Steelcase (NYSE:SCS) Issues Quarterly Earnings Results, Meets Estimates

Steelcase (NYSE:SCS) announced its earnings results on Tuesday, December 19th. The business services provider reported $0.22 earnings per share (EPS) for the quarter, hitting the Zacks’ consensus estimate of $0.22, reports. Steelcase had a net margin of 3.49% and a return on equity of 13.62%. The business had revenue of $772.10 million for the quarter, compared to analyst estimates of $762.37 million. During the same quarter in the previous year, the firm posted $0.30 earnings per share. Steelcase’s revenue was down 1.8% compared to the same quarter last year. Steelcase updated its Q4 guidance to $0.14-0.18 EPS.

Shares of Steelcase (SCS) opened at $15.15 on Thursday. The stock has a market cap of $1,760.00, a price-to-earnings ratio of 17.02 and a beta of 1.25. The company has a quick ratio of 1.23, a current ratio of 1.58 and a debt-to-equity ratio of 0.36. Steelcase has a fifty-two week low of $12.50 and a fifty-two week high of $18.15.

The firm also recently declared a quarterly dividend, which will be paid on Monday, January 15th. Shareholders of record on Friday, December 29th will be issued a $0.1275 dividend. This represents a $0.51 annualized dividend and a yield of 3.37%. The ex-dividend date is Thursday, December 28th. Steelcase’s dividend payout ratio (DPR) is presently 57.30%.

In other news, Director Peter M. Wege II sold 13,300 shares of the company’s stock in a transaction dated Thursday, January 4th. The shares were sold at an average price of $15.14, for a total value of $201,362.00. Following the sale, the director now owns 254,244 shares of the company’s stock, valued at approximately $3,849,254.16. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, VP Sara E. Armbruster sold 3,000 shares of the company’s stock in a transaction dated Friday, December 22nd. The stock was sold at an average price of $14.80, for a total transaction of $44,400.00. Following the completion of the sale, the vice president now directly owns 69,870 shares in the company, valued at approximately $1,034,076. The disclosure for this sale can be found here. Insiders own 18.87% of the company’s stock.

A number of brokerages recently issued reports on SCS. TheStreet raised shares of Steelcase from a “c+” rating to a “b-” rating in a research report on Tuesday, October 3rd. Sidoti lowered shares of Steelcase from a “buy” rating to a “neutral” rating and set a $16.00 target price on the stock. in a research report on Wednesday, September 20th. Finally, Zacks Investment Research lowered shares of Steelcase from a “hold” rating to a “sell” rating in a report on Tuesday, December 12th. Two equities research analysts have rated the stock with a sell rating, two have issued a hold rating and two have issued a buy rating to the company. The stock presently has a consensus rating of “Hold” and an average target price of $16.00.

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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.

Earnings History for Steelcase (NYSE:SCS)

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