Fintel reports that on October 9, 2024, Noble Capital Markets initiated coverage of Steelcase (NYSE:SCS) with a Outperform recommendation.
Analyst Price Forecast Suggests 30.47% Upside
As of September 25, 2024, the average one-year price target for Steelcase is $17.00/share. The forecasts range from a low of $16.16 to a high of $18.90. The average price target represents an increase of 30.47% from its latest reported closing price of $13.03 / share.
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The projected annual revenue for Steelcase is 3,567MM, an increase of 13.74%. The projected annual non-GAAP EPS is 1.06.
What is the Fund Sentiment?
There are 474 funds or institutions reporting positions in Steelcase. This is an increase of 6 owner(s) or 1.28% in the last quarter. Average portfolio weight of all funds dedicated to SCS is 0.11%, an increase of 16.27%. Total shares owned by institutions decreased in the last three months by 0.37% to 90,558K shares. 
The put/call ratio of SCS is 0.53, indicating a bullish outlook.
What are Other Shareholders Doing?
Pzena Investment Management holds 7,093K shares representing 7.55% ownership of the company. In its prior filing, the firm reported owning 7,060K shares , representing an increase of 0.47%. The firm increased its portfolio allocation in SCS by 1.96% over the last quarter.
Cooke & Bieler holds 4,002K shares representing 4.26% ownership of the company. In its prior filing, the firm reported owning 3,816K shares , representing an increase of 4.66%. The firm increased its portfolio allocation in SCS by 65.19% over the last quarter.
Douglas Lane & Associates holds 3,385K shares representing 3.60% ownership of the company. In its prior filing, the firm reported owning 3,555K shares , representing a decrease of 5.02%. The firm decreased its portfolio allocation in SCS by 5.16% over the last quarter.
Fifth Third Bancorp holds 3,339K shares representing 3.55% ownership of the company. In its prior filing, the firm reported owning 4,266K shares , representing a decrease of 27.75%. The firm decreased its portfolio allocation in SCS by 24.50% over the last quarter.
VTSMX - Vanguard Total Stock Market Index Fund Investor Shares holds 2,785K shares representing 2.96% ownership of the company. No change in the last quarter.
Steelcase Background Information
(This description is provided by the company.)
For over 108 years, Steelcase Inc. has helped create great experiences for the world's leading organizations, across industries. The Company demonstrates this through our family of brands - including Steelcase®, Coalesse®, Designtex®, Turnstone®, Smith System®, Orangebox® and AMQ®. Together, they offer a comprehensive portfolio of architecture, furniture and technology products and services designed to unlock human promise and support social, economic and environmental sustainability. The Company is globally accessible through a network of channels, including approximately 800 Steelcase dealer locations. Steelcase is a global, industry-leading and publicly traded company with fiscal 2020 revenue of $3.7 billion.
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This story originally appeared on Fintel.
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