Equities analysts expect that Steelcase Inc. (NYSE:SCS) will announce $756.45 million in sales for the current fiscal quarter, Zacks reports. Two analysts have made estimates for Steelcase’s earnings, with the highest sales estimate coming in at $759.40 million and the lowest estimate coming in at $753.50 million. Steelcase reported sales of $735.10 million during the same quarter last year, which indicates a positive year over year growth rate of 2.9%. The firm is expected to report its next quarterly earnings report after the market closes on Wednesday, June 20th.
According to Zacks, analysts expect that Steelcase will report full-year sales of $3.21 billion for the current fiscal year, with estimates ranging from $3.20 billion to $3.23 billion. For the next fiscal year, analysts expect that the firm will report sales of $3.36 billion per share, with estimates ranging from $3.32 billion to $3.39 billion. Zacks Investment Research’s sales averages are a mean average based on a survey of sell-side research analysts that that provide coverage for Steelcase.
Steelcase (NYSE:SCS) last announced its quarterly earnings data on Tuesday, March 20th. The business services provider reported $0.24 EPS for the quarter, beating the Zacks’ consensus estimate of $0.16 by $0.08. The business had revenue of $772.70 million during the quarter, compared to analyst estimates of $750.70 million. Steelcase had a net margin of 2.64% and a return on equity of 13.60%. The firm’s revenue for the quarter was up .5% on a year-over-year basis. During the same quarter in the prior year, the business earned $0.27 earnings per share.
A number of research analysts have recently commented on SCS shares. Seaport Global Securities reaffirmed a “neutral” rating on shares of Steelcase in a research report on Monday, March 26th. Zacks Investment Research raised shares of Steelcase from a “sell” rating to a “hold” rating in a research report on Wednesday, March 28th. Finally, ValuEngine lowered shares of Steelcase from a “hold” rating to a “sell” rating in a research report on Wednesday, May 2nd. Two equities research analysts have rated the stock with a sell rating, three have issued a hold rating and two have given a buy rating to the company. Steelcase presently has a consensus rating of “Hold” and a consensus target price of $16.00.
Shares of Steelcase traded up $0.02, reaching $14.90, during trading hours on Monday, according to MarketBeat.com. 391,045 shares of the company traded hands, compared to its average volume of 589,730. The firm has a market capitalization of $1.75 billion, a P/E ratio of 16.34 and a beta of 1.27. The company has a debt-to-equity ratio of 0.36, a quick ratio of 1.21 and a current ratio of 1.54. Steelcase has a 1-year low of $12.50 and a 1-year high of $17.10.
In other Steelcase news, Director Peter M. Wege II sold 7,000 shares of the firm’s stock in a transaction that occurred on Thursday, March 29th. The shares were sold at an average price of $13.46, for a total value of $94,220.00. Following the transaction, the director now directly owns 246,391 shares of the company’s stock, valued at $3,316,422.86. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, Director Jennifer C. Niemann sold 3,500 shares of the firm’s stock in a transaction that occurred on Monday, April 23rd. The shares were sold at an average price of $13.91, for a total transaction of $48,685.00. Following the completion of the transaction, the director now directly owns 5,232 shares in the company, valued at $72,777.12. The disclosure for this sale can be found here. Insiders have sold 10,804 shares of company stock worth $147,131 over the last ninety days. Insiders own 17.58% of the company’s stock.
A number of institutional investors and hedge funds have recently bought and sold shares of SCS. Schwab Charles Investment Management Inc. raised its holdings in Steelcase by 8.3% in the fourth quarter. Schwab Charles Investment Management Inc. now owns 930,691 shares of the business services provider’s stock worth $14,147,000 after purchasing an additional 71,220 shares during the period. Teacher Retirement System of Texas acquired a new stake in Steelcase in the fourth quarter worth $458,000. California Public Employees Retirement System raised its holdings in Steelcase by 13.6% in the fourth quarter. California Public Employees Retirement System now owns 275,740 shares of the business services provider’s stock worth $4,191,000 after purchasing an additional 32,948 shares during the period. Swiss National Bank raised its holdings in Steelcase by 5.9% in the fourth quarter. Swiss National Bank now owns 152,600 shares of the business services provider’s stock worth $2,320,000 after purchasing an additional 8,500 shares during the period. Finally, KBC Group NV raised its holdings in Steelcase by 10.7% in the fourth quarter. KBC Group NV now owns 129,726 shares of the business services provider’s stock worth $1,972,000 after purchasing an additional 12,554 shares during the period. Institutional investors own 64.09% 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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