Steelcase (SCS) Receives Consensus Rating of “Hold” from Brokerages

Steelcase (NYSE:SCS) has earned a consensus recommendation of “Hold” from the eight brokerages that are presently covering the stock, Marketbeat reports. Two investment analysts have rated the stock with a sell recommendation, three have issued a hold recommendation and two have issued a buy recommendation on the company. The average 1 year price target among brokers that have issued a report on the stock in the last year is $16.00.

SCS has been the topic of several research reports. Zacks Investment Research raised Steelcase from a “sell” rating to a “hold” rating in a research report on Wednesday, March 28th. Seaport Global Securities reissued a “neutral” rating on shares of Steelcase in a research report on Monday, March 26th. Finally, ValuEngine lowered Steelcase from a “hold” rating to a “sell” rating in a research report on Wednesday, May 2nd.

In related news, Director Peter M. Wege II sold 7,000 shares of the company’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 directly owns 246,391 shares of the company’s stock, valued at approximately $3,316,422.86. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, Director Jennifer C. Niemann sold 3,500 shares of the company’s stock in a transaction that occurred on Monday, April 23rd. The shares were sold at an average price of $13.91, for a total value of $48,685.00. Following the sale, the director now directly owns 5,232 shares in the company, valued at $72,777.12. The disclosure for this sale can be found here. Over the last three months, insiders have sold 10,804 shares of company stock worth $147,131. Corporate insiders own 18.87% of the company’s stock.



A number of hedge funds and other institutional investors have recently modified their holdings of SCS. Sicart Associates LLC increased its position in Steelcase by 57.5% in the fourth quarter. Sicart Associates LLC now owns 57,500 shares of the business services provider’s stock worth $881,000 after buying an additional 21,000 shares during the period. Schwab Charles Investment Management Inc. increased its position in Steelcase by 8.3% in the fourth quarter. Schwab Charles Investment Management Inc. now owns 930,691 shares of the business services provider’s stock worth $14,147,000 after buying an additional 71,220 shares during the period. Acadian Asset Management LLC acquired a new stake in Steelcase in the fourth quarter worth $184,000. Bredin Investment LLC acquired a new stake in Steelcase in the fourth quarter worth $240,000. Finally, Strs Ohio increased its position in Steelcase by 11.3% in the fourth quarter. Strs Ohio now owns 65,900 shares of the business services provider’s stock worth $1,001,000 after buying an additional 6,700 shares during the period. 64.06% of the stock is currently owned by hedge funds and other institutional investors.

Shares of Steelcase stock remained flat at $$14.15 on Wednesday. The stock had a trading volume of 241,707 shares, compared to its average volume of 619,620. The stock has a market cap of $1.67 billion, a PE ratio of 15.55 and a beta of 1.27. The company has a debt-to-equity ratio of 0.36, a quick ratio of 1.21 and a current ratio of 1.54. Steelcase has a 12 month low of $12.50 and a 12 month high of $18.15.

Steelcase (NYSE:SCS) last posted its quarterly earnings results on Tuesday, March 20th. The business services provider reported $0.24 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $0.16 by $0.08. The business had revenue of $772.70 million for the quarter, compared to analyst estimates of $750.70 million. Steelcase had a return on equity of 13.60% and a net margin of 2.64%. The business’s revenue was up .5% compared to the same quarter last year. During the same period in the prior year, the company posted $0.27 EPS. equities analysts forecast that Steelcase will post 0.98 EPS for the current year.

About Steelcase

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.

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