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. “
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.
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.
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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.
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