Zacks: Brokerages Anticipate Steelcase Inc. (SCS) to Announce $0.30 EPS

Equities analysts expect that Steelcase Inc. (NYSE:SCS) will post earnings of $0.30 per share for the current quarter, according to Zacks Investment Research. Two analysts have made estimates for Steelcase’s earnings. Steelcase reported earnings of $0.22 per share in the same quarter last year, which would suggest a positive year over year growth rate of 36.4%. The business is scheduled to issue its next quarterly earnings report on Tuesday, December 18th.

On average, analysts expect that Steelcase will report full year earnings of $1.12 per share for the current year, with EPS estimates ranging from $1.10 to $1.13. For the next fiscal year, analysts forecast that the company will report earnings of $1.31 per share, with EPS estimates ranging from $1.30 to $1.32. Zacks Investment Research’s EPS averages are an average based on a survey of sell-side analysts that follow Steelcase.

Steelcase (NYSE:SCS) last posted its quarterly earnings results on Friday, September 21st. The business services provider reported $0.41 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $0.29 by $0.12. The business had revenue of $875.80 million for the quarter, compared to analyst estimates of $873.70 million. Steelcase had a net margin of 2.89% and a return on equity of 13.97%. The firm’s revenue for the quarter was up 12.9% on a year-over-year basis. During the same quarter last year, the business posted $0.26 EPS.

SCS has been the topic of a number of research analyst reports. ValuEngine upgraded shares of Steelcase from a “hold” rating to a “buy” rating in a research report on Saturday, September 22nd. Seaport Global Securities upgraded shares of Steelcase from a “neutral” rating to a “buy” rating and set a $20.00 target price on the stock in a research report on Friday, October 12th. TheStreet upgraded shares of Steelcase from a “c+” rating to a “b” rating in a research report on Friday, September 21st. Zacks Investment Research upgraded shares of Steelcase from a “hold” rating to a “buy” rating and set a $21.00 target price on the stock in a research report on Wednesday, September 26th. Finally, Raymond James raised their target price on shares of Steelcase from $16.50 to $20.00 and gave the company an “outperform” rating in a research report on Monday, September 24th. One analyst has rated the stock with a hold rating and three have assigned a buy rating to the stock. The company presently has a consensus rating of “Buy” and a consensus target price of $20.33.

Shares of NYSE SCS traded up $0.03 during trading hours on Thursday, hitting $17.28. 464,619 shares of the stock were exchanged, compared to its average volume of 951,626. The company has a current ratio of 1.34, a quick ratio of 0.94 and a debt-to-equity ratio of 0.35. The firm has a market capitalization of $2.01 billion, a price-to-earnings ratio of 18.99 and a beta of 1.31. Steelcase has a 1-year low of $13.10 and a 1-year high of $19.35.

The business also recently announced a quarterly dividend, which was paid on Monday, October 15th. Shareholders of record on Monday, October 1st were given a $0.135 dividend. The ex-dividend date was Friday, September 28th. This represents a $0.54 dividend on an annualized basis and a yield of 3.13%. Steelcase’s dividend payout ratio is currently 59.34%.

In other Steelcase news, VP Allan W. Smith, Jr. sold 14,000 shares of the firm’s stock in a transaction that occurred on Tuesday, September 25th. The shares were sold at an average price of $18.54, for a total value of $259,560.00. Following the sale, the vice president now owns 31,490 shares in the company, valued at $583,824.60. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, VP James N. Ludwig sold 7,500 shares of the firm’s stock in a transaction that occurred on Friday, September 28th. The shares were sold at an average price of $18.56, for a total transaction of $139,200.00. Following the completion of the sale, the vice president now owns 31,960 shares in the company, valued at approximately $593,177.60. The disclosure for this sale can be found here. Insiders sold 57,791 shares of company stock worth $1,056,215 in the last 90 days. Company insiders own 17.58% of the company’s stock.

A number of institutional investors have recently modified their holdings of SCS. BlackRock Inc. raised its stake in shares of Steelcase by 8.5% during the second quarter. BlackRock Inc. now owns 5,802,959 shares of the business services provider’s stock valued at $78,341,000 after acquiring an additional 456,137 shares during the last quarter. Dimensional Fund Advisors LP raised its stake in shares of Steelcase by 10.1% during the second quarter. Dimensional Fund Advisors LP now owns 4,199,765 shares of the business services provider’s stock valued at $56,697,000 after acquiring an additional 386,228 shares during the last quarter. Pzena Investment Management LLC raised its stake in shares of Steelcase by 14.0% during the second quarter. Pzena Investment Management LLC now owns 3,393,731 shares of the business services provider’s stock valued at $45,815,000 after acquiring an additional 416,815 shares during the last quarter. Deprince Race & Zollo Inc. raised its stake in shares of Steelcase by 9.4% during the third quarter. Deprince Race & Zollo Inc. now owns 3,200,809 shares of the business services provider’s stock valued at $59,215,000 after acquiring an additional 275,516 shares during the last quarter. Finally, LSV Asset Management raised its stake in shares of Steelcase by 3.0% during the second quarter. LSV Asset Management now owns 2,479,462 shares of the business services provider’s stock valued at $33,472,000 after acquiring an additional 71,529 shares during the last quarter. Hedge funds and other institutional investors own 64.19% of the company’s stock.

About Steelcase

Steelcase Inc manufactures and sells integrated furniture settings, user-centered technologies, and interior architectural products. It operates through Americas, EMEA, and Other Category segments. The company's furniture portfolio includes panel-based furniture systems, storage products, fixed and height-adjustable desks, benches, and tables, as well as other products, including worktools.

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