Steelcase (NYSE:SCS) Issues Earnings Results

Steelcase (NYSE:SCS) issued its earnings results on Wednesday. The business services provider reported $0.39 earnings per share for the quarter, topping analysts’ consensus estimates of $0.37 by $0.02, Briefing.com reports. The firm had revenue of $855.80 million during the quarter, compared to analyst estimates of $864.17 million. Steelcase had a net margin of 2.89% and a return on equity of 13.66%. Steelcase’s revenue for the quarter was up .1% on a year-over-year basis. During the same quarter in the prior year, the business earned $0.31 earnings per share.

Steelcase Stock Performance

Shares of Steelcase stock opened at $13.31 on Friday. The company has a market capitalization of $1.52 billion, a PE ratio of 17.51, a price-to-earnings-growth ratio of 1.39 and a beta of 1.33. Steelcase has a 52 week low of $9.63 and a 52 week high of $14.74. The stock’s fifty day moving average is $13.53 and its two-hundred day moving average is $13.03. The company has a quick ratio of 1.15, a current ratio of 1.61 and a debt-to-equity ratio of 0.51.

Insider Buying and Selling

In related news, CFO David C. Sylvester sold 73,184 shares of the company’s stock in a transaction on Wednesday, July 24th. The stock was sold at an average price of $13.84, for a total transaction of $1,012,866.56. Following the completion of the sale, the chief financial officer now directly owns 551,592 shares in the company, valued at approximately $7,634,033.28. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. In related news, CFO David C. Sylvester sold 73,184 shares of the company’s stock in a transaction that occurred on Wednesday, July 24th. The stock was sold at an average price of $13.84, for a total value of $1,012,866.56. Following the sale, the chief financial officer now owns 551,592 shares in the company, valued at $7,634,033.28. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, VP Donna K. Flynn sold 13,310 shares of the firm’s stock in a transaction that occurred on Monday, June 24th. The shares were sold at an average price of $13.72, for a total value of $182,613.20. Following the completion of the sale, the vice president now directly owns 78,733 shares in the company, valued at $1,080,216.76. The disclosure for this sale can be found here. Insiders sold a total of 174,187 shares of company stock valued at $2,410,861 over the last three months. 12.96% of the stock is owned by company insiders.

Wall Street Analyst Weigh In

Separately, Benchmark increased their price objective on shares of Steelcase from $17.00 to $18.00 and gave the company a “buy” rating in a report on Friday, June 21st.

About Steelcase

Steelcase Inc provides a portfolio of furniture and architectural products and services in the United States and internationally. It operates through Americas and International segments. The company's furniture portfolio includes furniture systems, seating, storage, fixed and height-adjustable desks, benches, and tables, as well as complementary products, such as work accessories, lighting, mobile power, and screens.