Benchmark upgraded shares of Steelcase (NYSE:SCS – Free Report) from a hold rating to a buy rating in a report released on Friday morning, MarketBeat reports. They currently have $17.00 price objective on the business services provider’s stock.
Separately, StockNews.com upgraded shares of Steelcase from a buy rating to a strong-buy rating in a research note on Friday, March 29th.
View Our Latest Research Report on Steelcase
Steelcase Stock Up 0.6 %
Steelcase (NYSE:SCS – Get Free Report) last released its earnings results on Wednesday, March 20th. The business services provider reported $0.23 earnings per share for the quarter, topping analysts’ consensus estimates of $0.21 by $0.02. The firm had revenue of $775.20 million for the quarter, compared to the consensus estimate of $780.25 million. Steelcase had a net margin of 2.57% and a return on equity of 12.87%. The company’s revenue was down 3.3% compared to the same quarter last year. During the same period in the prior year, the firm earned $0.19 EPS. On average, equities analysts predict that Steelcase will post 0.92 EPS for the current fiscal year.
Steelcase Dividend Announcement
The company also recently announced a quarterly dividend, which was paid on Monday, April 15th. Investors of record on Wednesday, April 3rd were issued a $0.10 dividend. This represents a $0.40 annualized dividend and a yield of 3.23%. The ex-dividend date was Tuesday, April 2nd. Steelcase’s dividend payout ratio is 58.82%.
Insider Buying and Selling
In other Steelcase news, VP Robert G. Krestakos sold 4,000 shares of the stock in a transaction that occurred on Monday, March 25th. The shares were sold at an average price of $12.61, for a total transaction of $50,440.00. Following the completion of the sale, the vice president now directly owns 108,081 shares of the company’s stock, valued at approximately $1,362,901.41. The sale was disclosed in a legal filing with the SEC, which is available at this link. 12.96% of the stock is currently owned by insiders.
Institutional Inflows and Outflows
Hedge funds and other institutional investors have recently modified their holdings of the company. USA Financial Formulas bought a new position in shares of Steelcase during the 4th quarter valued at approximately $28,000. FinTrust Capital Advisors LLC bought a new stake in Steelcase in the fourth quarter worth $44,000. Quest Partners LLC bought a new stake in Steelcase in the fourth quarter worth $71,000. Skandinaviska Enskilda Banken AB publ bought a new stake in Steelcase in the third quarter worth $111,000. Finally, QRG Capital Management Inc. bought a new stake in Steelcase in the third quarter worth $113,000. 92.42% of the stock is currently owned by institutional investors.
About Steelcase
Steelcase Inc provides a portfolio of furniture and architectural products and services in the United States and internationally. It operates through Americas and International segments. The company's furniture portfolio includes furniture systems, seating, storage, fixed and height-adjustable desks, benches, and tables, as well as complementary products, such as work accessories, lighting, mobile power, and screens.
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