Steelcase Inc. (SCS) to Post FY2018 Earnings of $0.82 Per Share, Seaport Global Securities Forecasts
Steelcase Inc. (NYSE:SCS) – Equities research analysts at Seaport Global Securities cut their FY2018 earnings per share (EPS) estimates for Steelcase in a research report issued to clients and investors on Wednesday. Seaport Global Securities analyst M. Mccall now forecasts that the business services provider will earn $0.82 per share for the year, down from their prior estimate of $0.89. Seaport Global Securities also issued estimates for Steelcase’s Q4 2018 earnings at $0.16 EPS, Q1 2019 earnings at $0.18 EPS, Q2 2019 earnings at $0.25 EPS, Q3 2019 earnings at $0.26 EPS, Q4 2019 earnings at $0.23 EPS and FY2019 earnings at $0.92 EPS.
Several other research firms have also recently weighed in on SCS. Zacks Investment Research cut shares of Steelcase from a “hold” rating to a “sell” rating in a research report on Tuesday, December 12th. TheStreet upgraded shares of Steelcase from a “c+” rating to a “b-” rating in a research report on Tuesday, October 3rd. Sidoti cut shares of Steelcase from a “buy” rating to a “neutral” rating and set a $16.00 price objective on the stock. in a research report on Wednesday, September 20th. Finally, ValuEngine cut shares of Steelcase from a “buy” rating to a “hold” rating in a research report on Friday, September 1st. Two analysts have rated the stock with a sell rating, two have given a hold rating and two have issued a buy rating to the company’s stock. The stock presently has a consensus rating of “Hold” and an average target price of $16.00.
Shares of Steelcase (NYSE:SCS) remained flat at $$14.80 on Friday. 730,498 shares of the stock traded hands, compared to its average volume of 821,829. Steelcase has a one year low of $12.50 and a one year high of $18.15. The stock has a market capitalization of $1,717.30, a P/E ratio of 16.63 and a beta of 1.25. The company has a quick ratio of 1.28, a current ratio of 1.58 and a debt-to-equity ratio of 0.36.
Steelcase (NYSE:SCS) last announced its quarterly earnings results on Tuesday, December 19th. The business services provider reported $0.22 earnings per share for the quarter, meeting the Thomson Reuters’ consensus estimate of $0.22. Steelcase had a return on equity of 13.62% and a net margin of 3.49%. The firm had revenue of $772.10 million for the quarter, compared to analysts’ expectations of $762.37 million. During the same period in the prior year, the business posted $0.30 earnings per share. The company’s revenue was down 1.8% on a year-over-year basis.
A number of institutional investors and hedge funds have recently modified their holdings of SCS. New York State Teachers Retirement System purchased a new stake in Steelcase in the third quarter worth approximately $117,000. Public Employees Retirement System of Ohio boosted 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. Amalgamated Bank boosted its stake in Steelcase by 3.4% in the second quarter. Amalgamated Bank now owns 10,913 shares of the business services provider’s stock worth $153,000 after buying an additional 358 shares in the last quarter. AXA purchased a new stake in Steelcase in the second quarter worth approximately $169,000. Finally, Ramsey Quantitative Systems purchased a new stake in Steelcase in the second quarter worth approximately $255,000. 62.20% of the stock is owned by institutional investors and hedge funds.
In related news, VP Sara E. Armbruster sold 3,000 shares of the company’s stock in a transaction that occurred on Friday, December 22nd. The shares were sold at an average price of $14.80, for a total value of $44,400.00. Following the transaction, the vice president now directly owns 69,870 shares in the company, valued at $1,034,076. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. 18.87% of the stock is currently owned by corporate insiders.
The business also recently disclosed a quarterly dividend, which will be paid on Monday, January 15th. Investors of record on Friday, December 29th will be given a $0.1275 dividend. This represents a $0.51 annualized dividend and a dividend yield of 3.45%. The ex-dividend date of this dividend is Thursday, December 28th. Steelcase’s dividend payout ratio (DPR) is 57.30%.
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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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