Steelcase (NYSE:SCS) Issues Quarterly Earnings Results, Beats Estimates By $0.02 EPS

Steelcase (NYSE:SCSGet Free Report) announced its earnings results on Wednesday. The business services provider reported $0.39 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.37 by $0.02, Briefing.com reports. The company had revenue of $855.80 million for the quarter, compared to analyst estimates of $864.17 million. Steelcase had a net margin of 2.89% and a return on equity of 13.66%. Steelcase’s quarterly revenue was up .1% on a year-over-year basis. During the same period in the prior year, the business earned $0.31 earnings per share.

Steelcase Trading Down 2.9 %

NYSE:SCS traded down $0.38 during trading hours on Friday, hitting $12.93. The stock had a trading volume of 453,692 shares, compared to its average volume of 710,848. The business’s 50 day moving average is $13.53 and its 200-day moving average is $13.04. The company has a debt-to-equity ratio of 0.51, a quick ratio of 1.15 and a current ratio of 1.61. The company has a market cap of $1.48 billion, a price-to-earnings ratio of 17.25, a P/E/G ratio of 1.39 and a beta of 1.33. Steelcase has a one year low of $10.29 and a one year high of $14.74.

Steelcase Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, October 15th. Investors of record on Monday, September 30th will be paid a dividend of $0.10 per share. This represents a $0.40 annualized dividend and a yield of 3.09%. The ex-dividend date of this dividend is Monday, September 30th. Steelcase’s payout ratio is 52.63%.

Analyst Upgrades and Downgrades

Separately, Benchmark lifted their price objective on Steelcase from $17.00 to $18.00 and gave the stock a “buy” rating in a research report on Friday, June 21st.

Read Our Latest Report on SCS

Insider Transactions at Steelcase

In other Steelcase news, VP Donna K. Flynn sold 13,310 shares of the business’s stock in a transaction dated Monday, June 24th. The stock was sold at an average price of $13.72, for a total value of $182,613.20. Following the completion of the transaction, the vice president now directly owns 78,733 shares of the company’s stock, valued at $1,080,216.76. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. In other Steelcase news, CFO David C. Sylvester sold 73,184 shares of the stock in a transaction dated Wednesday, July 24th. The stock was sold at an average price of $13.84, for a total transaction of $1,012,866.56. Following the completion of the transaction, the chief financial officer now owns 551,592 shares in the company, valued at approximately $7,634,033.28. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Also, VP Donna K. Flynn sold 13,310 shares of the company’s stock in a transaction dated Monday, June 24th. The stock was sold at an average price of $13.72, for a total value of $182,613.20. Following the transaction, the vice president now directly owns 78,733 shares of the company’s stock, valued at $1,080,216.76. The disclosure for this sale can be found here. Insiders have sold a total of 174,187 shares of company stock valued at $2,410,861 over the last three months. 12.96% of the stock is currently owned by corporate insiders.

About Steelcase

(Get Free Report)

Steelcase Inc provides a portfolio of furniture and architectural products and services in the United States and internationally. It operates through Americas and International segments. The company's furniture portfolio includes furniture systems, seating, storage, fixed and height-adjustable desks, benches, and tables, as well as complementary products, such as work accessories, lighting, mobile power, and screens.

Further Reading

Earnings History for Steelcase (NYSE:SCS)

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