Analysts Anticipate Steelcase Inc. (SCS) Will Announce Quarterly Sales of $801.10 Million

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.

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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.

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Earnings History and Estimates for Steelcase (NYSE:SCS)

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