$757.40 Million in Sales Expected for Steelcase Inc. (SCS) This Quarter
Analysts predict that Steelcase Inc. (NYSE:SCS) will report $757.40 million in sales for the current fiscal quarter, Zacks reports. Two analysts have provided estimates for Steelcase’s earnings, with estimates ranging from $756.80 million to $758.00 million. Steelcase reported sales of $758.00 million in the same quarter last year, which indicates a negative year over year growth rate of 0.1%. The business is scheduled to issue its next earnings results after the market closes on Monday, September 18th.
On average, analysts expect that Steelcase will report full year sales of $757.40 million for the current year, with estimates ranging from $3.06 billion to $3.11 billion. For the next fiscal year, analysts expect that the firm will report sales of $3.19 billion per share, with estimates ranging from $3.16 billion to $3.23 billion. Zacks Investment Research’s sales calculations are an average based on a survey of sell-side research firms that cover Steelcase.
Steelcase (NYSE:SCS) last released its quarterly earnings results on Wednesday, June 21st. The business services provider reported $0.15 EPS for the quarter, missing the consensus estimate of $0.19 by $0.04. The business had revenue of $735.10 million during the quarter, compared to analyst estimates of $743.27 million. Steelcase had a net margin of 4.04% and a return on equity of 16.37%. The firm’s revenue for the quarter was up 2.3% compared to the same quarter last year. During the same quarter in the prior year, the company earned $0.18 earnings per share.
SCS has been the topic of a number of research reports. TheStreet downgraded shares of Steelcase from a “b-” rating to a “c+” rating in a report on Thursday, July 20th. ValuEngine downgraded shares of Steelcase from a “buy” rating to a “hold” rating in a report on Friday. Zacks Investment Research upgraded shares of Steelcase from a “sell” rating to a “hold” rating in a report on Thursday, August 24th. Raymond James Financial, Inc. reiterated an “outperform” rating and issued a $16.00 target price (down from $19.00) on shares of Steelcase in a report on Friday, June 23rd. Finally, UBS AG downgraded shares of Steelcase from a “strong-buy” rating to an “outperform” rating in a report on Friday, June 23rd. One research analyst has rated the stock with a sell rating, three have assigned a hold rating and two have assigned a buy rating to the stock. The stock currently has a consensus rating of “Hold” and an average target price of $17.50.
Shares of Steelcase (SCS) opened at 13.20 on Friday. Steelcase has a 52-week low of $12.50 and a 52-week high of $18.15. The stock has a 50 day moving average of $13.37 and a 200 day moving average of $15.53. The firm has a market capitalization of $1.56 billion, a price-to-earnings ratio of 12.92 and a beta of 1.20.
In other news, Director Peter M. Wege II sold 14,400 shares of the business’s stock in a transaction that occurred on Friday, July 14th. The shares were sold at an average price of $13.81, for a total transaction of $198,864.00. Following the sale, the director now owns 270,180 shares in the company, valued at $3,731,185.80. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. 18.87% of the stock is owned by insiders.
Large investors have recently added to or reduced their stakes in the stock. North Star Investment Management Corp. purchased a new stake in Steelcase during the first quarter worth about $112,000. Ameritas Investment Partners Inc. purchased a new stake in Steelcase during the first quarter worth about $125,000. New York State Teachers Retirement System raised its stake in Steelcase by 4.2% in the first 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. purchased a new stake in Steelcase during the second quarter worth about $147,000. Finally, Public Employees Retirement System of Ohio raised its stake in Steelcase by 9.6% in the second 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. Institutional investors and hedge funds own 62.18% of the company’s stock.
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Steelcase Company Profile
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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