Steelcase (SCS) Lifted to “Hold” at Zacks Investment Research

Zacks Investment Research upgraded shares of Steelcase (NYSE:SCS) from a sell rating to a hold rating in a research report released on Wednesday.

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. “

How to Become a New Pot Stock Millionaire

Separately, Seaport Global Securities reaffirmed a neutral rating on shares of Steelcase in a report on Monday, March 26th. One analyst has rated the stock with a sell rating, four have assigned a hold rating and two have assigned a buy rating to the company’s stock. Steelcase currently has an average rating of Hold and a consensus target price of $16.00.

Shares of NYSE:SCS opened at $13.60 on Wednesday. Steelcase has a twelve month low of $12.50 and a twelve month high of $18.15. The company has a market capitalization of $1,579.44, a price-to-earnings ratio of 14.95 and a beta of 1.28. The company has a debt-to-equity ratio of 0.36, a quick ratio of 1.23 and a current ratio of 1.58.

Steelcase (NYSE:SCS) last announced its quarterly earnings data on Tuesday, March 20th. The business services provider reported $0.24 earnings per share for the quarter, beating the Zacks’ consensus estimate of $0.16 by $0.08. Steelcase had a return on equity of 13.66% and a net margin of 2.64%. The company had revenue of $772.70 million for the quarter, compared to analyst estimates of $750.70 million. During the same quarter in the previous year, the company earned $0.27 EPS. The firm’s revenue for the quarter was up .5% compared to the same quarter last year. analysts expect that Steelcase will post 0.98 EPS for the current year.

The company also recently declared a quarterly dividend, which will be paid on Friday, April 13th. Stockholders of record on Friday, March 30th will be paid a dividend of $0.135 per share. This is a positive change from Steelcase’s previous quarterly dividend of $0.13. The ex-dividend date is Wednesday, March 28th. This represents a $0.54 annualized dividend and a dividend yield of 3.97%. Steelcase’s payout ratio is 59.34%.

In other news, Director Peter M. Wege II sold 7,000 shares of the business’s stock in a transaction that occurred on Thursday, March 29th. The stock was sold at an average price of $13.46, for a total transaction of $94,220.00. Following the sale, the director now owns 246,391 shares of the company’s stock, valued at approximately $3,316,422.86. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Peter M. Wege II sold 13,300 shares of the business’s stock in a transaction that occurred on Thursday, January 4th. The stock was sold at an average price of $15.14, for a total value of $201,362.00. Following the sale, the director now directly owns 254,244 shares in the company, valued at approximately $3,849,254.16. The disclosure for this sale can be found here. 18.87% of the stock is owned by insiders.

Several large investors have recently made changes to their positions in the company. Xact Kapitalforvaltning AB purchased a new stake in shares of Steelcase during the 4th quarter worth approximately $192,000. MetLife Investment Advisors LLC purchased a new stake in shares of Steelcase during the 4th quarter worth approximately $644,000. Vident Investment Advisory LLC purchased a new stake in shares of Steelcase during the 4th quarter worth approximately $204,000. Stone Ridge Asset Management LLC purchased a new stake in shares of Steelcase during the 4th quarter worth approximately $685,000. Finally, Renaissance Technologies LLC boosted its stake in shares of Steelcase by 1,388.6% during the 4th quarter. Renaissance Technologies LLC now owns 183,093 shares of the business services provider’s stock worth $2,783,000 after acquiring an additional 170,793 shares in the last quarter. 64.62% of the stock is currently owned by institutional investors and hedge funds.

COPYRIGHT VIOLATION WARNING: This article was originally posted by WKRB News and is owned by of WKRB News. If you are viewing this article on another publication, it was copied illegally and republished in violation of United States and international copyright legislation. The original version of this article can be read at https://www.wkrb13.com/2018/04/01/steelcase-scs-lifted-to-hold-at-zacks-investment-research.html.

About Steelcase

Steelcase Inc manufactures and sells integrated portfolio of furniture settings, user-centered technologies, and interior architectural products. The company operates through Americas, EMEA, and Other Category segments. Its furniture systems portfolio comprises panel-based and freestanding furniture systems, storage, desks, benches, tables, and complementary products, such as worktools.

Get a free copy of the Zacks research report on Steelcase (SCS)

For more information about research offerings from Zacks Investment Research, visit Zacks.com

Receive News & Ratings for Steelcase Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Steelcase and related companies with MarketBeat.com's FREE daily email newsletter.

Leave a Reply