Analysts Anticipate Steelcase Inc. (SCS) Will Announce Earnings of $0.30 Per Share

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Equities research analysts expect Steelcase Inc. (NYSE:SCS) to post $0.30 earnings per share for the current quarter, Zacks reports. Two analysts have made estimates for Steelcase’s earnings. Steelcase posted earnings per share of $0.22 in the same quarter last year, which would indicate a positive year over year growth rate of 36.4%. The business is scheduled to issue its next quarterly earnings report on Tuesday, December 18th.

On average, analysts expect that Steelcase will report full year earnings of $1.13 per share for the current year, with EPS estimates ranging from $1.10 to $1.15. For the next financial year, analysts forecast that the company will post earnings of $1.31 per share, with EPS estimates ranging from $1.30 to $1.32. Zacks’ EPS calculations are a mean average based on a survey of analysts that that provide coverage for Steelcase.

Steelcase (NYSE:SCS) last announced its earnings results on Friday, September 21st. The business services provider reported $0.41 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $0.29 by $0.12. Steelcase had a net margin of 2.89% and a return on equity of 13.97%. The company had revenue of $875.80 million for the quarter, compared to analyst estimates of $873.70 million. During the same period in the prior year, the business earned $0.26 earnings per share. Steelcase’s quarterly revenue was up 12.9% on a year-over-year basis.

A number of equities research analysts recently weighed in on SCS shares. ValuEngine raised shares of Steelcase from a “sell” rating to a “hold” rating in a research note on Monday, August 20th. TheStreet downgraded shares of Steelcase from a “b-” rating to a “c+” rating in a research note on Monday, June 25th. Seaport Global Securities raised shares of Steelcase from a “neutral” rating to a “buy” rating and set a $20.00 price target for the company in a research note on Friday. Zacks Investment Research raised shares of Steelcase from a “hold” rating to a “buy” rating and set a $16.00 price target for the company in a research note on Tuesday, June 26th. Finally, Raymond James boosted their price target on shares of Steelcase from $16.50 to $20.00 and gave the stock an “outperform” rating in a research note on Monday, September 24th. One investment analyst has rated the stock with a hold rating and three have assigned a buy rating to the company. The stock presently has a consensus rating of “Buy” and an average target price of $20.33.

In other Steelcase news, Director Robert C. Pew III sold 16,291 shares of the company’s stock in a transaction that occurred on Wednesday, October 10th. The shares were sold at an average price of $17.51, for a total value of $285,255.41. Following the completion of the sale, the director now owns 255,090 shares of the company’s stock, valued at $4,466,625.90. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, VP Allan W. Smith, Jr. sold 14,000 shares of the company’s stock in a transaction that occurred on Tuesday, September 25th. The shares were sold at an average price of $18.54, for a total transaction of $259,560.00. Following the completion of the sale, the vice president now directly owns 31,490 shares of the company’s stock, valued at approximately $583,824.60. The disclosure for this sale can be found here. Insiders sold 57,791 shares of company stock valued at $1,056,215 in the last ninety days. Insiders own 17.58% of the company’s stock.

A number of large investors have recently modified their holdings of SCS. Hartford Investment Management Co. bought a new stake in Steelcase in the second quarter valued at approximately $167,000. WBI Investments Inc. bought a new stake in Steelcase in the second quarter valued at approximately $173,000. Summit Trail Advisors LLC increased its stake in Steelcase by 2,012.0% in the first quarter. Summit Trail Advisors LLC now owns 180,007 shares of the business services provider’s stock valued at $180,000 after purchasing an additional 171,484 shares in the last quarter. Baldwin Brothers Inc. MA bought a new stake in Steelcase in the second quarter valued at approximately $184,000. Finally, Bayesian Capital Management LP bought a new stake in Steelcase in the first quarter valued at approximately $204,000. 63.70% of the stock is owned by hedge funds and other institutional investors.

Shares of SCS traded down $0.21 on Monday, reaching $16.44. 1,500,385 shares of the company’s stock were exchanged, compared to its average volume of 632,960. The company has a debt-to-equity ratio of 0.35, a current ratio of 1.34 and a quick ratio of 0.94. The company has a market cap of $2.16 billion, a price-to-earnings ratio of 18.07 and a beta of 1.23. Steelcase has a 12 month low of $13.10 and a 12 month high of $19.35.

The firm also recently declared a quarterly dividend, which will be paid on Monday, October 15th. Investors of record on Monday, October 1st will be paid a dividend of $0.135 per share. This represents a $0.54 dividend on an annualized basis and a dividend yield of 3.28%. The ex-dividend date is Friday, September 28th. Steelcase’s dividend payout ratio (DPR) is 59.34%.

Steelcase Company Profile

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-based furniture systems, storage products, fixed and height-adjustable desks, benches, and tables, as well as other products, including worktools.

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Earnings History and Estimates for Steelcase (NYSE:SCS)

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