$900.30 Million in Sales Expected for Steelcase Inc. (SCS) This Quarter

Analysts expect Steelcase Inc. (NYSE:SCS) to post $900.30 million in sales for the current fiscal quarter, Zacks Investment Research reports. Two analysts have provided estimates for Steelcase’s earnings, with estimates ranging from $899.40 million to $901.20 million. Steelcase reported sales of $772.10 million in the same quarter last year, which would suggest a positive year over year growth rate of 16.6%. The company is scheduled to announce its next earnings report after the market closes on Tuesday, December 18th.

On average, analysts expect that Steelcase will report full-year sales of $3.39 billion for the current year. For the next financial year, analysts anticipate that the business will post sales of $3.66 billion, with estimates ranging from $3.65 billion to $3.68 billion. Zacks Investment Research’s sales calculations are an average based on a survey of analysts that follow Steelcase.

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

Several equities analysts recently issued reports on the company. Raymond James lifted their price objective on Steelcase from $16.50 to $20.00 and gave the stock an “outperform” rating in a report on Monday, September 24th. ValuEngine raised Steelcase from a “hold” rating to a “buy” rating in a report on Saturday, September 22nd. TheStreet raised Steelcase from a “c+” rating to a “b” rating in a report on Friday, September 21st. Zacks Investment Research raised Steelcase from a “hold” rating to a “buy” rating and set a $21.00 price objective for the company in a report on Wednesday, September 26th. Finally, Seaport Global Securities raised Steelcase from a “neutral” rating to a “buy” rating and set a $20.00 price objective for the company in a report on Friday, October 12th. Two research analysts have rated the stock with a hold rating and two have assigned a buy rating to the company’s stock. Steelcase has a consensus rating of “Buy” and an average target price of $20.33.

In other news, CAO Lizbeth S. O’shaughnessy sold 20,000 shares of the business’s stock in a transaction on Thursday, September 27th. The stock was sold at an average price of $18.61, for a total value of $372,200.00. Following the completion of the transaction, the chief accounting officer now directly owns 218,091 shares of the company’s stock, valued at $4,058,673.51. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, Director Robert C. Pew III sold 16,291 shares of the business’s stock in a transaction on Wednesday, October 10th. The stock was sold at an average price of $17.51, for a total value of $285,255.41. Following the completion of the transaction, the director now directly owns 255,090 shares of the company’s stock, valued at $4,466,625.90. The disclosure for this sale can be found here. Over the last three months, insiders sold 57,791 shares of company stock valued at $1,056,215. Insiders own 17.58% of the company’s stock.

Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Point72 Hong Kong Ltd purchased a new stake in shares of Steelcase in the third quarter valued at $108,000. Tower Research Capital LLC TRC grew its position in shares of Steelcase by 307.5% in the third quarter. Tower Research Capital LLC TRC now owns 7,967 shares of the business services provider’s stock valued at $147,000 after purchasing an additional 6,012 shares during the period. Ibex Investors LLC purchased a new stake in Steelcase during the third quarter valued at about $200,000. Hartford Investment Management Co. purchased a new stake in Steelcase during the second quarter valued at about $167,000. Finally, WBI Investments Inc. purchased a new stake in Steelcase during the second quarter valued at about $173,000. 65.45% of the stock is owned by institutional investors.

SCS stock traded down $0.08 during midday trading on Monday, hitting $16.45. 901,200 shares of the stock were exchanged, compared to its average volume of 642,751. The stock has a market cap of $1.87 billion, a PE ratio of 18.07 and a beta of 1.31. Steelcase has a fifty-two week low of $13.10 and a fifty-two week high of $19.35. The company has a debt-to-equity ratio of 0.35, a quick ratio of 0.94 and a current ratio of 1.34.

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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