Steelcase (SCS) Stock Rating Upgraded by Seaport Global Securities

Share on StockTwits

Seaport Global Securities upgraded shares of Steelcase (NYSE:SCS) from a neutral rating to a buy rating in a report published on Friday, Marketbeat Ratings reports. Seaport Global Securities currently has $20.00 price objective on the business services provider’s stock.

A number of other analysts also recently weighed in on the stock. Zacks Investment Research upgraded shares of Steelcase from a hold rating to a buy rating and set a $21.00 price target on the stock in a research report on Wednesday, September 26th. TheStreet upgraded shares of Steelcase from a c+ rating to a b rating in a research report on Friday, September 21st. Raymond James increased their price target on shares of Steelcase from $16.50 to $20.00 and gave the company an outperform rating in a research report on Monday, September 24th. Finally, ValuEngine upgraded shares of Steelcase from a hold rating to a buy rating in a research report on Saturday, September 22nd. One investment analyst has rated the stock with a hold rating and three have assigned a buy rating to the stock. The stock currently has an average rating of Buy and a consensus price target of $20.33.

Shares of NYSE:SCS traded down $0.21 during mid-day trading on Friday, reaching $16.44. The stock had a trading volume of 1,500,385 shares, compared to its average volume of 632,960. The company has a market capitalization of $2.16 billion, a price-to-earnings ratio of 18.07 and a beta of 1.23. The company has a debt-to-equity ratio of 0.35, a current ratio of 1.34 and a quick ratio of 0.94. Steelcase has a twelve month low of $13.10 and a twelve month high of $19.35.

Steelcase (NYSE:SCS) last announced its quarterly earnings results on Friday, September 21st. The business services provider reported $0.41 earnings per share for the quarter, beating analysts’ consensus estimates of $0.29 by $0.12. The business had revenue of $875.80 million for the quarter, compared to the consensus estimate of $873.70 million. Steelcase had a net margin of 2.89% and a return on equity of 13.97%. Steelcase’s revenue for the quarter was up 12.9% on a year-over-year basis. During the same period last year, the company posted $0.26 EPS. Equities research analysts expect that Steelcase will post 1.08 earnings per share for the current year.

The business also recently announced a quarterly dividend, which will be paid on Monday, October 15th. Shareholders of record on Monday, October 1st will be issued a dividend of $0.135 per share. The ex-dividend date of this dividend is Friday, September 28th. This represents a $0.54 annualized dividend and a yield of 3.28%. Steelcase’s dividend payout ratio (DPR) is currently 59.34%.

In other Steelcase news, Director Robert C. Pew III sold 16,291 shares of the firm’s stock in a transaction that occurred on Wednesday, October 10th. The shares were sold at an average price of $17.51, for a total transaction of $285,255.41. Following the sale, the director now directly owns 255,090 shares in the company, valued at approximately $4,466,625.90. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, VP Allan W. Smith, Jr. sold 14,000 shares of the firm’s stock in a transaction that occurred on Tuesday, September 25th. The stock was sold at an average price of $18.54, for a total transaction of $259,560.00. Following the sale, the vice president now owns 31,490 shares in the company, valued at $583,824.60. The disclosure for this sale can be found here. Insiders have sold a total of 57,791 shares of company stock worth $1,056,215 over the last 90 days. Corporate insiders own 17.58% of the company’s stock.

A number of hedge funds have recently made changes to their positions in SCS. Bank of Montreal Can raised its stake in Steelcase by 610.4% in the third quarter. Bank of Montreal Can now owns 261,798 shares of the business services provider’s stock valued at $4,843,000 after purchasing an additional 224,947 shares in the last quarter. United Services Automobile Association raised its stake in Steelcase by 22.4% during the second quarter. United Services Automobile Association now owns 476,577 shares of the business services provider’s stock worth $6,434,000 after acquiring an additional 87,290 shares in the last quarter. Northern Trust Corp raised its stake in Steelcase by 4.8% during the second quarter. Northern Trust Corp now owns 1,313,649 shares of the business services provider’s stock worth $17,735,000 after acquiring an additional 59,607 shares in the last quarter. California Public Employees Retirement System raised its stake in Steelcase by 2.7% during the second quarter. California Public Employees Retirement System now owns 258,032 shares of the business services provider’s stock worth $3,483,000 after acquiring an additional 6,711 shares in the last quarter. Finally, Putnam Investments LLC acquired a new position in Steelcase during the second quarter worth about $1,590,000. Hedge funds and other institutional investors own 63.70% of the company’s stock.

Steelcase Company Profile

Steelcase Inc manufactures and sells integrated furniture settings, user-centered technologies, and interior architectural products. It operates through Americas, EMEA, and Other Category segments. The company's furniture portfolio includes panel-based furniture systems, storage products, fixed and height-adjustable desks, benches, and tables, as well as other products, including worktools.

See Also: Stock Symbols and CUSIP Explained

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.

Latest News

Steelcase  Stock Rating Upgraded by Seaport Global Securities
Steelcase Stock Rating Upgraded by Seaport Global Securities
Halliburton  Lowered to “Hold” at Societe Generale
Halliburton Lowered to “Hold” at Societe Generale
Ship Finance International  Downgraded by Zacks Investment Research to Sell
Ship Finance International Downgraded by Zacks Investment Research to Sell
Zacks: Brokerages Anticipate Home Bancshares Inc  Will Announce Quarterly Sales of $171.67 Million
Zacks: Brokerages Anticipate Home Bancshares Inc Will Announce Quarterly Sales of $171.67 Million
Zacks: Brokerages Anticipate VICI Properties Inc  to Post $0.38 Earnings Per Share
Zacks: Brokerages Anticipate VICI Properties Inc to Post $0.38 Earnings Per Share
TrustNote  Reaches One Day Volume of $1.03 Million
TrustNote Reaches One Day Volume of $1.03 Million


Leave a Reply

© 2006-2018 Ticker Report. Google+.