Zacks: Analysts Expect Steelcase Inc. (SCS) Will Post Quarterly Sales of $900.30 Million

Analysts forecast that Steelcase Inc. (NYSE:SCS) will report sales of $900.30 million for the current fiscal quarter, Zacks reports. Two analysts have provided estimates for Steelcase’s earnings. The highest sales estimate is $901.20 million and the lowest is $899.40 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 business is scheduled to report its next earnings report 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 firm will report sales of $3.66 billion, with estimates ranging from $3.65 billion to $3.68 billion. Zacks’ sales averages are an average based on a survey of sell-side research firms that that provide coverage for Steelcase.

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

SCS has been the subject of a number of research analyst reports. Seaport Global Securities upgraded Steelcase from a “neutral” rating to a “buy” rating and set a $20.00 price target for the company in a research report on Friday, October 12th. Zacks Investment Research upgraded Steelcase from a “hold” rating to a “buy” rating and set a $21.00 price target for the company in a research report on Wednesday, September 26th. Raymond James lifted their price target on Steelcase from $16.50 to $20.00 and gave the company an “outperform” rating in a research report on Monday, September 24th. ValuEngine upgraded Steelcase from a “hold” rating to a “buy” rating in a research report on Saturday, September 22nd. Finally, TheStreet upgraded Steelcase from a “c+” rating to a “b” rating in a research report on Friday, September 21st. One research analyst has rated the stock with a hold rating and three have given a buy rating to the stock. The stock has an average rating of “Buy” and an average target price of $20.33.

Shares of SCS traded down $0.46 during trading hours on Friday, reaching $16.73. 438,163 shares of the company’s stock traded hands, compared to its average volume of 897,774. The company has a market cap of $2.03 billion, a PE ratio of 18.38 and a beta of 1.31. The company has a current ratio of 1.34, a quick ratio of 0.94 and a debt-to-equity ratio of 0.35. Steelcase has a 12 month low of $13.10 and a 12 month high of $19.35.

The company also recently announced a quarterly dividend, which was paid on Monday, October 15th. Investors of record on Monday, October 1st were given a $0.135 dividend. The ex-dividend date of this dividend was Friday, September 28th. This represents a $0.54 dividend on an annualized basis and a yield of 3.23%. Steelcase’s payout ratio is 59.34%.

In related news, VP Allan W. Smith, Jr. sold 14,000 shares of the business’s stock in a transaction that occurred on Tuesday, September 25th. The stock was sold at an average price of $18.54, for a total value of $259,560.00. Following the completion of the sale, the vice president now owns 31,490 shares in the company, valued at approximately $583,824.60. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, Director Robert C. Pew III sold 16,291 shares of the business’s stock in a transaction that occurred 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 sale, the director now owns 255,090 shares of the company’s stock, valued at approximately $4,466,625.90. The disclosure for this sale can be found here. Insiders sold a total of 57,791 shares of company stock valued at $1,056,215 in the last 90 days. 17.58% of the stock is currently owned by corporate insiders.

Large investors have recently added to or reduced their stakes in the stock. Principal Financial Group Inc. lifted its position in Steelcase by 10.1% in the 1st quarter. Principal Financial Group Inc. now owns 56,516 shares of the business services provider’s stock worth $769,000 after buying an additional 5,192 shares during the last quarter. Russell Investments Group Ltd. lifted its position in Steelcase by 39.1% in the 2nd quarter. Russell Investments Group Ltd. now owns 1,600,204 shares of the business services provider’s stock worth $21,604,000 after buying an additional 449,466 shares during the last quarter. Deprince Race & Zollo Inc. lifted its position in Steelcase by 9.4% in the 3rd quarter. Deprince Race & Zollo Inc. now owns 3,200,809 shares of the business services provider’s stock worth $59,215,000 after buying an additional 275,516 shares during the last quarter. SG Americas Securities LLC bought a new stake in Steelcase in the 2nd quarter worth approximately $397,000. Finally, Massachusetts Financial Services Co. MA lifted its position in Steelcase by 15.9% in the 2nd quarter. Massachusetts Financial Services Co. MA now owns 28,021 shares of the business services provider’s stock worth $379,000 after buying an additional 3,839 shares during the last quarter. Institutional investors own 64.19% of the company’s stock.

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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