Zacks: Analysts Expect Steelcase Inc. (NYSE:SCS) Will Announce Quarterly Sales of $980.75 Million
Equities research analysts expect Steelcase Inc. (NYSE:SCS) to report sales of $980.75 million for the current quarter, according to Zacks. Two analysts have issued estimates for Steelcase’s earnings, with estimates ranging from $980.70 million to $980.80 million. Steelcase reported sales of $875.80 million during the same quarter last year, which would suggest a positive year over year growth rate of 12%. The company is expected to issue its next quarterly earnings report on Thursday, September 19th.
According to Zacks, analysts expect that Steelcase will report full-year sales of $3.73 billion for the current year. For the next fiscal year, analysts expect that the firm will post sales of $3.87 billion, with estimates ranging from $3.87 billion to $3.88 billion. Zacks Investment Research’s sales averages are an average based on a survey of analysts that follow Steelcase.
Steelcase (NYSE:SCS) last issued its quarterly earnings data on Wednesday, June 19th. The business services provider reported $0.15 earnings per share for the quarter, missing analysts’ consensus estimates of $0.19 by ($0.04). Steelcase had a net margin of 3.61% and a return on equity of 16.35%. The company had revenue of $824.30 million for the quarter, compared to the consensus estimate of $839.07 million. During the same quarter in the prior year, the firm earned $0.14 earnings per share. Steelcase’s revenue for the quarter was up 9.3% compared to the same quarter last year.
In related news, Director P Craig Welch, Jr. sold 200,000 shares of Steelcase stock in a transaction dated Wednesday, May 1st. The stock was sold at an average price of $17.09, for a total value of $3,418,000.00. Following the transaction, the director now owns 88,730 shares of the company’s stock, valued at approximately $1,516,395.70. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, VP Allan W. Smith, Jr. sold 12,233 shares of Steelcase stock in a transaction dated Wednesday, May 1st. The stock was sold at an average price of $17.15, for a total value of $209,795.95. Following the completion of the transaction, the vice president now directly owns 29,600 shares in the company, valued at approximately $507,640. The disclosure for this sale can be found here. Over the last quarter, insiders sold 359,270 shares of company stock worth $6,185,315. 17.58% of the stock is owned by company insiders.
A number of institutional investors and hedge funds have recently modified their holdings of the stock. BlackRock Inc. increased its stake in Steelcase by 7.4% in the 4th quarter. BlackRock Inc. now owns 6,279,610 shares of the business services provider’s stock worth $93,126,000 after purchasing an additional 432,754 shares in the last quarter. LSV Asset Management grew its stake in Steelcase by 0.6% during the 1st quarter. LSV Asset Management now owns 2,511,562 shares of the business services provider’s stock valued at $36,543,000 after acquiring an additional 14,900 shares in the last quarter. Norges Bank purchased a new position in Steelcase during the 4th quarter valued at about $29,625,000. Frontier Capital Management Co. LLC grew its stake in Steelcase by 44.7% during the 1st quarter. Frontier Capital Management Co. LLC now owns 1,284,415 shares of the business services provider’s stock valued at $18,688,000 after acquiring an additional 396,486 shares in the last quarter. Finally, Geode Capital Management LLC grew its stake in Steelcase by 2.5% during the 4th quarter. Geode Capital Management LLC now owns 1,236,936 shares of the business services provider’s stock valued at $18,343,000 after acquiring an additional 30,369 shares in the last quarter. 66.17% of the stock is currently owned by hedge funds and other institutional investors.
Steelcase stock traded down $0.12 during midday trading on Friday, hitting $16.83. The company’s stock had a trading volume of 508,812 shares, compared to its average volume of 815,798. The company has a debt-to-equity ratio of 0.78, a current ratio of 1.57 and a quick ratio of 1.13. The business’s 50-day simple moving average is $16.88. Steelcase has a 12 month low of $13.40 and a 12 month high of $19.35. The firm has a market capitalization of $1.99 billion, a P/E ratio of 14.03 and a beta of 1.32.
The firm also recently declared a quarterly dividend, which was paid on Tuesday, July 16th. Shareholders of record on Monday, July 1st were given a $0.145 dividend. This represents a $0.58 annualized dividend and a yield of 3.45%. The ex-dividend date was Friday, June 28th. Steelcase’s dividend payout ratio (DPR) is presently 48.33%.
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, fence and beam-based furniture systems, storage products, fixed and height-adjustable desks, benches, and tables, as well as complementary products, including worktools.
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