Steelcase (NYSE:SCS) Announces Earnings Results, Beats Expectations By $0.07 EPS

Steelcase (NYSE:SCS) posted its earnings results on Wednesday. The business services provider reported $0.30 EPS for the quarter, topping the consensus estimate of $0.23 by $0.07, Zacks reports. Steelcase had a net margin of 4.02% and a return on equity of 14.41%. The firm had revenue of $794.90 million for the quarter, compared to the consensus estimate of $796.58 million. During the same period in the prior year, the business posted $0.30 earnings per share. The business’s quarterly revenue was up 2.2% on a year-over-year basis. Steelcase updated its Q4 guidance to $0.20-0.24 EPS.

Steelcase Stock Performance

Shares of NYSE SCS traded down $0.59 during trading hours on Wednesday, hitting $12.46. 1,193,718 shares of the company’s stock were exchanged, compared to its average volume of 666,152. The company’s 50-day moving average price is $13.04 and its 200-day moving average price is $13.17. Steelcase has a 1-year low of $11.50 and a 1-year high of $14.74. The stock has a market capitalization of $1.42 billion, a price-to-earnings ratio of 11.75, a PEG ratio of 1.29 and a beta of 1.35. The company has a debt-to-equity ratio of 0.48, a current ratio of 1.62 and a quick ratio of 1.23.

Insider Buying and Selling at Steelcase

In related news, VP Robert G. Krestakos sold 4,000 shares of Steelcase stock in a transaction dated Tuesday, October 15th. The stock was sold at an average price of $13.11, for a total transaction of $52,440.00. Following the sale, the vice president now directly owns 119,481 shares of the company’s stock, valued at $1,566,395.91. This trade represents a 3.24 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Insiders own 12.96% of the company’s stock.

Analysts Set New Price Targets

Separately, Noble Financial started coverage on Steelcase in a report on Wednesday, October 9th. They issued an “outperform” rating and a $16.00 target price for the company.

About Steelcase

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.