Wall Street analysts expect that Steelcase Inc. (NYSE:SCS) will announce sales of $837.30 million for the current fiscal quarter, Zacks Investment Research reports. Two analysts have provided estimates for Steelcase’s earnings. The lowest sales estimate is $835.30 million and the highest is $839.30 million. Steelcase reported sales of $754.00 million during the same quarter last year, which would suggest a positive year over year growth rate of 11%. The business is scheduled to report its next earnings report on Wednesday, June 19th.
On average, analysts expect that Steelcase will report full year sales of $3.71 billion for the current fiscal year, with estimates ranging from $3.70 billion to $3.72 billion. For the next financial year, analysts forecast that the firm will report sales of $3.88 billion, with estimates ranging from $3.86 billion to $3.90 billion. Zacks Investment Research’s sales averages are a mean average based on a survey of sell-side research firms that that provide coverage for Steelcase.
Steelcase (NYSE:SCS) last posted its quarterly earnings results on Tuesday, March 19th. The business services provider reported $0.29 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $0.26 by $0.03. Steelcase had a return on equity of 16.54% and a net margin of 3.66%. The firm had revenue of $912.00 million during the quarter, compared to the consensus estimate of $870.60 million. During the same quarter in the previous year, the business earned $0.24 earnings per share. The firm’s quarterly revenue was up 18.0% compared to the same quarter last year.
In other Steelcase news, Director Jennifer C. Niemann sold 1,832 shares of the business’s stock in a transaction dated Friday, March 29th. The stock was sold at an average price of $14.69, for a total transaction of $26,912.08. Following the transaction, the director now owns 7,746 shares in the company, valued at $113,788.74. The sale was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, Director Robert C. Pew III sold 68,134 shares of the business’s stock in a transaction dated Thursday, February 21st. The stock was sold at an average price of $17.52, for a total value of $1,193,707.68. Following the transaction, the director now owns 91,711 shares in the company, valued at approximately $1,606,776.72. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 117,696 shares of company stock worth $2,037,949. 17.58% of the stock is currently owned by insiders.
Institutional investors and hedge funds have recently modified their holdings of the business. Stone Ridge Asset Management LLC lifted its stake in shares of Steelcase by 31.0% in the fourth quarter. Stone Ridge Asset Management LLC now owns 84,877 shares of the business services provider’s stock worth $1,259,000 after acquiring an additional 20,092 shares in the last quarter. Matarin Capital Management LLC acquired a new position in shares of Steelcase in the third quarter worth about $686,000. Meeder Asset Management Inc. lifted its stake in shares of Steelcase by 421.8% in the fourth quarter. Meeder Asset Management Inc. now owns 15,315 shares of the business services provider’s stock worth $228,000 after acquiring an additional 12,380 shares in the last quarter. James Investment Research Inc. acquired a new position in shares of Steelcase in the fourth quarter worth about $1,057,000. Finally, Marshall Wace LLP acquired a new position in shares of Steelcase in the third quarter worth about $1,846,000. Institutional investors own 69.16% of the company’s stock.
SCS stock opened at $15.91 on Friday. Steelcase has a 12-month low of $13.10 and a 12-month high of $19.35. The company has a quick ratio of 0.86, a current ratio of 1.25 and a debt-to-equity ratio of 0.34. The stock has a market cap of $1.86 billion, a price-to-earnings ratio of 13.26 and a beta of 1.26.
The business also recently disclosed a quarterly dividend, which was paid on Friday, April 12th. Shareholders of record on Friday, March 29th were paid a dividend of $0.145 per share. This represents a $0.58 dividend on an annualized basis and a dividend yield of 3.65%. The ex-dividend date of this dividend was Thursday, March 28th. This is a boost from Steelcase’s previous quarterly dividend of $0.14. Steelcase’s payout ratio is currently 48.33%.
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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