Steelcase Inc. (SCS) Expected to Post Earnings of $0.30 Per Share

Analysts forecast that Steelcase Inc. (NYSE:SCS) will post earnings per share of $0.30 for the current quarter, according to Zacks Investment Research. Two analysts have made estimates for Steelcase’s earnings. Steelcase reported earnings of $0.22 per share during the same quarter last year, which would indicate a positive year-over-year growth rate of 36.4%. The firm is expected to report its next earnings report on Tuesday, December 18th.

According to Zacks, analysts expect that Steelcase will report full year earnings of $1.13 per share for the current financial year, with EPS estimates ranging from $1.10 to $1.15. For the next financial year, analysts forecast that the business will post earnings of $1.31 per share, with EPS estimates ranging from $1.30 to $1.32. Zacks’ earnings per share averages are an 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 Friday, September 21st. The business services provider reported $0.41 EPS for the quarter, topping the Zacks’ consensus estimate of $0.29 by $0.12. Steelcase had a return on equity of 13.97% and a net margin of 2.89%. The firm 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 business posted $0.26 earnings per share. The firm’s revenue was up 12.9% compared to the same quarter last year.

Several research firms have issued reports on SCS. TheStreet raised Steelcase from a “c+” rating to a “b” rating in a research note on Friday, September 21st. ValuEngine raised Steelcase from a “hold” rating to a “buy” rating in a research note on Saturday, September 22nd. Seaport Global Securities raised Steelcase from a “neutral” rating to a “buy” rating and set a $20.00 target price for the company in a research note on Friday. Zacks Investment Research raised Steelcase from a “hold” rating to a “buy” rating and set a $21.00 target price for the company in a research note on Wednesday, September 26th. Finally, Raymond James raised their target price on Steelcase from $16.50 to $20.00 and gave the stock an “outperform” rating in a research note on Monday, September 24th. One analyst has rated the stock with a hold rating and three have issued a buy rating to the company’s stock. The stock presently has a consensus rating of “Buy” and a consensus price target of $20.33.

Steelcase stock traded down $0.21 during trading on Monday, reaching $16.44. 1,500,385 shares of the company were exchanged, compared to its average volume of 632,960. Steelcase has a 52-week low of $13.10 and a 52-week high of $19.35. The company has a market cap of $2.16 billion, a price-to-earnings ratio of 18.07 and a beta of 1.23. The company has a debt-to-equity ratio of 0.35, a quick ratio of 0.94 and a current ratio of 1.34.

The firm also recently announced a quarterly dividend, which will be paid on Monday, October 15th. Shareholders of record on Monday, October 1st will be paid a dividend of $0.135 per share. The ex-dividend date of this dividend is Friday, September 28th. This represents a $0.54 annualized dividend and a yield of 3.28%. Steelcase’s dividend payout ratio (DPR) is 59.34%.

In other news, VP Allan W. Smith, Jr. sold 14,000 shares of Steelcase stock in a transaction on Tuesday, September 25th. The stock was sold at an average price of $18.54, for a total value of $259,560.00. Following the completion of the sale, the vice president now directly owns 31,490 shares of the company’s stock, valued at $583,824.60. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Also, Director Robert C. Pew III sold 16,291 shares of Steelcase stock in a transaction on 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 directly owns 255,090 shares of the company’s stock, valued at $4,466,625.90. The disclosure for this sale can be found here. In the last three months, insiders have sold 57,791 shares of company stock valued at $1,056,215. 17.58% of the stock is owned by insiders.

Several hedge funds and other institutional investors have recently modified their holdings of the company. BlackRock Inc. grew its stake in shares of Steelcase by 8.5% in the second quarter. BlackRock Inc. now owns 5,802,959 shares of the business services provider’s stock valued at $78,341,000 after buying an additional 456,137 shares in the last quarter. Dimensional Fund Advisors LP grew its stake in shares of Steelcase by 10.1% in the second quarter. Dimensional Fund Advisors LP now owns 4,199,765 shares of the business services provider’s stock valued at $56,697,000 after buying an additional 386,228 shares in the last quarter. Pzena Investment Management LLC grew its stake in shares of Steelcase by 14.0% in the second quarter. Pzena Investment Management LLC now owns 3,393,731 shares of the business services provider’s stock valued at $45,815,000 after buying an additional 416,815 shares in the last quarter. Deprince Race & Zollo Inc. grew its stake in shares of Steelcase by 22.6% during the second quarter. Deprince Race & Zollo Inc. now owns 2,925,293 shares of the business services provider’s stock valued at $39,491,000 after acquiring an additional 539,088 shares in the last quarter. Finally, LSV Asset Management grew its stake in shares of Steelcase by 3.0% during the second quarter. LSV Asset Management now owns 2,479,462 shares of the business services provider’s stock valued at $33,472,000 after acquiring an additional 71,529 shares in the last quarter. 63.70% of the stock is owned by institutional investors and hedge funds.

About Steelcase

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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