Steelcase (NYSE:SCS) Issues Earnings Results

Steelcase (NYSE:SCS) released its quarterly earnings data on Tuesday. The business services provider reported $0.39 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.32 by $0.07, MarketWatch Earnings reports. The business had revenue of $946.20 million for the quarter, compared to analysts’ expectations of $914.80 million. Steelcase had a net margin of 4.22% and a return on equity of 19.05%. The company’s revenue for the quarter was up 3.7% compared to the same quarter last year. During the same quarter last year, the company earned $0.29 EPS.

Shares of NYSE SCS opened at $10.03 on Wednesday. Steelcase has a fifty-two week low of $7.02 and a fifty-two week high of $23.02. The firm’s 50-day simple moving average is $15.65 and its 200 day simple moving average is $17.84. The company has a quick ratio of 1.25, a current ratio of 1.60 and a debt-to-equity ratio of 0.74. The stock has a market cap of $1.11 billion, a P/E ratio of 7.72 and a beta of 1.40.

Several brokerages have recently issued reports on SCS. Sidoti reduced their price objective on Steelcase from $18.00 to $14.00 and set a “neutral” rating for the company in a research report on Monday, March 16th. ValuEngine cut Steelcase from a “hold” rating to a “sell” rating in a research report on Friday, January 31st. One research analyst has rated the stock with a sell rating and four have given a hold rating to the stock. The stock currently has a consensus rating of “Hold” and a consensus price target of $19.33.

In related news, Director Robert C. Pew III sold 50,000 shares of the firm’s stock in a transaction that occurred on Tuesday, January 7th. The shares were sold at an average price of $20.00, for a total transaction of $1,000,000.00. Following the transaction, the director now owns 300,898 shares in the company, valued at $6,017,960. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Robert C. Pew III sold 43,305 shares of the business’s stock in a transaction that occurred on Thursday, January 16th. The stock was sold at an average price of $19.58, for a total value of $847,911.90. Following the sale, the director now directly owns 128,922 shares in the company, valued at approximately $2,524,292.76. The disclosure for this sale can be found here. Insiders sold 121,976 shares of company stock valued at $2,415,024 in the last ninety days. Corporate insiders own 17.04% of the company’s stock.

About Steelcase

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, fence and beam-based furniture systems, storage products, fixed and height-adjustable desks, benches, and tables, as well as complementary products, including worktools.

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Earnings History for Steelcase (NYSE:SCS)

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