Wall Street analysts expect Steelcase Inc. (NYSE:SCS) to announce sales of $801.10 million for the current quarter, according to Zacks. Two analysts have provided estimates for Steelcase’s earnings, with the highest sales estimate coming in at $804.00 million and the lowest estimate coming in at $798.20 million. Steelcase posted sales of $786.50 million during the same quarter last year, which would indicate a positive year-over-year growth rate of 1.9%. The company is expected to issue its next earnings report on Tuesday, December 19th.
According to Zacks, analysts expect that Steelcase will report full-year sales of $801.10 million for the current financial year, with estimates ranging from $3.10 billion to $3.11 billion. For the next financial year, analysts forecast that the company will post sales of $3.24 billion per share, with estimates ranging from $3.20 billion to $3.28 billion. Zacks Investment Research’s sales averages are a mean average based on a survey of analysts that follow Steelcase.
Steelcase (NYSE:SCS) last announced its earnings results on Monday, September 18th. The business services provider reported $0.31 earnings per share for the quarter, topping analysts’ consensus estimates of $0.23 by $0.08. The business had revenue of $775.60 million for the quarter, compared to analyst estimates of $759.83 million. Steelcase had a return on equity of 15.72% and a net margin of 3.98%. The company’s quarterly revenue was up 2.3% compared to the same quarter last year. During the same period in the prior year, the company earned $0.32 EPS.
A number of equities research analysts have commented on SCS shares. Sidoti raised Steelcase from a “neutral” rating to a “buy” rating and set a $16.00 price target on the stock in a report on Friday, September 1st. Zacks Investment Research raised Steelcase from a “sell” rating to a “hold” rating in a report on Thursday, August 24th. TheStreet raised Steelcase from a “c+” rating to a “b-” rating in a report on Tuesday, October 3rd. ValuEngine cut Steelcase from a “buy” rating to a “hold” rating in a report on Friday, September 1st. Finally, BidaskClub cut Steelcase from a “sell” rating to a “strong sell” rating in a report on Monday, July 24th. One investment analyst has rated the stock with a sell rating, four have given a hold rating and two have assigned a buy rating to the company’s stock. The stock has an average rating of “Hold” and a consensus price target of $16.00.
Steelcase (NYSE SCS) opened at 14.80 on Friday. The company has a market capitalization of $1.72 billion, a price-to-earnings ratio of 14.55 and a beta of 1.21. Steelcase has a 52 week low of $12.50 and a 52 week high of $18.15. The firm has a 50-day moving average price of $14.81 and a 200-day moving average price of $15.07.
The firm also recently declared a quarterly dividend, which was paid on Thursday, October 12th. Shareholders of record on Thursday, September 28th were issued a dividend of $0.1275 per share. The ex-dividend date was Wednesday, September 27th. This represents a $0.51 dividend on an annualized basis and a yield of 3.45%. Steelcase’s dividend payout ratio is presently 50.50%.
Several hedge funds have recently modified their holdings of the company. New York State Teachers Retirement System increased its holdings in shares of Steelcase by 4.2% in the first quarter. New York State Teachers Retirement System now owns 7,500 shares of the business services provider’s stock worth $126,000 after purchasing an additional 300 shares during the last quarter. Amalgamated Bank increased its holdings in shares of Steelcase by 3.4% in the second quarter. Amalgamated Bank now owns 10,913 shares of the business services provider’s stock worth $153,000 after purchasing an additional 358 shares during the last quarter. Principal Financial Group Inc. increased its holdings in shares of Steelcase by 1.0% in the first quarter. Principal Financial Group Inc. now owns 40,040 shares of the business services provider’s stock worth $670,000 after purchasing an additional 387 shares during the last quarter. Rhumbline Advisers increased its holdings in shares of Steelcase by 0.4% in the second quarter. Rhumbline Advisers now owns 110,940 shares of the business services provider’s stock worth $1,553,000 after purchasing an additional 450 shares during the last quarter. Finally, SG Americas Securities LLC increased its holdings in shares of Steelcase by 5.2% in the first quarter. SG Americas Securities LLC now owns 17,719 shares of the business services provider’s stock worth $297,000 after purchasing an additional 870 shares during the last quarter. 62.22% of the stock is currently owned by hedge funds and other institutional investors.
ILLEGAL ACTIVITY WARNING: “$801.10 Million in Sales Expected for Steelcase Inc. (SCS) This Quarter” was originally posted by Dispatch Tribunal and is the property of of Dispatch Tribunal. If you are reading this report on another site, it was stolen and republished in violation of United States & international copyright legislation. The legal version of this report can be viewed at https://www.dispatchtribunal.com/2017/11/11/801-10-million-in-sales-expected-for-steelcase-inc-scs-this-quarter.html.
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.
Get a free copy of the Zacks research report on Steelcase (SCS)
For more information about research offerings from Zacks Investment Research, visit Zacks.com
Receive News & Ratings for Steelcase Inc. Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Steelcase Inc. and related companies with MarketBeat.com's FREE daily email newsletter.