$801.10 Million in Sales Expected for Steelcase Inc. (SCS) This Quarter

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.

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About Steelcase

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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Earnings History and Estimates for Steelcase (NYSE:SCS)

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