Brokerages expect Steelcase Inc. (NYSE:SCS) to announce $935.70 million in sales for the current quarter, according to Zacks Investment Research. Two analysts have provided estimates for Steelcase’s earnings, with estimates ranging from $935.10 million to $936.30 million. Steelcase posted sales of $901.00 million during the same quarter last year, which would indicate a positive year over year growth rate of 3.9%. The firm is expected to report its next quarterly earnings report after the market closes on Tuesday, December 17th.
According to Zacks, analysts expect that Steelcase will report full year sales of $3.71 billion for the current financial year, with estimates ranging from $3.70 billion to $3.72 billion. For the next financial year, analysts expect that the firm will post sales of $3.78 billion, with estimates ranging from $3.74 billion to $3.81 billion. Zacks’ sales calculations are an average based on a survey of analysts that follow Steelcase.
Steelcase (NYSE:SCS) last issued its quarterly earnings results on Friday, September 20th. The business services provider reported $0.50 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.43 by $0.07. Steelcase had a net margin of 3.80% and a return on equity of 18.13%. The business had revenue of $998.00 million for the quarter, compared to analyst estimates of $980.87 million. During the same period in the previous year, the business posted $0.36 earnings per share. The business’s revenue was up 14.0% compared to the same quarter last year.
A number of analysts recently commented on the stock. Raymond James downgraded shares of Steelcase from a “strong-buy” rating to a “market perform” rating in a report on Monday, October 7th. Zacks Investment Research downgraded shares of Steelcase from a “buy” rating to a “hold” rating in a report on Thursday, November 21st.
In related news, Director Peter M. Wege II sold 2,600 shares of the business’s stock in a transaction dated Wednesday, September 25th. The shares were sold at an average price of $18.64, for a total transaction of $48,464.00. Following the sale, the director now owns 235,644 shares of the company’s stock, valued at $4,392,404.16. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, VP Eddy F. Schmitt sold 25,000 shares of the business’s stock in a transaction dated Tuesday, September 24th. The stock was sold at an average price of $18.95, for a total transaction of $473,750.00. Following the sale, the vice president now directly owns 38,789 shares in the company, valued at approximately $735,051.55. The disclosure for this sale can be found here. In the last three months, insiders have sold 40,300 shares of company stock worth $754,203. 17.04% of the stock is owned by insiders.
Hedge funds have recently added to or reduced their stakes in the stock. Tower Research Capital LLC TRC purchased a new stake in shares of Steelcase in the third quarter valued at about $74,000. NEXT Financial Group Inc lifted its holdings in shares of Steelcase by 22.2% in the second quarter. NEXT Financial Group Inc now owns 4,400 shares of the business services provider’s stock valued at $75,000 after purchasing an additional 800 shares in the last quarter. Advisor Group Inc. lifted its holdings in shares of Steelcase by 25.3% in the second quarter. Advisor Group Inc. now owns 6,313 shares of the business services provider’s stock valued at $108,000 after purchasing an additional 1,276 shares in the last quarter. New York State Teachers Retirement System purchased a new stake in shares of Steelcase in the third quarter valued at about $140,000. Finally, Nisa Investment Advisors LLC lifted its holdings in shares of Steelcase by 70.0% in the third quarter. Nisa Investment Advisors LLC now owns 8,500 shares of the business services provider’s stock valued at $156,000 after purchasing an additional 3,500 shares in the last quarter. 67.48% of the stock is currently owned by hedge funds and other institutional investors.
Shares of Steelcase stock traded up $0.12 on Wednesday, reaching $18.24. 650,100 shares of the stock were exchanged, compared to its average volume of 654,099. Steelcase has a 1-year low of $13.96 and a 1-year high of $19.65. The company has a current ratio of 1.57, a quick ratio of 1.20 and a debt-to-equity ratio of 0.76. The business has a fifty day moving average price of $17.99 and a two-hundred day moving average price of $17.07. The firm has a market capitalization of $2.12 billion, a PE ratio of 15.20 and a beta of 1.38.
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, fence and beam-based furniture systems, storage products, fixed and height-adjustable desks, benches, and tables, as well as complementary products, including worktools.
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