Zacks: Analysts Expect Steelcase Inc. (SCS) Will Post Quarterly Sales of $749.50 Million
Brokerages forecast that Steelcase Inc. (NYSE:SCS) will post $749.50 million in sales for the current fiscal quarter, Zacks Investment Research reports. Two analysts have made estimates for Steelcase’s earnings, with the lowest sales estimate coming in at $748.00 million and the highest estimate coming in at $751.00 million. Steelcase posted sales of $769.10 million in the same quarter last year, which suggests a negative year over year growth rate of 2.5%. The business is scheduled to issue its next earnings report on Tuesday, March 20th.
On average, analysts expect that Steelcase will report full-year sales of $749.50 million for the current year. For the next year, analysts forecast that the business will report sales of $3.15 billion per share, with estimates ranging from $3.13 billion to $3.17 billion. Zacks’ sales calculations are an average based on a survey of analysts that cover Steelcase.
Steelcase (NYSE:SCS) last posted its earnings results on Tuesday, December 19th. The business services provider reported $0.22 earnings per share for the quarter, hitting analysts’ consensus estimates of $0.22. The company had revenue of $772.10 million during the quarter, compared to analyst estimates of $762.37 million. Steelcase had a return on equity of 13.62% and a net margin of 3.49%. Steelcase’s revenue was down 1.8% on a year-over-year basis. During the same quarter in the prior year, the business earned $0.30 earnings per share.
In other news, VP Sara E. Armbruster sold 3,000 shares of the stock in a transaction on Friday, December 22nd. The stock was sold at an average price of $14.80, for a total transaction of $44,400.00. Following the completion of the sale, the vice president now owns 69,870 shares in the company, valued at approximately $1,034,076. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, Director Peter M. Wege II sold 13,300 shares of the stock in a transaction on Thursday, January 4th. The shares were sold at an average price of $15.14, for a total value of $201,362.00. Following the sale, the director now owns 254,244 shares of the company’s stock, valued at approximately $3,849,254.16. The disclosure for this sale can be found here. Corporate insiders own 18.87% of the company’s stock.
Several hedge funds and other institutional investors have recently added to or reduced their stakes in SCS. New York State Teachers Retirement System acquired a new position in shares of Steelcase in the 3rd quarter valued at $117,000. Public Employees Retirement System of Ohio increased its position in shares of Steelcase by 9.6% in the 2nd quarter. Public Employees Retirement System of Ohio now owns 10,833 shares of the business services provider’s stock valued at $152,000 after acquiring an additional 947 shares during the period. Amalgamated Bank increased its position in shares of 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 acquiring an additional 358 shares during the period. Verity Asset Management Inc. acquired a new position in shares of Steelcase in the 4th quarter valued at $183,000. Finally, Acadian Asset Management LLC acquired a new position in shares of Steelcase in the 4th quarter valued at $184,000. 62.95% of the stock is currently owned by hedge funds and other institutional investors.
Steelcase (SCS) traded up $0.15 during trading on Friday, reaching $14.10. The company’s stock had a trading volume of 817,230 shares, compared to its average volume of 778,438. Steelcase has a one year low of $12.50 and a one year high of $18.15. The company has a debt-to-equity ratio of 0.36, a quick ratio of 1.23 and a current ratio of 1.58. The stock has a market capitalization of $1,654.92, a price-to-earnings ratio of 15.67 and a beta of 1.20.
The firm also recently disclosed a quarterly dividend, which was paid on Monday, January 15th. Stockholders of record on Friday, December 29th were issued a dividend of $0.1275 per share. The ex-dividend date was Thursday, December 28th. This represents a $0.51 annualized dividend and a dividend yield of 3.62%. Steelcase’s dividend payout ratio is presently 57.30%.
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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