Steelcase (NYSE:SCS) posted its earnings results on Friday, September 21st. The business services provider reported $0.41 earnings per share for the quarter, beating the Zacks’ consensus estimate of $0.29 by $0.12, Fidelity Earnings reports. The business had revenue of $875.80 million for the quarter, compared to analysts’ expectations 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 in the previous year, the firm posted $0.26 earnings per share.
NYSE:SCS traded down $0.21 on Friday, reaching $16.44. The stock had a trading volume of 1,500,385 shares, compared to its average volume of 632,960. Steelcase has a 1-year low of $13.10 and a 1-year high of $19.35. The firm has a market cap of $2.16 billion, a PE ratio of 18.07 and a beta of 1.23. The company has a quick ratio of 0.94, a current ratio of 1.34 and a debt-to-equity ratio of 0.35.
The company also recently declared a quarterly dividend, which will be paid on Monday, October 15th. Shareholders of record on Monday, October 1st will be given a $0.135 dividend. The ex-dividend date is Friday, September 28th. This represents a $0.54 dividend on an annualized basis and a yield of 3.28%. Steelcase’s dividend payout ratio (DPR) is presently 59.34%.
A number of analysts recently weighed in on the stock. 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. ValuEngine raised shares of Steelcase from a “hold” rating to a “buy” rating in a research note on Saturday, September 22nd. 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 price target on the stock in a research report on Wednesday, September 26th. Finally, Seaport Global Securities upgraded shares of Steelcase from a “neutral” rating to a “buy” rating and set a $20.00 price target on the stock in a research report on Friday. One research analyst has rated the stock with a hold rating and three have assigned a buy rating to the company. Steelcase currently has a consensus rating of “Buy” and a consensus price target of $20.33.
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 transaction of $285,255.41. Following the transaction, the director now directly owns 255,090 shares in the company, valued at $4,466,625.90. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, CAO Lizbeth S. O’shaughnessy sold 20,000 shares of the company’s stock in a transaction that occurred on Thursday, September 27th. The stock was sold at an average price of $18.61, for a total transaction of $372,200.00. Following the transaction, the chief accounting officer now owns 218,091 shares in the company, valued at $4,058,673.51. The disclosure for this sale can be found here. Insiders have sold 57,791 shares of company stock worth $1,056,215 over the last quarter. 17.58% of the stock is owned by company insiders.
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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