$801.10 Million in Sales Expected for Steelcase Inc. (SCS) This Quarter
Wall Street brokerages expect Steelcase Inc. (NYSE:SCS) to post sales of $801.10 million for the current quarter, according to Zacks Investment Research. Two analysts have issued estimates for Steelcase’s earnings, with the lowest sales estimate coming in at $798.20 million and the highest estimate coming in at $804.00 million. Steelcase reported sales of $786.50 million during the same quarter last year, which indicates a positive year-over-year growth rate of 1.9%. The company is scheduled to report its next quarterly earnings report on Tuesday, December 19th.
On average, analysts expect that Steelcase will report full-year sales of $801.10 million for the current financial year, with estimates ranging from $3.10 billion to $3.11 billion. For the next fiscal year, analysts forecast that the company will post sales of $3.24 billion per share, with estimates ranging from $3.20 billion to $3.28 billion. Zacks’ sales calculations are a mean average based on a survey of sell-side research firms that cover Steelcase.
Steelcase (NYSE:SCS) last released its quarterly earnings results on Monday, September 18th. The business services provider reported $0.31 EPS for the quarter, topping the consensus estimate of $0.23 by $0.08. The firm had revenue of $775.60 million for the quarter, compared to analyst estimates of $759.83 million. Steelcase had a return on equity of 15.72% and a net margin of 3.98%. Steelcase’s revenue for the quarter was up 2.3% on a year-over-year basis. During the same period in the previous year, the company posted $0.32 EPS.
A number of research analysts have recently commented on SCS shares. BidaskClub lowered Steelcase from a “sell” rating to a “strong sell” rating in a report on Monday, July 24th. Sidoti raised Steelcase from a “neutral” rating to a “buy” rating and set a $16.00 price objective on the stock in a report on Friday, September 1st. TheStreet raised Steelcase from a “c+” rating to a “b-” rating in a report on Tuesday, October 3rd. Zacks Investment Research raised Steelcase from a “sell” rating to a “hold” rating in a report on Thursday, August 24th. Finally, ValuEngine lowered Steelcase from a “buy” rating to a “hold” rating in a report on Friday, September 1st. One equities 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 company. The company currently has a consensus rating of “Hold” and a consensus target price of $16.00.
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A number of institutional investors and hedge funds have recently added to or reduced their stakes in the business. New York State Teachers Retirement System grew its holdings in Steelcase by 4.2% in the 1st quarter. New York State Teachers Retirement System now owns 7,500 shares of the business services provider’s stock valued at $126,000 after buying an additional 300 shares during the last quarter. Amalgamated Bank grew its holdings in Steelcase by 3.4% in the 2nd quarter. Amalgamated Bank now owns 10,913 shares of the business services provider’s stock valued at $153,000 after buying an additional 358 shares during the last quarter. Principal Financial Group Inc. grew its holdings in Steelcase by 1.0% in the 1st quarter. Principal Financial Group Inc. now owns 40,040 shares of the business services provider’s stock valued at $670,000 after buying an additional 387 shares during the last quarter. Rhumbline Advisers grew its holdings in Steelcase by 0.4% in the 2nd quarter. Rhumbline Advisers now owns 110,940 shares of the business services provider’s stock valued at $1,553,000 after buying an additional 450 shares during the last quarter. Finally, SG Americas Securities LLC grew its holdings in Steelcase by 5.2% in the 1st quarter. SG Americas Securities LLC now owns 17,719 shares of the business services provider’s stock valued at $297,000 after buying an additional 870 shares during the last quarter. 62.43% of the stock is currently owned by hedge funds and other institutional investors.
Steelcase (NYSE SCS) traded down 2.71% during trading on Friday, reaching $14.35. The company had a trading volume of 435,261 shares. The company has a market capitalization of $1.67 billion, a P/E ratio of 14.11 and a beta of 1.21. Steelcase has a 12 month low of $12.50 and a 12 month high of $18.15. The stock has a 50 day moving average of $14.91 and a 200-day moving average of $15.02.
The firm also recently announced a quarterly dividend, which was paid on Thursday, October 12th. Shareholders of record on Thursday, September 28th were issued a $0.1275 dividend. This represents a $0.51 dividend on an annualized basis and a yield of 3.55%. The ex-dividend date was Wednesday, September 27th. Steelcase’s dividend payout ratio (DPR) is currently 50.50%.
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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