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

Shares of Steelcase Inc. (NYSE:SCS) have received an average recommendation of “Hold” from the seven research firms that are covering the company, MarketBeat.com reports. One equities research analyst has rated the stock with a sell recommendation, three have assigned a hold recommendation and two have issued a buy recommendation on the company. The average 12 month target price among analysts that have updated their coverage on the stock in the last year is $16.00.

SCS has been the topic of several recent research reports. Sidoti upgraded Steelcase from a “neutral” rating to a “buy” rating and set a $16.00 price target on the stock in a report on Friday, September 1st. Zacks Investment Research upgraded Steelcase from a “sell” rating to a “hold” rating in a report on Thursday, August 24th. TheStreet upgraded Steelcase from a “c+” rating to a “b-” rating in a report on Tuesday, October 3rd. Finally, ValuEngine lowered Steelcase from a “buy” rating to a “hold” rating in a report on Friday, September 1st.

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Shares of Steelcase (NYSE:SCS) traded down $0.30 during trading hours on Monday, reaching $14.45. The company’s stock had a trading volume of 311,700 shares, compared to its average volume of 722,525. The company has a market capitalization of $1,711.50, a price-to-earnings ratio of 14.46 and a beta of 1.22. The company has a current ratio of 1.63, a quick ratio of 1.28 and a debt-to-equity ratio of 0.37. Steelcase has a 1-year low of $12.50 and a 1-year high of $18.15.

Steelcase (NYSE:SCS) last announced its quarterly earnings results on Monday, September 18th. The business services provider reported $0.31 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.23 by $0.08. The business had revenue of $775.60 million for the quarter, compared to analyst estimates of $759.83 million. Steelcase had a return on equity of 15.72% and a net margin of 3.98%. The company’s quarterly revenue was up 2.3% on a year-over-year basis. During the same quarter in the prior year, the company earned $0.32 earnings per share. equities research analysts expect that Steelcase will post 0.93 earnings per share for the current year.

Several institutional investors have recently modified their holdings of the company. New York State Teachers Retirement System raised its stake in shares of Steelcase by 4.2% in the first quarter. New York State Teachers Retirement System now owns 7,500 shares of the business services provider’s stock worth $126,000 after purchasing an additional 300 shares during the last quarter. Amalgamated Bank raised its stake in shares of Steelcase by 3.4% in the second quarter. Amalgamated Bank now owns 10,913 shares of the business services provider’s stock worth $153,000 after purchasing an additional 358 shares during the last quarter. Principal Financial Group Inc. raised its stake in shares of Steelcase by 1.0% in the first quarter. Principal Financial Group Inc. now owns 40,040 shares of the business services provider’s stock worth $670,000 after purchasing an additional 387 shares during the last quarter. Rhumbline Advisers raised its stake in shares of Steelcase by 0.4% in the second quarter. Rhumbline Advisers now owns 110,940 shares of the business services provider’s stock worth $1,553,000 after purchasing an additional 450 shares during the last quarter. Finally, Public Employees Retirement System of Ohio raised its stake in shares of Steelcase by 9.6% in the second quarter. Public Employees Retirement System of Ohio now owns 10,833 shares of the business services provider’s stock worth $152,000 after purchasing an additional 947 shares during the last quarter. 62.68% of the stock is owned by hedge funds and other institutional investors.

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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