of the company’s stock valued at $778,000 after buying an additional 625 shares during the last quarter. Public Employees Retirement System of Ohio raised its position 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 valued at $112,000 after buying an additional 745 shares during the last quarter. American International Group Inc. raised its position in shares of Steelcase by 1.6% in the second quarter. American International Group Inc. now owns 49,566 shares of the company’s stock valued at $673,000 after buying an additional 776 shares during the last quarter. Finally, Systematic Financial Management LP raised its position in shares of Steelcase by 1.1% in the second quarter. Systematic Financial Management LP now owns 126,065 shares of the company’s stock valued at $1,710,000 after buying an additional 1,390 shares during the last quarter. Institutional investors own 65.72% of the company’s stock.
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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