Analysts expect Steelcase (NYSE:SCS) to report earnings per share (EPS) of $0.15 for the current fiscal quarter, Zacks Investment Research reports. Two analysts have provided estimates for Steelcase’s earnings, with the lowest EPS estimate coming in at $0.14 and the highest estimate coming in at $0.15. Steelcase also posted earnings of $0.15 per share in the same quarter last year. The company is expected to issue its next quarterly earnings results on Wednesday, June 20th.
According to Zacks, analysts expect that Steelcase will report full year earnings of $0.98 per share for the current year, with EPS estimates ranging from $0.91 to $1.05. For the next fiscal year, analysts anticipate that the company will report earnings of $1.18 per share, with EPS estimates ranging from $1.16 to $1.20. Zacks’ earnings per share averages are a mean average based on a survey of analysts that that provide coverage for Steelcase.
Steelcase (NYSE:SCS) last released its quarterly earnings data on Tuesday, March 20th. The business services provider reported $0.24 earnings per share for the quarter, beating analysts’ consensus estimates of $0.16 by $0.08. Steelcase had a net margin of 2.64% and a return on equity of 13.60%. The firm had revenue of $772.70 million for the quarter, compared to analyst estimates of $750.70 million. During the same period last year, the firm earned $0.27 earnings per share. The business’s quarterly revenue was up .5% compared to the same quarter last year.
A number of research firms have weighed in on SCS. Seaport Global Securities reaffirmed a “neutral” rating on shares of Steelcase in a research note on Monday, March 26th. Zacks Investment Research raised shares of Steelcase from a “sell” rating to a “hold” rating in a research note on Wednesday, March 28th. 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. The stock has a consensus rating of “Hold” and a consensus price target of $16.00.
In related news, Director Peter M. Wege II sold 7,000 shares of the firm’s stock in a transaction dated Thursday, March 29th. The shares were sold at an average price of $13.46, for a total transaction 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 transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 18.87% of the stock is owned by company insiders.
Several institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Cooke & Bieler LP lifted its position in shares of Steelcase by 13.6% during the fourth quarter. Cooke & Bieler LP now owns 4,255,419 shares of the business services provider’s stock valued at $64,682,000 after purchasing an additional 509,585 shares in the last quarter. Alliancebernstein L.P. lifted its position in shares of Steelcase by 13.4% during the fourth quarter. Alliancebernstein L.P. now owns 4,133,810 shares of the business services provider’s stock valued at $62,834,000 after purchasing an additional 489,955 shares in the last quarter. Dimensional Fund Advisors LP lifted its position in shares of Steelcase by 8.3% during the third quarter. Dimensional Fund Advisors LP now owns 3,630,186 shares of the business services provider’s stock valued at $55,905,000 after purchasing an additional 278,125 shares in the last quarter. LSV Asset Management lifted its position in shares of Steelcase by 7.9% during the fourth quarter. LSV Asset Management now owns 2,394,433 shares of the business services provider’s stock valued at $36,395,000 after purchasing an additional 176,200 shares in the last quarter. Finally, Wells Fargo & Company MN lifted its position in shares of Steelcase by 6.9% during the fourth quarter. Wells Fargo & Company MN now owns 1,685,216 shares of the business services provider’s stock valued at $25,614,000 after purchasing an additional 108,452 shares in the last quarter. 64.63% of the stock is currently owned by institutional investors.
Shares of Steelcase stock traded down $0.10 during trading hours on Wednesday, reaching $14.20. The company’s stock had a trading volume of 245,482 shares, compared to its average volume of 665,407. Steelcase has a one year low of $12.50 and a one year high of $18.15. The firm has a market capitalization of $1,654.92, a price-to-earnings ratio of 15.60 and a beta of 1.24. The company has a current ratio of 1.54, a quick ratio of 1.21 and a debt-to-equity ratio of 0.36.
The company also recently declared a quarterly dividend, which was paid on Friday, April 13th. Investors of record on Friday, March 30th were given a dividend of $0.135 per share. This is a positive change from Steelcase’s previous quarterly dividend of $0.13. This represents a $0.54 dividend on an annualized basis and a dividend yield of 3.80%. The ex-dividend date of this dividend was Wednesday, March 28th. Steelcase’s dividend payout ratio (DPR) is presently 59.34%.
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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