Steelcase Inc. (SCS) Expected to Announce Quarterly Sales of $749.50 Million

Wall Street brokerages expect Steelcase Inc. (NYSE:SCS) to announce sales of $749.50 million for the current quarter, Zacks reports. Two analysts have issued 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 during the same quarter last year, which suggests a negative year over year growth rate of 2.5%. The business is expected to report 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 financial year. For the next year, analysts expect that the company will post sales of $3.15 billion per share, with estimates ranging from $3.13 billion to $3.17 billion. Zacks’ sales calculations are a mean average based on a survey of sell-side analysts that follow Steelcase.

Steelcase (NYSE:SCS) last released its quarterly earnings data on Tuesday, December 19th. The business services provider reported $0.22 earnings per share for the quarter, meeting the Zacks’ consensus estimate of $0.22. The business 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%. The company’s revenue was down 1.8% on a year-over-year basis. During the same quarter last year, the business posted $0.30 EPS.

Separately, Zacks Investment Research lowered Steelcase from a “hold” rating to a “sell” rating in a research note on Tuesday, December 12th. Two equities research analysts have rated the stock with a sell rating, two have given a hold rating and two have given a buy rating to the stock. The stock currently has a consensus rating of “Hold” and a consensus target price of $16.00.

In other news, Director Peter M. Wege II sold 13,300 shares of the firm’s stock in a transaction dated Thursday, January 4th. The stock was sold at an average price of $15.14, for a total transaction of $201,362.00. Following the sale, the director now directly owns 254,244 shares in the company, valued at approximately $3,849,254.16. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, VP Sara E. Armbruster sold 3,000 shares of the firm’s stock in a transaction dated Friday, December 22nd. The shares were sold at an average price of $14.80, for a total value of $44,400.00. Following the sale, the vice president now owns 69,870 shares in the company, valued at $1,034,076. The disclosure for this sale can be found here. 18.87% of the stock is owned by company insiders.

Several large investors have recently bought and sold shares of the company. Amalgamated Bank grew its position in shares of Steelcase by 3.4% during 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. Public Employees Retirement System of Ohio grew its position in shares of Steelcase by 9.6% during 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. North Star Investment Management Corp. grew its position in shares of Steelcase by 19.2% during the 4th quarter. North Star Investment Management Corp. now owns 21,777 shares of the business services provider’s stock valued at $331,000 after acquiring an additional 3,506 shares during the period. Navellier & Associates Inc grew its position in shares of Steelcase by 3.3% during the 2nd quarter. Navellier & Associates Inc now owns 126,499 shares of the business services provider’s stock valued at $1,771,000 after acquiring an additional 4,063 shares during the period. Finally, Raymond James Financial Services Advisors Inc. grew its position in shares of Steelcase by 12.7% during the 2nd quarter. Raymond James Financial Services Advisors Inc. now owns 38,022 shares of the business services provider’s stock valued at $532,000 after acquiring an additional 4,283 shares during the period. Hedge funds and other institutional investors own 62.79% of the company’s stock.

Steelcase (NYSE SCS) opened at $13.90 on Friday. The firm has a market capitalization of $1,649.12, a PE ratio of 15.62 and a beta of 1.20. Steelcase has a 52 week low of $12.50 and a 52 week 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 firm also recently announced a quarterly dividend, which was paid on Monday, January 15th. Stockholders of record on Friday, December 29th were given a dividend of $0.1275 per share. This represents a $0.51 dividend on an annualized basis and a dividend yield of 3.67%. The ex-dividend date was Thursday, December 28th. Steelcase’s dividend payout ratio (DPR) is presently 57.30%.

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About Steelcase

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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