Steelcase Inc. (SCS) Receives $16.00 Consensus Price Target from Brokerages

Steelcase Inc. (NYSE:SCS) has been given a consensus recommendation of “Hold” by the seven analysts that are covering the company, Marketbeat.com reports. Two research analysts have rated the stock with a sell recommendation, two have given a hold recommendation and two have issued a buy recommendation on the company. The average 1 year price target among brokerages that have covered the stock in the last year is $16.00.

Several equities analysts have recently weighed in on SCS shares. TheStreet raised Steelcase from a “c+” rating to a “b-” rating in a report on Tuesday, October 3rd. Zacks Investment Research cut Steelcase from a “hold” rating to a “sell” rating in a report on Tuesday, December 12th. Finally, Sidoti cut Steelcase from a “buy” rating to a “neutral” rating and set a $16.00 price target on the stock. in a report on Wednesday, September 20th.

In related news, VP Sara E. Armbruster sold 3,000 shares of the firm’s stock in a transaction on Friday, December 22nd. The stock was sold at an average price of $14.80, for a total value of $44,400.00. Following the transaction, the vice president now directly owns 69,870 shares of the company’s stock, valued at approximately $1,034,076. The sale was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, Director Peter M. Wege II sold 13,300 shares of the firm’s stock in a transaction 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 completion of the transaction, the director now directly owns 254,244 shares in the company, valued at $3,849,254.16. The disclosure for this sale can be found here. 18.87% of the stock is currently owned by company insiders.

A number of institutional investors have recently made changes to their positions in the stock. North Star Investment Management Corp. raised its holdings in Steelcase by 19.2% in the 4th quarter. North Star Investment Management Corp. now owns 21,777 shares of the business services provider’s stock worth $331,000 after purchasing an additional 3,506 shares during the period. Green Square Capital LLC bought a new position in Steelcase in the 3rd quarter worth $1,578,000. Walthausen & Co. LLC raised its holdings in Steelcase by 63.0% in the 3rd quarter. Walthausen & Co. LLC now owns 582,052 shares of the business services provider’s stock worth $8,964,000 after purchasing an additional 225,066 shares during the period. California Public Employees Retirement System raised its holdings in Steelcase by 4.9% in the 3rd quarter. California Public Employees Retirement System now owns 242,792 shares of the business services provider’s stock worth $3,739,000 after purchasing an additional 11,392 shares during the period. Finally, Jane Street Group LLC bought a new position in Steelcase in the 3rd quarter worth $285,000. 62.15% of the stock is currently owned by institutional investors.

Steelcase (NYSE SCS) traded down $0.30 during midday trading on Tuesday, hitting $15.40. The stock had a trading volume of 1,030,247 shares, compared to its average volume of 849,078. The company has a market cap of $1,780.00, a PE ratio of 17.30 and a beta of 1.25. The company has a debt-to-equity ratio of 0.36, a current ratio of 1.58 and a quick ratio of 1.23. Steelcase has a 12-month low of $12.50 and a 12-month high of $18.15.

Steelcase (NYSE:SCS) last released its quarterly earnings results on Tuesday, December 19th. The business services provider reported $0.22 earnings per share for the quarter, meeting the consensus estimate of $0.22. The firm had revenue of $772.10 million for the quarter, compared to analysts’ expectations of $762.37 million. Steelcase had a return on equity of 13.62% and a net margin of 3.49%. The company’s revenue was down 1.8% compared to the same quarter last year. During the same period in the prior year, the firm earned $0.30 EPS. analysts expect that Steelcase will post 0.81 EPS for the current fiscal year.

The business also recently announced a quarterly dividend, which will be paid on Monday, January 15th. Investors of record on Friday, December 29th will be issued a $0.1275 dividend. The ex-dividend date is Thursday, December 28th. This represents a $0.51 dividend on an annualized basis and a yield of 3.31%. Steelcase’s dividend payout ratio is currently 57.30%.

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About Steelcase

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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