Equities research analysts forecast that Steelcase Inc. (NYSE:SCS) will announce $900.30 million in sales for the current quarter, Zacks Investment Research reports. Two analysts have issued estimates for Steelcase’s earnings, with the lowest sales estimate coming in at $899.40 million and the highest estimate coming in at $901.20 million. Steelcase posted sales of $772.10 million during the same quarter last year, which would indicate a positive year over year growth rate of 16.6%. The firm is expected to report its next earnings results on Tuesday, December 18th.
On average, analysts expect that Steelcase will report full year sales of $3.39 billion for the current fiscal year. For the next fiscal year, analysts anticipate that the firm will post sales of $3.66 billion, with estimates ranging from $3.65 billion to $3.68 billion. Zacks’ sales calculations are an average based on a survey of sell-side analysts that that provide coverage for Steelcase.
Steelcase (NYSE:SCS) last issued its quarterly earnings data on Friday, September 21st. The business services provider reported $0.41 earnings per share for the quarter, beating analysts’ consensus estimates of $0.29 by $0.12. Steelcase had a return on equity of 13.97% and a net margin of 2.89%. The company had revenue of $875.80 million for the quarter, compared to the consensus estimate of $873.70 million. During the same quarter last year, the company earned $0.26 earnings per share. The firm’s revenue for the quarter was up 12.9% compared to the same quarter last year.
A number of brokerages recently weighed in on SCS. TheStreet raised Steelcase from a “c+” rating to a “b” rating in a research report on Friday, September 21st. ValuEngine downgraded Steelcase from a “buy” rating to a “hold” rating in a research report on Friday, October 12th. Seaport Global Securities raised Steelcase from a “neutral” rating to a “buy” rating and set a $20.00 price objective on the stock in a research report on Friday, October 12th. Raymond James raised their price objective on Steelcase from $16.50 to $20.00 and gave the company an “outperform” rating in a research report on Monday, September 24th. Finally, Zacks Investment Research raised Steelcase from a “hold” rating to a “buy” rating and set a $21.00 price objective on the stock in a research report on Wednesday, September 26th. One analyst has rated the stock with a hold rating and three have issued a buy rating to the company. Steelcase presently has a consensus rating of “Buy” and an average target price of $20.33.
In other Steelcase news, CAO Lizbeth S. O’shaughnessy sold 20,000 shares of the stock in a transaction dated Thursday, September 27th. The stock was sold at an average price of $18.61, for a total value of $372,200.00. Following the completion of the sale, the chief accounting officer now directly owns 218,091 shares in the company, valued at $4,058,673.51. The transaction was disclosed in a document filed with the SEC, which is available at this link. Also, Director Robert C. Pew III sold 16,291 shares of the stock in a transaction dated Wednesday, October 10th. The shares were sold at an average price of $17.51, for a total value of $285,255.41. Following the completion of the sale, the director now owns 255,090 shares of the company’s stock, valued at $4,466,625.90. The disclosure for this sale can be found here. Over the last quarter, insiders sold 57,791 shares of company stock valued at $1,056,215. 17.58% of the stock is currently owned by company insiders.
A number of institutional investors have recently added to or reduced their stakes in SCS. Alpha Windward LLC raised its stake in shares of Steelcase by 9.1% in the third quarter. Alpha Windward LLC now owns 38,700 shares of the business services provider’s stock worth $716,000 after purchasing an additional 3,240 shares during the last quarter. Massachusetts Financial Services Co. MA raised its stake in shares of Steelcase by 15.9% in the second quarter. Massachusetts Financial Services Co. MA now owns 28,021 shares of the business services provider’s stock worth $379,000 after purchasing an additional 3,839 shares during the last quarter. Xact Kapitalforvaltning AB raised its stake in shares of Steelcase by 31.7% in the first quarter. Xact Kapitalforvaltning AB now owns 16,618 shares of the business services provider’s stock worth $226,000 after purchasing an additional 4,000 shares during the last quarter. MetLife Investment Advisors LLC raised its stake in shares of Steelcase by 12.4% in the second quarter. MetLife Investment Advisors LLC now owns 39,276 shares of the business services provider’s stock worth $530,000 after purchasing an additional 4,332 shares during the last quarter. Finally, Principal Financial Group Inc. raised its stake in shares of Steelcase by 10.1% in the first quarter. Principal Financial Group Inc. now owns 56,516 shares of the business services provider’s stock worth $769,000 after purchasing an additional 5,192 shares during the last quarter. Institutional investors own 64.19% of the company’s stock.
SCS stock traded up $0.03 during trading on Friday, reaching $17.28. 46,188 shares of the company traded hands, compared to its average volume of 951,626. Steelcase has a 12 month low of $13.10 and a 12 month high of $19.35. The company has a market cap of $2.01 billion, a P/E ratio of 18.96 and a beta of 1.31. The company has a debt-to-equity ratio of 0.35, a current ratio of 1.34 and a quick ratio of 0.94.
The firm also recently declared a quarterly dividend, which was paid on Monday, October 15th. Shareholders of record on Monday, October 1st were paid a $0.135 dividend. This represents a $0.54 dividend on an annualized basis and a yield of 3.13%. The ex-dividend date of this dividend was Friday, September 28th. Steelcase’s dividend payout ratio (DPR) is presently 59.34%.
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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