Analysts Anticipate Steelcase Inc. (NYSE:SCS) Will Announce Quarterly Sales of $757.40 Million
Equities analysts forecast that Steelcase Inc. (NYSE:SCS) will post sales of $757.40 million 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 $756.80 million and the highest estimate coming in at $758.00 million. Steelcase posted sales of $758.00 million during the same quarter last year, which would indicate a negative year over year growth rate of 0.1%. The firm is scheduled to issue its next earnings results on Wednesday, September 20th.
According to Zacks, analysts expect that Steelcase will report full-year sales of $757.40 million for the current year, with estimates ranging from $3.06 billion to $3.11 billion. For the next financial year, analysts forecast that the business will report sales of $3.19 billion per share, with estimates ranging from $3.16 billion to $3.23 billion. Zacks’ sales calculations are an average based on a survey of sell-side analysts that cover Steelcase.
Steelcase (NYSE:SCS) last announced its quarterly earnings data on Wednesday, June 21st. The business services provider reported $0.15 earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of $0.19 by $0.04. The company had revenue of $735.10 million for the quarter, compared to the consensus estimate of $743.27 million. Steelcase had a net margin of 4.04% and a return on equity of 16.37%. The company’s revenue was up 2.3% compared to the same quarter last year. During the same quarter last year, the firm posted $0.18 earnings per share.
SCS has been the topic of several analyst reports. TheStreet lowered Steelcase from a “b-” rating to a “c+” rating in a report on Thursday, July 20th. ValuEngine lowered Steelcase from a “buy” rating to a “hold” rating in a report on Friday, June 2nd. Zacks Investment Research raised Steelcase from a “sell” rating to a “hold” rating in a report on Tuesday, May 30th. Raymond James Financial, Inc. reaffirmed an “outperform” rating and set a $16.00 target price (down from $19.00) on shares of Steelcase in a report on Friday, June 23rd. Finally, UBS AG lowered Steelcase from a “strong-buy” rating to an “outperform” rating in a report on Friday, June 23rd. Two investment analysts have rated the stock with a sell rating, two have assigned a hold rating and two have assigned a buy rating to the company. Steelcase currently has a consensus rating of “Hold” and a consensus price target of $17.50.
In other Steelcase news, Director Peter M. Wege II sold 14,400 shares of the firm’s stock in a transaction that occurred on Friday, July 14th. The stock was sold at an average price of $13.81, for a total value of $198,864.00. Following the sale, the director now directly owns 270,180 shares of the company’s stock, valued at $3,731,185.80. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. 18.87% of the stock is currently owned by company insiders.
Hedge funds have recently modified their holdings of the stock. Vanguard Group Inc. raised its stake in shares of Steelcase by 9.5% in the first quarter. Vanguard Group Inc. now owns 7,590,595 shares of the business services provider’s stock valued at $127,143,000 after buying an additional 659,548 shares during the last quarter. BlackRock Inc. raised its stake in shares of Steelcase by 29,527.3% in the first quarter. BlackRock Inc. now owns 5,656,450 shares of the business services provider’s stock valued at $94,745,000 after buying an additional 5,637,358 shares during the last quarter. Wellington Management Group LLP raised its stake in shares of Steelcase by 29.0% in the first quarter. Wellington Management Group LLP now owns 4,978,251 shares of the business services provider’s stock valued at $83,385,000 after buying an additional 1,119,428 shares during the last quarter. Bank of New York Mellon Corp raised 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 last quarter. Finally, Dimensional Fund Advisors LP raised its stake in shares of Steelcase by 7.1% in the first quarter. Dimensional Fund Advisors LP now owns 3,320,708 shares of the business services provider’s stock valued at $55,621,000 after buying an additional 219,066 shares during the last quarter. 65.60% of the stock is currently owned by institutional investors.
Steelcase (NYSE SCS) opened at 13.75 on Wednesday. Steelcase has a 12-month low of $12.67 and a 12-month high of $18.15. The company has a 50-day moving average price of $15.03 and a 200-day moving average price of $16.17. The stock has a market capitalization of $1.62 billion, a PE ratio of 13.45 and a beta of 1.21.
The firm also recently disclosed a quarterly dividend, which was paid on Friday, July 14th. Shareholders of record on Monday, July 3rd were issued a $0.1275 dividend. This represents a $0.51 annualized dividend and a yield of 3.71%. The ex-dividend date was Thursday, June 29th. Steelcase’s payout ratio is currently 50.50%.
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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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