Steelcase (NYSE:SCS) Issues Quarterly Earnings Results, Beats Expectations By $0.07 EPS

Steelcase (NYSE:SCS) released its earnings results on Tuesday. The business services provider reported $0.39 EPS for the quarter, beating the consensus estimate of $0.32 by $0.07, MarketWatch Earnings reports. Steelcase had a net margin of 4.22% and a return on equity of 19.05%. The business had revenue of $946.20 million during the quarter, compared to analyst estimates of $914.80 million. During the same period in the prior year, the business earned $0.29 earnings per share. The business’s quarterly revenue was up 3.7% on a year-over-year basis.

SCS stock opened at $10.03 on Wednesday. Steelcase has a 52-week low of $7.02 and a 52-week high of $23.02. The company’s 50 day simple moving average is $15.65 and its 200-day simple moving average is $17.84. The company has a debt-to-equity ratio of 0.74, a current ratio of 1.60 and a quick ratio of 1.25. The firm has a market capitalization of $1.11 billion, a P/E ratio of 7.72 and a beta of 1.40.

In other news, Director Robert C. Pew III sold 43,305 shares of the business’s stock in a transaction that occurred on Thursday, January 16th. The shares were sold at an average price of $19.58, for a total transaction of $847,911.90. Following the sale, the director now owns 128,922 shares in the company, valued at $2,524,292.76. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director Robert C. Pew III sold 28,671 shares of the business’s stock in a transaction that occurred on Thursday, January 9th. The shares were sold at an average price of $19.78, for a total transaction of $567,112.38. Following the sale, the director now owns 250,898 shares in the company, valued at approximately $4,962,762.44. The disclosure for this sale can be found here. Insiders have sold 121,976 shares of company stock worth $2,415,024 in the last 90 days. 17.04% of the stock is owned by company insiders.

Several analysts recently commented on SCS shares. ValuEngine lowered shares of Steelcase from a “hold” rating to a “sell” rating in a research note on Friday, January 31st. Sidoti cut their price target on shares of Steelcase from $18.00 to $14.00 and set a “neutral” rating on the stock in a report on Monday, March 16th. One research analyst has rated the stock with a sell rating and four have given a hold rating to the stock. The company currently has an average rating of “Hold” and an average price target of $19.33.

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.

Recommended Story: How to Trade Using Analysts Ratings

Earnings History for Steelcase (NYSE:SCS)

Receive News & Ratings for Steelcase Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Steelcase and related companies with MarketBeat.com's FREE daily email newsletter.