#7 - Steelcase (NYSE:SCS)
The last company on this list of manufacturing stocks to buy is Steelcase Inc. (NYSE: SCS). This small-cap company is well-known for high-end office furniture, and the Michigan-based company sells under various brand names.
Steelcase believes it is well-positioned to help businesses create the kind of office space that will attract employees to the office. However, the company wouldn't object to lower interest rates that could stimulate business spending.
The argument for Steelcase is that it's a small-cap company. Small-cap stocks were beaten down in 2022 and 2023 as these companies are more susceptible to higher interest rates. However, Steelcase paid down a significant amount of debt, which helped the balance sheet. To attest to that, Steelcase posted fiscal year 2023 earnings that were 127% higher than the prior year.
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.
Read More - Current Price
- $13.23
- Consensus Rating
- Buy
- Ratings Breakdown
- 2 Buy Ratings, 0 Hold Ratings, 0 Sell Ratings.
- Consensus Price Target
- $17.00 (28.5% Upside)
The ISM Manufacturing Index is the benchmark for the manufacturing industry. Every month, investors look at this reading for clues about the direction of the economy. Any reading above 50 indicates that manufacturing activity is expanding, while a reading below 50 indicates contraction.
On April 1, 2024, the index registered a 54.60, the strongest reading in 20 months. However, the March 2024 Jobs report showed manufacturing employment was unchanged. And the number of jobs was revised downward to a loss of 10,000 jobs in February.
MarketBeat provides a tool that allows investors to quickly find information on the top 35 manufacturing stocks at a particular time. Under the Stock Lists tab, you can look for Manufacturing Stocks under Stocks by Sector. This gives you a list of the top manufacturing stocks, including their current stock price, market cap, consensus analyst rating and consensus analyst price target.
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