Steelcase (NYSE:SCS) released its quarterly earnings data on Friday, September 21st. The business services provider reported $0.41 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $0.29 by $0.12, Fidelity Earnings reports. Steelcase had a net margin of 2.89% and a return on equity of 13.97%. The firm had revenue of $875.80 million for the quarter, compared to the consensus estimate of $873.70 million. During the same period last year, the firm earned $0.26 earnings per share. The company’s quarterly revenue was up 12.9% on a year-over-year basis.
SCS traded down $0.21 during trading on Friday, hitting $16.44. The stock had a trading volume of 1,500,385 shares, compared to its average volume of 632,960. The company has a market cap of $2.16 billion, a price-to-earnings ratio of 18.07 and a beta of 1.23. Steelcase has a twelve month low of $13.10 and a twelve month high of $19.35. 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 announced a quarterly dividend, which will be paid on Monday, October 15th. Shareholders of record on Monday, October 1st will be paid a $0.135 dividend. The ex-dividend date of this dividend is Friday, September 28th. This represents a $0.54 annualized dividend and a yield of 3.28%. Steelcase’s dividend payout ratio (DPR) is 59.34%.
A number of equities analysts have recently issued reports on SCS shares. Zacks Investment Research upgraded shares of Steelcase from a “hold” rating to a “buy” rating and set a $16.00 price objective on the stock in a research note on Tuesday, June 26th. TheStreet downgraded shares of Steelcase from a “b-” rating to a “c+” rating in a research note on Monday, June 25th. ValuEngine upgraded shares of Steelcase from a “sell” rating to a “hold” rating in a research note on Friday, July 6th. 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 note on Monday, September 24th. Finally, Seaport Global Securities upgraded 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. One research analyst has rated the stock with a hold rating and three have assigned a buy rating to the company’s stock. The company has an average rating of “Buy” and an average target price of $20.33.
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 completion of the sale, the vice president now directly owns 31,490 shares in the company, valued at $583,824.60. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, CAO Lizbeth S. O’shaughnessy sold 20,000 shares of the firm’s stock in a transaction that occurred on Thursday, September 27th. The shares were sold at an average price of $18.61, for a total transaction of $372,200.00. Following the completion of the sale, the chief accounting officer now owns 218,091 shares of the company’s stock, valued at $4,058,673.51. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 57,791 shares of company stock valued at $1,056,215. 17.58% of the stock is owned by insiders.
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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