Steelcase Inc. (SCS) Expected to Post Quarterly Sales of $749.50 Million
Analysts forecast that Steelcase Inc. (NYSE:SCS) will post $749.50 million in sales for the current fiscal quarter, according to Zacks Investment Research. Two analysts have issued estimates for Steelcase’s earnings, with the highest sales estimate coming in at $751.00 million and the lowest estimate coming in at $748.00 million. Steelcase posted sales of $769.10 million during the same quarter last year, which suggests a negative year-over-year growth rate of 2.5%. The company is scheduled to announce its next earnings results on Tuesday, March 20th.
According to Zacks, analysts expect that Steelcase will report full-year sales of $749.50 million for the current financial year. For the next year, analysts expect that the firm will post sales of $3.15 billion per share, with estimates ranging from $3.13 billion to $3.17 billion. Zacks Investment Research’s sales averages are a mean average based on a survey of sell-side research analysts that follow Steelcase.
Steelcase (NYSE:SCS) last released its quarterly earnings results on Tuesday, December 19th. The business services provider reported $0.22 earnings per share for the quarter, hitting the consensus estimate of $0.22. The firm had revenue of $772.10 million during the quarter, compared to the consensus estimate of $762.37 million. Steelcase had a net margin of 3.49% and a return on equity of 13.62%. The company’s revenue for the quarter was down 1.8% on a year-over-year basis. During the same quarter in the prior year, the firm earned $0.30 EPS.
In other Steelcase news, VP Sara E. Armbruster sold 3,000 shares of the stock in a transaction dated Friday, December 22nd. The shares were sold at an average price of $14.80, for a total value of $44,400.00. Following the completion of the sale, the vice president now owns 69,870 shares in the company, valued at approximately $1,034,076. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, Director Peter M. Wege II sold 13,300 shares of the stock in a transaction dated Thursday, January 4th. The shares were sold at an average price of $15.14, for a total transaction of $201,362.00. Following the completion of the sale, the director now owns 254,244 shares of the company’s stock, valued at approximately $3,849,254.16. The disclosure for this sale can be found here. 18.87% of the stock is currently owned by corporate insiders.
Hedge funds have recently added to or reduced their stakes in the business. New York State Teachers Retirement System purchased a new stake in shares of Steelcase in the 3rd quarter valued at approximately $117,000. Public Employees Retirement System of Ohio grew its stake in shares of Steelcase by 9.6% in the 2nd quarter. Public Employees Retirement System of Ohio now owns 10,833 shares of the business services provider’s stock valued at $152,000 after buying an additional 947 shares during the period. Amalgamated Bank grew its stake in shares of Steelcase by 3.4% in the 2nd quarter. Amalgamated Bank now owns 10,913 shares of the business services provider’s stock valued at $153,000 after buying an additional 358 shares during the period. Verity Asset Management Inc. purchased a new stake in shares of Steelcase in the 4th quarter valued at approximately $183,000. Finally, Acadian Asset Management LLC purchased a new stake in shares of Steelcase in the 4th quarter valued at approximately $184,000. Institutional investors own 62.95% of the company’s stock.
Steelcase (SCS) remained flat at $$14.25 during mid-day trading on Friday. 534,807 shares of the stock were exchanged, compared to its average volume of 741,781. The company has a market cap of $1,654.92, a price-to-earnings ratio of 16.01 and a beta of 1.20. The company has a current ratio of 1.58, a quick ratio of 1.23 and a debt-to-equity ratio of 0.36. Steelcase has a twelve month low of $12.50 and a twelve month high of $18.15.
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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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