Zacks Investment Research upgraded shares of Steelcase Inc. (NYSE:SCS) from a hold rating to a buy rating in a research note issued to investors on Wednesday. The brokerage currently has $16.00 price target 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. “
Steelcase (NYSE:SCS) last posted its quarterly earnings data on Wednesday, September 21st. The company reported $0.32 earnings per share for the quarter, meeting the Zacks’ consensus estimate 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 EPS. The company’s revenue was down 7.4% on a year-over-year basis.
The company also recently disclosed a quarterly dividend, which will be paid on Friday, October 14th. Shareholders of record on Tuesday, October 4th will be given a dividend of $0.12 per share. This represents a $0.48 dividend on an annualized basis and a yield of 3.46%. The ex-dividend date is Friday, September 30th. Steelcase’s dividend payout ratio (DPR) is 35.04%.
A number of hedge funds and other institutional investors have recently bought and sold shares of the stock. Norges Bank bought a new position in Steelcase during the fourth quarter worth approximately $14,298,000. Glenmede Trust Co. NA boosted its position in Steelcase by 5.2% in the first quarter. Glenmede Trust Co. NA now owns 1,286,731 shares of the company’s stock worth $19,196,000 after buying an additional 63,208 shares during the last quarter. Manchester Capital Management LLC bought a new position in Steelcase during the first quarter worth approximately $138,000. Pacad Investment Ltd. bought a new position in Steelcase during the first quarter worth approximately $395,000. Finally, TIAA CREF Investment Management LLC boosted its position in Steelcase by 10.3% in the first quarter. TIAA CREF Investment Management LLC now owns 299,553 shares of the company’s stock worth $4,469,000 after buying an additional 27,934 shares during the last quarter. Institutional investors and hedge funds own 65.72% of the company’s stock.
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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