Steelcase Inc. (SCS) Expected to Post Quarterly Sales of $744.6 Million
Brokerages forecast that Steelcase Inc. (NYSE:SCS) will post sales of $744.6 million for the current quarter, Zacks reports. Two analysts have issued estimates for Steelcase’s earnings, with estimates ranging from $741.2 million to $748 million. Steelcase reported sales of $718.8 million in the same quarter last year, which would suggest a positive year-over-year growth rate of 3.6%. The business is scheduled to report its next quarterly earnings results on Wednesday, June 28th.
According to Zacks, analysts expect that Steelcase will report full-year sales of $744.6 million for the current year, with estimates ranging from $3.14 billion to $3.18 billion. For the next financial year, analysts expect that the company will report sales of $3.28 billion per share, with estimates ranging from $3.24 billion to $3.31 billion. Zacks’ sales calculations are a mean average based on a survey of analysts that that provide coverage for Steelcase.
Steelcase (NYSE:SCS) last announced its quarterly earnings results on Tuesday, March 21st. The business services provider reported $0.22 earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of $0.23 by $0.01. The company had revenue of $769.10 million during the quarter, compared to analysts’ expectations of $750.83 million. Steelcase had a net margin of 5.85% and a return on equity of 17.60%. The business’s revenue for the quarter was up 2.8% compared to the same quarter last year. During the same quarter in the prior year, the business earned $0.22 EPS.
Several research firms recently weighed in on SCS. Zacks Investment Research raised shares of Steelcase from a “hold” rating to a “buy” rating and set a $19.00 price objective for the company in a report on Tuesday, February 14th. Raymond James Financial, Inc. raised shares of Steelcase from a “market perform” rating to a “strong-buy” rating and set a $19.00 price objective for the company in a report on Thursday, March 23rd.
Large investors have recently modified their holdings of the company. Bank of New York Mellon Corp boosted its stake in shares of Steelcase by 3.1% in the first quarter. Bank of New York Mellon Corp now owns 4,445,174 shares of the business services provider’s stock valued at $74,456,000 after buying an additional 135,463 shares during the period. BlackRock Institutional Trust Company N.A. boosted its stake in shares of Steelcase by 37.8% in the third quarter. BlackRock Institutional Trust Company N.A. now owns 3,781,018 shares of the business services provider’s stock valued at $52,518,000 after buying an additional 1,036,614 shares during the period. Wells Fargo & Company MN boosted its stake in shares of Steelcase by 136.2% in the third quarter. Wells Fargo & Company MN now owns 3,241,625 shares of the business services provider’s stock valued at $45,026,000 after buying an additional 1,869,083 shares during the period. Dimensional Fund Advisors LP boosted its stake in shares of Steelcase by 5.4% in the fourth quarter. Dimensional Fund Advisors LP now owns 3,101,642 shares of the business services provider’s stock valued at $55,520,000 after buying an additional 158,234 shares during the period. Finally, Channing Capital Management LLC boosted its stake in shares of Steelcase by 27.3% in the third quarter. Channing Capital Management LLC now owns 2,975,171 shares of the business services provider’s stock valued at $41,325,000 after buying an additional 638,103 shares during the period. Hedge funds and other institutional investors own 67.60% of the company’s stock.
Shares of Steelcase (NYSE:SCS) traded up 0.148% during trading on Thursday, hitting $16.925. 216,579 shares of the stock were exchanged. The stock has a 50-day moving average of $16.66 and a 200 day moving average of $16.19. The stock has a market cap of $2.00 billion, a P/E ratio of 16.432 and a beta of 1.16. Steelcase has a 12-month low of $12.67 and a 12-month high of $18.14.
The firm also recently declared a quarterly dividend, which was paid on Friday, April 14th. Shareholders of record on Friday, March 31st were given a $0.1275 dividend. The ex-dividend date was Wednesday, March 29th. This is a boost from Steelcase’s previous quarterly dividend of $0.12. This represents a $0.51 annualized dividend and a yield of 3.02%. Steelcase’s payout ratio is 33.57%.
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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