Steelcase (NYSE:SCS) Earns Outperform Rating from Analysts at Noble Financial

Noble Financial started coverage on shares of Steelcase (NYSE:SCS) in a report issued on Wednesday morning, MarketBeat Ratings reports. The firm issued an outperform rating and a $16.00 price objective on the business services provider’s stock.

Separately, Benchmark increased their price objective on Steelcase from $17.00 to $18.00 and gave the company a buy rating in a report on Friday, June 21st.

Steelcase Stock Performance

Shares of SCS stock opened at $12.91 on Wednesday. The business’s fifty day simple moving average is $13.25 and its 200-day simple moving average is $13.06. Steelcase has a 12-month low of $10.29 and a 12-month high of $14.74. The company has a market cap of $1.47 billion, a PE ratio of 16.99, a PEG ratio of 1.28 and a beta of 1.32. The company has a current ratio of 1.62, a quick ratio of 1.23 and a debt-to-equity ratio of 0.48.

Steelcase (NYSE:SCS) last issued its quarterly earnings results on Wednesday, September 18th. The business services provider reported $0.39 earnings per share for the quarter, topping analysts’ consensus estimates of $0.37 by $0.02. The business had revenue of $855.80 million for the quarter, compared to analyst estimates of $864.17 million. Steelcase had a return on equity of 14.41% and a net margin of 4.02%. The company’s revenue was up .1% on a year-over-year basis. During the same quarter in the previous year, the firm earned $0.31 earnings per share. Analysts expect that Steelcase will post 1.02 earnings per share for the current fiscal year.

Steelcase Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, October 15th. Investors of record on Monday, September 30th will be given a dividend of $0.10 per share. The ex-dividend date is Monday, September 30th. This represents a $0.40 dividend on an annualized basis and a yield of 3.10%. Steelcase’s dividend payout ratio is presently 52.63%.

Insider Buying and Selling at Steelcase

In other news, CAO Nicole Cherie Mcgrath sold 15,749 shares of the firm’s stock in a transaction that occurred on Tuesday, July 23rd. The shares were sold at an average price of $13.94, for a total transaction of $219,541.06. Following the sale, the chief accounting officer now owns 18,453 shares of the company’s stock, valued at $257,234.82. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. In related news, CFO David C. Sylvester sold 73,184 shares of the company’s stock in a transaction dated Wednesday, July 24th. The stock was sold at an average price of $13.84, for a total value of $1,012,866.56. Following the completion of the transaction, the chief financial officer now owns 551,592 shares of the company’s stock, valued at approximately $7,634,033.28. This represents a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, CAO Nicole Cherie Mcgrath sold 15,749 shares of the firm’s stock in a transaction that occurred on Tuesday, July 23rd. The shares were sold at an average price of $13.94, for a total value of $219,541.06. Following the completion of the sale, the chief accounting officer now directly owns 18,453 shares in the company, valued at approximately $257,234.82. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders have sold 160,877 shares of company stock valued at $2,228,248. 12.96% of the stock is owned by insiders.

Institutional Trading of Steelcase

Several institutional investors have recently modified their holdings of the stock. DekaBank Deutsche Girozentrale lifted its stake in Steelcase by 8.1% in the 2nd quarter. DekaBank Deutsche Girozentrale now owns 12,017 shares of the business services provider’s stock valued at $153,000 after buying an additional 897 shares in the last quarter. Creative Planning boosted its stake in shares of Steelcase by 8.7% in the third quarter. Creative Planning now owns 13,470 shares of the business services provider’s stock worth $182,000 after acquiring an additional 1,075 shares during the last quarter. Alhambra Investment Management LLC increased its position in shares of Steelcase by 5.5% during the second quarter. Alhambra Investment Management LLC now owns 24,226 shares of the business services provider’s stock worth $314,000 after purchasing an additional 1,257 shares in the last quarter. ProShare Advisors LLC grew its holdings in shares of Steelcase by 8.5% during the first quarter. ProShare Advisors LLC now owns 16,656 shares of the business services provider’s stock worth $218,000 after buying an additional 1,311 shares in the last quarter. Finally, The Manufacturers Life Insurance Company grew its stake in Steelcase by 3.0% during the 2nd quarter. The Manufacturers Life Insurance Company now owns 48,292 shares of the business services provider’s stock valued at $626,000 after acquiring an additional 1,426 shares in the last quarter. Institutional investors and hedge funds own 92.42% of the company’s stock.

Steelcase Company Profile

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.