$900.30 Million in Sales Expected for Steelcase Inc. (SCS) This Quarter

Analysts predict that Steelcase Inc. (NYSE:SCS) will announce $900.30 million in sales for the current fiscal quarter, Zacks reports. Two analysts have made estimates for Steelcase’s earnings. The highest sales estimate is $901.20 million and the lowest is $899.40 million. Steelcase posted sales of $772.10 million in the same quarter last year, which would indicate a positive year over year growth rate of 16.6%. The firm is scheduled to announce its next earnings report after the market closes on Tuesday, December 18th.

According to Zacks, analysts expect that Steelcase will report full year sales of $3.39 billion for the current fiscal year. For the next financial year, analysts expect that the firm will report sales of $3.66 billion, with estimates ranging from $3.65 billion to $3.68 billion. Zacks’ sales averages are a mean average based on a survey of research analysts that cover Steelcase.

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

SCS has been the subject of several recent analyst reports. ValuEngine raised shares of Steelcase from a “sell” rating to a “hold” rating in a research note on Monday, August 20th. Seaport Global Securities raised shares of Steelcase from a “neutral” rating to a “buy” rating and set a $20.00 target price for the company in a research note on Friday, October 12th. TheStreet raised shares of Steelcase from a “c+” rating to a “b” rating in a research note on Friday, September 21st. Zacks Investment Research downgraded shares of Steelcase from a “strong-buy” rating to a “hold” rating in a research note on Tuesday. Finally, Raymond James upped their target price on shares of Steelcase from $16.50 to $20.00 and gave the company an “outperform” rating in a research note on Monday, September 24th. Two equities research analysts have rated the stock with a hold rating and two have assigned a buy rating to the company’s stock. Steelcase has an average rating of “Buy” and an average target price of $20.33.

NYSE:SCS traded down $0.25 during trading hours on Monday, hitting $16.20. The stock had a trading volume of 429,296 shares, compared to its average volume of 491,851. Steelcase has a one year low of $13.10 and a one year high of $19.35. The company has a debt-to-equity ratio of 0.35, a quick ratio of 0.94 and a current ratio of 1.34. The company has a market capitalization of $1.92 billion, a PE ratio of 17.80 and a beta of 1.31.

In other news, Director Robert C. Pew III sold 16,291 shares of the company’s stock in a transaction that occurred on Wednesday, October 10th. The shares were sold at an average price of $17.51, for a total value of $285,255.41. Following the completion of the transaction, the director now owns 255,090 shares in the company, valued at $4,466,625.90. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, VP James N. Ludwig sold 7,500 shares of the stock in a transaction on Friday, September 28th. The stock was sold at an average price of $18.56, for a total transaction of $139,200.00. Following the transaction, the vice president now owns 31,960 shares of the company’s stock, valued at approximately $593,177.60. The disclosure for this sale can be found here. Insiders sold 57,791 shares of company stock valued at $1,056,215 in the last quarter. Corporate insiders own 17.58% of the company’s stock.

A number of institutional investors and hedge funds have recently made changes to their positions in SCS. Point72 Hong Kong Ltd acquired a new position in Steelcase during the third quarter worth $108,000. Tower Research Capital LLC TRC lifted its stake in Steelcase by 307.5% in the third quarter. Tower Research Capital LLC TRC now owns 7,967 shares of the business services provider’s stock valued at $147,000 after acquiring an additional 6,012 shares during the last quarter. Hartford Investment Management Co. acquired a new stake in Steelcase in the second quarter valued at $167,000. WBI Investments Inc. acquired a new stake in Steelcase in the second quarter valued at $173,000. Finally, Ibex Investors LLC acquired a new stake in Steelcase in the third quarter valued at $200,000. Institutional investors and hedge funds own 65.45% of the company’s stock.

Steelcase Company Profile

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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Earnings History and Estimates for Steelcase (NYSE:SCS)

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