Q4 2018 EPS Estimates for Steelcase Inc. (SCS) Increased by Analyst
Steelcase Inc. (NYSE:SCS) – Analysts at Seaport Global Securities increased their Q4 2018 earnings estimates for shares of Steelcase in a research report issued on Tuesday. Seaport Global Securities analyst M. Mccall now expects that the business services provider will earn $0.24 per share for the quarter, up from their previous estimate of $0.23.
Several other brokerages have also issued reports on SCS. BidaskClub lowered Steelcase from a “hold” rating to a “sell” rating in a report on Friday, June 23rd. Sidoti upgraded Steelcase from a “neutral” rating to a “buy” rating and set a $16.00 price objective for the company in a report on Friday, September 1st. Zacks Investment Research lowered Steelcase from a “hold” rating to a “strong sell” rating in a report on Wednesday, June 28th. ValuEngine lowered Steelcase from a “buy” rating to a “hold” rating in a report on Friday, June 2nd. Finally, UBS AG lowered 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, four have assigned a hold rating and two have assigned a buy rating to the stock. The company has a consensus rating of “Hold” and a consensus target price of $17.00.
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Shares of Steelcase (NYSE:SCS) traded up 1.211% during midday trading on Friday, reaching $14.625. The company’s stock had a trading volume of 183,911 shares. The stock has a market capitalization of $1.73 billion, a PE ratio of 14.310 and a beta of 1.18. 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 price of $13.41 and a 200 day moving average price of $15.32.
Steelcase (NYSE:SCS) last announced its quarterly earnings results on Monday, September 18th. The business services provider reported $0.31 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $0.23 by $0.08. The company had revenue of $775.60 million during the quarter, compared to analyst estimates of $759.83 million. Steelcase had a return on equity of 15.84% and a net margin of 3.98%. The firm’s revenue was up 2.3% on a year-over-year basis. During the same period in the prior year, the firm posted $0.32 earnings per share.
The company also recently disclosed a quarterly dividend, which will be paid on Thursday, October 12th. Investors of record on Thursday, September 28th will be issued a dividend of $0.1275 per share. The ex-dividend date is Wednesday, September 27th. This represents a $0.51 annualized dividend and a dividend yield of 3.49%. Steelcase’s dividend payout ratio is 50.50%.
In related news, Director Peter M. Wege II sold 14,400 shares of the stock in a transaction on Friday, July 14th. The stock was sold at an average price of $13.81, for a total transaction of $198,864.00. Following the completion of the sale, the director now directly owns 270,180 shares in the company, valued at $3,731,185.80. The sale was disclosed in a filing with the SEC, which is available through this hyperlink. 18.87% of the stock is currently owned by company insiders.
Large investors have recently made changes to their positions in the stock. State Board of Administration of Florida Retirement System raised its holdings in Steelcase by 54.0% during the first quarter. State Board of Administration of Florida Retirement System now owns 115,003 shares of the business services provider’s stock valued at $1,926,000 after buying an additional 40,317 shares in the last quarter. American Century Companies Inc. bought a new position in Steelcase during the first quarter valued at about $261,000. Karp Capital Management Corp bought a new position in Steelcase during the first quarter valued at about $825,000. Parametric Portfolio Associates LLC raised its holdings in Steelcase by 5.3% during the first quarter. Parametric Portfolio Associates LLC now owns 181,479 shares of the business services provider’s stock valued at $3,040,000 after buying an additional 9,087 shares in the last quarter. Finally, Airain ltd bought a new position in Steelcase during the first quarter valued at about $238,000. Institutional investors and hedge funds own 62.10% of the company’s stock.
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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