Analysts expect that Steelcase Inc. (NYSE:SCS) will post $801.10 million in sales for the current fiscal quarter, Zacks reports. Two analysts have issued estimates for Steelcase’s earnings. The lowest sales estimate is $798.20 million and the highest is $804.00 million. Steelcase posted sales of $786.50 million in the same quarter last year, which suggests a positive year over year growth rate of 1.9%. The firm is scheduled to report its next quarterly earnings report on Tuesday, December 19th.
On average, analysts expect that Steelcase will report full year sales of $801.10 million for the current financial year, with estimates ranging from $3.10 billion to $3.11 billion. For the next fiscal year, analysts anticipate that the business will post sales of $3.24 billion per share, with estimates ranging from $3.20 billion to $3.28 billion. Zacks’ sales calculations are a mean average based on a survey of research firms that that provide coverage for Steelcase.
Steelcase (NYSE:SCS) last released its earnings results on Monday, September 18th. The business services provider reported $0.31 earnings per share for the quarter, beating the consensus estimate of $0.23 by $0.08. Steelcase had a net margin of 3.98% and a return on equity of 15.72%. The firm had revenue of $775.60 million during the quarter, compared to analyst estimates of $759.83 million. During the same quarter in the previous year, the firm earned $0.32 earnings per share. The firm’s revenue for the quarter was up 2.3% compared to the same quarter last year.
Several equities research analysts have recently commented on SCS shares. BidaskClub downgraded shares of Steelcase from a “hold” rating to a “sell” rating in a research note on Friday, June 23rd. Sidoti upgraded shares of Steelcase from a “neutral” rating to a “buy” rating and set a $16.00 target price on the stock in a research note on Friday, September 1st. TheStreet upgraded shares of Steelcase from a “c+” rating to a “b-” rating in a research note on Tuesday, October 3rd. Zacks Investment Research upgraded shares of Steelcase from a “sell” rating to a “hold” rating in a research note on Thursday, August 24th. Finally, ValuEngine downgraded shares of Steelcase from a “buy” rating to a “hold” rating in a research note on Friday, September 1st. One research analyst has rated the stock with a sell rating, four have issued a hold rating and two have given a buy rating to the company’s stock. Steelcase presently has an average rating of “Hold” and a consensus target price of $16.00.
In related news, Director Peter M. Wege II sold 14,400 shares of the company’s stock in a transaction dated Friday, July 14th. The shares were sold at an average price of $13.81, for a total transaction of $198,864.00. Following the transaction, the director now owns 270,180 shares in the company, valued at approximately $3,731,185.80. The sale was disclosed in a filing with the SEC, which can be accessed through this link. 18.87% of the stock is owned by corporate insiders.
A number of hedge funds and other institutional investors have recently modified their holdings of SCS. Ameritas Investment Partners Inc. acquired a new position in Steelcase during the 1st quarter worth about $125,000. New York State Teachers Retirement System lifted its position in Steelcase by 4.2% during the 1st quarter. New York State Teachers Retirement System now owns 7,500 shares of the business services provider’s stock worth $126,000 after buying an additional 300 shares in the last quarter. Chevy Chase Trust Holdings Inc. acquired a new position in Steelcase during the 2nd quarter worth about $147,000. Public Employees Retirement System of Ohio lifted its position in Steelcase by 9.6% during the 2nd quarter. Public Employees Retirement System of Ohio now owns 10,833 shares of the business services provider’s stock worth $152,000 after buying an additional 947 shares in the last quarter. Finally, Amalgamated Bank lifted its position in Steelcase by 3.4% during the 2nd quarter. Amalgamated Bank now owns 10,913 shares of the business services provider’s stock worth $153,000 after buying an additional 358 shares in the last quarter. Institutional investors and hedge funds own 62.10% of the company’s stock.
Shares of Steelcase (NYSE SCS) opened at 15.40 on Friday. The company has a market cap of $1.79 billion, a price-to-earnings ratio of 15.14 and a beta of 1.21. Steelcase has a 1-year low of $12.50 and a 1-year high of $18.15. The firm’s 50-day moving average is $14.04 and its 200 day moving average is $15.20.
The business also recently declared a quarterly dividend, which will be paid on Thursday, October 12th. Investors of record on Thursday, September 28th will be given a dividend of $0.1275 per share. The ex-dividend date is Wednesday, September 27th. This represents a $0.51 annualized dividend and a yield of 3.31%. Steelcase’s dividend payout ratio (DPR) is 50.50%.
Steelcase Inc provides an integrated portfolio of furniture settings, user-centered technologies and interior architectural products. The Company’s segments include Americas, EMEA and Other Category. The Company’s furniture portfolio includes panel-based and freestanding furniture systems and complementary products, such as storage, tables and ergonomic worktools.
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