Steelcase Inc. (SCS) Announces Quarterly Earnings Results, Beats Expectations By $0.08 EPS
Steelcase Inc. (NYSE:SCS) released its earnings results on Monday. The business services provider reported $0.31 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.23 by $0.08, Bloomberg Earnings reports. Steelcase had a return on equity of 16.37% and a net margin of 4.04%. The business had revenue of $775.60 million for the quarter, compared to analyst estimates of $759.83 million. During the same quarter in the prior year, the company posted $0.32 earnings per share. Steelcase’s revenue was up 2.3% on a year-over-year basis. Steelcase updated its Q3 guidance to $0.21-0.25 EPS.
Shares of Steelcase (NYSE SCS) traded up 3.83% on Tuesday, hitting $14.90. The stock had a trading volume of 664,873 shares. The firm has a 50-day moving average of $13.37 and a 200 day moving average of $15.33. Steelcase has a 1-year low of $12.50 and a 1-year high of $18.15. The company has a market capitalization of $1.76 billion, a PE ratio of 14.58 and a beta of 1.18.
A number of brokerages have weighed in on SCS. TheStreet downgraded Steelcase from a “b-” rating to a “c+” rating in a research report on Thursday, July 20th. Raymond James Financial, Inc. reaffirmed an “outperform” rating and issued a $16.00 target price (down previously from $19.00) on shares of Steelcase in a research report on Friday, June 23rd. Zacks Investment Research raised Steelcase from a “sell” rating to a “hold” rating in a research report on Tuesday, May 30th. UBS AG downgraded Steelcase from a “strong-buy” rating to an “outperform” rating in a research report on Friday, June 23rd. Finally, ValuEngine downgraded Steelcase from a “buy” rating to a “hold” rating in a research report on Friday, September 1st. One equities research analyst has rated the stock with a sell rating, three have issued a hold rating and three have assigned a buy rating to the stock. Steelcase presently has a consensus rating of “Hold” and an average price target of $17.00.
In other Steelcase news, Director Peter M. Wege II sold 14,400 shares of Steelcase stock in a transaction that occurred on Friday, July 14th. The shares were sold at an average price of $13.81, for a total transaction of $198,864.00. Following the completion of the sale, the director now directly owns 270,180 shares in the company, valued at approximately $3,731,185.80. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. 18.87% of the stock is currently owned by insiders.
Several institutional investors and hedge funds have recently bought and sold shares of SCS. BlackRock Inc. lifted its stake in shares of Steelcase by 29,527.3% in the 1st quarter. BlackRock Inc. now owns 5,656,450 shares of the business services provider’s stock valued at $94,745,000 after purchasing an additional 5,637,358 shares during the period. Alliancebernstein L.P. lifted its stake in shares of Steelcase by 2,481.3% in the 2nd quarter. Alliancebernstein L.P. now owns 3,183,486 shares of the business services provider’s stock valued at $44,569,000 after purchasing an additional 3,060,155 shares during the period. Wellington Management Group LLP lifted its stake in shares of Steelcase by 29.0% in the 1st quarter. Wellington Management Group LLP now owns 4,978,251 shares of the business services provider’s stock valued at $83,385,000 after purchasing an additional 1,119,428 shares during the period. Skandinaviska Enskilda Banken AB publ acquired a new position in shares of Steelcase in the 1st quarter valued at $17,609,000. Finally, Vanguard Group Inc. lifted its stake in shares of Steelcase by 9.5% in the 1st quarter. Vanguard Group Inc. now owns 7,590,595 shares of the business services provider’s stock valued at $127,143,000 after purchasing an additional 659,548 shares during the period. Hedge funds and other institutional investors own 62.10% of the company’s stock.
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Steelcase Company Profile
Steelcase Inc provides an integrated portfolio of furniture settings, user-centered technologies and interior architectural products. The Company’s segments include Americas, EMEA and Other Category. The Company’s furniture portfolio includes panel-based and freestanding furniture systems and complementary products, such as storage, tables and ergonomic worktools.
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