Steelcase (NYSE:SCS) Updates FY20 Earnings Guidance
Steelcase (NYSE:SCS) updated its FY20 earnings guidance on Wednesday. The company provided earnings per share guidance of $1.20-1.35 for the period, compared to the Thomson Reuters consensus earnings per share estimate of $1.30. The company issued revenue guidance of $3.63-3.77 billion, compared to the consensus revenue estimate of $3.71 billion.Steelcase also updated its FY 2020 guidance to $1.20-1.35 EPS.
A number of brokerages have recently weighed in on SCS. Zacks Investment Research upgraded Steelcase from a sell rating to a hold rating in a research report on Wednesday, May 22nd. Raymond James upgraded Steelcase from an outperform rating to a strong-buy rating and increased their price target for the stock from $20.00 to $21.00 in a research report on Thursday, March 21st. Two investment analysts have rated the stock with a hold rating, one has issued a buy rating and one has given a strong buy rating to the stock. The company has a consensus rating of Buy and an average target price of $19.00.
Shares of Steelcase stock opened at $15.46 on Friday. The company has a debt-to-equity ratio of 0.57, a quick ratio of 1.22 and a current ratio of 1.59. The company has a market cap of $1.85 billion, a PE ratio of 13.60 and a beta of 1.32. Steelcase has a twelve month low of $13.10 and a twelve month high of $19.35.
The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, July 16th. Investors of record on Monday, July 1st will be issued a $0.145 dividend. This represents a $0.58 dividend on an annualized basis and a yield of 3.75%. The ex-dividend date is Friday, June 28th. Steelcase’s dividend payout ratio (DPR) is 48.33%.
In related news, Director Jennifer C. Niemann sold 1,832 shares of the stock in a transaction that occurred on Friday, March 29th. The stock was sold at an average price of $14.69, for a total value of $26,912.08. Following the completion of the transaction, the director now directly owns 7,746 shares of the company’s stock, valued at approximately $113,788.74. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, VP Allan W. Smith, Jr. sold 12,233 shares of the stock in a transaction that occurred on Wednesday, May 1st. The stock was sold at an average price of $17.15, for a total value of $209,795.95. Following the completion of the transaction, the vice president now directly owns 29,600 shares of the company’s stock, valued at $507,640. The disclosure for this sale can be found here. Insiders sold a total of 221,565 shares of company stock valued at $3,767,208 over the last three months. Corporate insiders own 17.58% of the company’s stock.
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.
Receive News & Ratings for Steelcase Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Steelcase and related companies with MarketBeat.com's FREE daily email newsletter.