Equities research analysts expect that Steelcase Inc. (NYSE:SCS) will post $875.55 million in sales for the current fiscal quarter, according to Zacks. Two analysts have provided estimates for Steelcase’s earnings, with the lowest sales estimate coming in at $872.20 million and the highest estimate coming in at $878.90 million. Steelcase reported sales of $775.60 million in the same quarter last year, which indicates a positive year-over-year growth rate of 12.9%. The business is scheduled to announce its next earnings report after the market closes on Thursday, September 20th.
On average, analysts expect that Steelcase will report full-year sales of $3.28 billion for the current financial year, with estimates ranging from $3.28 billion to $3.29 billion. For the next financial year, analysts anticipate that the company will post sales of $3.44 billion per share, with estimates ranging from $3.41 billion to $3.47 billion. Zacks Investment Research’s sales calculations are a mean average based on a survey of sell-side analysts that cover Steelcase.
Steelcase (NYSE:SCS) last posted its quarterly earnings results on Wednesday, June 20th. The business services provider reported $0.14 earnings per share for the quarter, hitting the Zacks’ consensus estimate of $0.14. The business had revenue of $754.00 million during the quarter, compared to the consensus estimate of $754.17 million. Steelcase had a net margin of 2.59% and a return on equity of 13.38%. Steelcase’s revenue for the quarter was up 2.6% compared to the same quarter last year. During the same period in the previous year, the firm posted $0.15 earnings per share.
A number of equities research analysts recently weighed in on the stock. ValuEngine raised shares of Steelcase from a “sell” rating to a “hold” rating in a research note on Monday, August 20th. Zacks Investment Research downgraded shares of Steelcase from a “buy” rating to a “hold” rating in a research note on Wednesday, June 27th. Finally, TheStreet downgraded shares of Steelcase from a “b-” rating to a “c+” rating in a research note on Monday, June 25th. Four analysts have rated the stock with a hold rating, The company presently has an average rating of “Hold” and an average target price of $16.00.
SCS opened at $14.70 on Thursday. The company has a quick ratio of 1.18, a current ratio of 1.61 and a debt-to-equity ratio of 0.36. The company has a market cap of $1.70 billion, a P/E ratio of 16.15 and a beta of 1.33. Steelcase has a fifty-two week low of $13.10 and a fifty-two week high of $15.90.
In related news, Director Jennifer C. Niemann sold 3,400 shares of the business’s stock in a transaction that occurred on Friday, July 6th. The shares were sold at an average price of $14.17, for a total transaction of $48,178.00. Following the completion of the sale, the director now directly owns 3,838 shares of the company’s stock, valued at $54,384.46. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, VP Sara E. Armbruster sold 10,000 shares of the business’s stock in a transaction that occurred on Tuesday, June 26th. The stock was sold at an average price of $13.75, for a total transaction of $137,500.00. Following the sale, the vice president now directly owns 67,474 shares of the company’s stock, valued at $927,767.50. The disclosure for this sale can be found here. Insiders own 17.58% of the company’s stock.
A number of hedge funds and other institutional investors have recently modified their holdings of the stock. Comerica Bank raised its holdings in shares of Steelcase by 222.5% during the 1st quarter. Comerica Bank now owns 235,371 shares of the business services provider’s stock valued at $3,307,000 after purchasing an additional 162,390 shares in the last quarter. Trexquant Investment LP bought a new position in shares of Steelcase during the 1st quarter valued at $945,000. Palouse Capital Management Inc. raised its holdings in shares of Steelcase by 9.7% during the 1st quarter. Palouse Capital Management Inc. now owns 80,241 shares of the business services provider’s stock valued at $1,091,000 after purchasing an additional 7,127 shares in the last quarter. Pzena Investment Management LLC raised its holdings in shares of Steelcase by 506.1% during the 1st quarter. Pzena Investment Management LLC now owns 2,976,916 shares of the business services provider’s stock valued at $40,486,000 after purchasing an additional 2,485,772 shares in the last quarter. Finally, LSV Asset Management raised its holdings in shares of Steelcase by 0.6% during the 1st quarter. LSV Asset Management now owns 2,407,933 shares of the business services provider’s stock valued at $32,747,000 after purchasing an additional 13,500 shares in the last quarter. Hedge funds and other institutional investors own 64.77% of the company’s stock.
Steelcase Company Profile
Steelcase Inc manufactures and sells integrated furniture settings, user-centered technologies, and interior architectural products. It operates through Americas, EMEA, and Other Category segments. The company's furniture portfolio includes panel-based furniture systems, storage products, fixed and height-adjustable desks, benches, and tables, as well as other products, including worktools.
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