Steelcase Inc. (SCS) Issues Q3 Earnings Guidance
Steelcase Inc. (NYSE:SCS) issued an update on its third quarter earnings guidance on Wednesday morning. The company provided earnings per share guidance of $0.33-0.37 for the period, compared to the Thomson Reuters consensus earnings per share estimate of $0.35. The company issued revenue guidance of $795-820 million, compared to the consensus revenue estimate of $807.40 million.
Steelcase Inc. (NYSE:SCS) remained flat at $12.86 on Wednesday. The company’s stock had a trading volume of 1,718,994 shares. Steelcase Inc. has a 12 month low of $11.67 and a 12 month high of $20.37. The stock has a market capitalization of $1.53 billion, a price-to-earnings ratio of 9.43 and a beta of 1.38. The firm’s 50 day moving average is $14.41 and its 200-day moving average is $14.75.
Steelcase (NYSE:SCS) last issued its quarterly earnings data on Wednesday, September 21st. The company reported $0.32 EPS for the quarter, hitting analysts’ consensus estimates of $0.32. Steelcase had a net margin of 5.52% and a return on equity of 18.31%. The business had revenue of $758 million for the quarter, compared to analyst estimates of $785.30 million. During the same period last year, the business posted $0.35 earnings per share. The firm’s quarterly revenue was down 7.4% on a year-over-year basis. On average, equities analysts expect that Steelcase Inc. will post $1.10 earnings per share for the current year.
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Separately, Zacks Investment Research upgraded shares of Steelcase from a sell rating to a hold rating in a report on Thursday, June 2nd.
In related news, VP Sara E. Armbruster sold 14,000 shares of the firm’s stock in a transaction on Wednesday, June 29th. The shares were sold at an average price of $13.50, for a total value of $189,000.00. Following the completion of the transaction, the vice president now owns 99,711 shares of the company’s stock, valued at $1,346,098.50. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. 18.68% of the stock is currently owned by corporate insiders.
A number of hedge funds and other institutional investors have recently added to or reduced their stakes in SCS. Teachers Advisors Inc. increased its position in Steelcase by 11.4% in the second quarter. Teachers Advisors Inc. now owns 132,984 shares of the company’s stock worth $1,805,000 after buying an additional 13,601 shares during the period. Baird Financial Group Inc. increased its position in Steelcase by 11.0% in the second quarter. Baird Financial Group Inc. now owns 76,218 shares of the company’s stock worth $1,034,000 after buying an additional 7,581 shares during the period. United Services Automobile Association increased its position in Steelcase by 3.4% in the second quarter. United Services Automobile Association now owns 361,490 shares of the company’s stock worth $4,905,000 after buying an additional 11,930 shares during the period. Analytic Investors LLC increased its position in Steelcase by 226.6% in the second quarter. Analytic Investors LLC now owns 107,419 shares of the company’s stock worth $1,458,000 after buying an additional 74,524 shares during the period. Finally, Pacad Investment Ltd. increased its position in Steelcase by 30.6% in the second quarter. Pacad Investment Ltd. now owns 34,550 shares of the company’s stock worth $469,000 after buying an additional 8,100 shares during the period. 65.72% of the stock is owned by institutional investors and hedge funds.
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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