Equities analysts expect Steelcase Inc. (NYSE:SCS) to post $801.10 million in sales for the current fiscal quarter, Zacks Investment Research reports. Two analysts have provided estimates for Steelcase’s earnings, with the lowest sales estimate coming in at $798.20 million and the highest estimate coming in at $804.00 million. Steelcase reported sales of $786.50 million during the same quarter last year, which would suggest a positive year-over-year growth rate of 1.9%. The business is scheduled to announce its next quarterly earnings report on Tuesday, December 19th.
On average, analysts expect that Steelcase will report full year sales of $801.10 million for the current financial year, with estimates ranging from $3.10 billion to $3.11 billion. For the next fiscal year, analysts anticipate that the company will report sales of $3.24 billion per share, with estimates ranging from $3.20 billion to $3.28 billion. Zacks’ sales calculations are an average based on a survey of sell-side analysts that that provide coverage for Steelcase.
Steelcase (NYSE:SCS) last released its earnings results on Monday, September 18th. The business services provider reported $0.31 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $0.23 by $0.08. Steelcase had a net margin of 3.98% and a return on equity of 15.72%. The firm had revenue of $775.60 million for the quarter, compared to analysts’ expectations of $759.83 million. During the same quarter last year, the company earned $0.32 EPS. Steelcase’s quarterly revenue was up 2.3% on a year-over-year basis.
Several equities analysts recently weighed in on the stock. Sidoti raised shares of Steelcase from a “neutral” rating to a “buy” rating and set a $16.00 price objective on the stock in a research report on Friday, September 1st. Zacks Investment Research raised shares of Steelcase from a “sell” rating to a “hold” rating in a research report on Thursday, August 24th. TheStreet raised shares of Steelcase from a “c+” rating to a “b-” rating in a research report on Tuesday, October 3rd. ValuEngine lowered shares of Steelcase from a “buy” rating to a “hold” rating in a research report on Friday, September 1st. Finally, BidaskClub lowered shares of Steelcase from a “sell” rating to a “strong sell” rating in a research report on Monday, July 24th. One research analyst has rated the stock with a sell rating, three have issued a hold rating and two have assigned a buy rating to the company’s stock. The company currently has an average rating of “Hold” and an average target price of $16.00.
Shares of Steelcase (SCS) traded up $0.70 on Friday, hitting $14.60. 706,200 shares of the company’s stock traded hands, compared to its average volume of 727,573. Steelcase has a one year low of $12.50 and a one year high of $18.15. The firm has a market capitalization of $1,612.87, a PE ratio of 13.63 and a beta of 1.22. The company has a debt-to-equity ratio of 0.37, a quick ratio of 1.28 and a current ratio of 1.63.
A number of hedge funds have recently made changes to their positions in the stock. Vanguard Group Inc. increased its position in Steelcase by 9.5% during the first quarter. Vanguard Group Inc. now owns 7,590,595 shares of the business services provider’s stock worth $127,143,000 after acquiring an additional 659,548 shares during the period. BlackRock Inc. increased its position in Steelcase by 29,527.3% during the first quarter. BlackRock Inc. now owns 5,656,450 shares of the business services provider’s stock worth $94,745,000 after acquiring an additional 5,637,358 shares during the period. Dimensional Fund Advisors LP boosted its stake in Steelcase by 8.3% during the third quarter. Dimensional Fund Advisors LP now owns 3,630,186 shares of the business services provider’s stock worth $55,905,000 after buying an additional 278,125 shares in the last quarter. Alliancebernstein L.P. boosted its stake in Steelcase by 2,481.3% during the second quarter. Alliancebernstein L.P. now owns 3,183,486 shares of the business services provider’s stock worth $44,569,000 after buying an additional 3,060,155 shares in the last quarter. Finally, Cooke & Bieler LP boosted its stake in Steelcase by 11.4% during the second quarter. Cooke & Bieler LP now owns 2,531,484 shares of the business services provider’s stock worth $35,441,000 after buying an additional 260,039 shares in the last quarter. 60.00% of the stock is currently owned by institutional investors and hedge funds.
WARNING: “Analysts Anticipate Steelcase Inc. (SCS) Will Announce Quarterly Sales of $801.10 Million” was reported by StockNewsTimes and is the property of of StockNewsTimes. If you are accessing this piece on another website, it was illegally copied and republished in violation of U.S. and international trademark & copyright law. The legal version of this piece can be read at https://stocknewstimes.com/2017/11/17/analysts-anticipate-steelcase-inc-scs-will-announce-quarterly-sales-of-801-10-million.html.
Steelcase Company Profile
Steelcase Inc provides an integrated portfolio of furniture settings, user-centered technologies and interior architectural products. The Company’s segments include Americas, EMEA and Other Category. The Company’s furniture portfolio includes panel-based and freestanding furniture systems and complementary products, such as storage, tables and ergonomic worktools.
For more information about research offerings from Zacks Investment Research, visit Zacks.com
Receive News & Ratings for Steelcase Inc. Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Steelcase Inc. and related companies with MarketBeat.com's FREE daily email newsletter.