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

Steelcase (NYSE:SCS) issued its quarterly 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. Steelcase had a return on equity of 13.66% and a net margin of 2.89%. The firm had revenue of $855.80 million for the quarter, compared to analyst estimates of $864.17 million. During the same period in the previous year, the company posted $0.31 earnings per share. The business’s revenue was up .1% on a year-over-year basis.

Steelcase Stock Down 5.7 %

Shares of NYSE SCS opened at $13.31 on Friday. The company has a market capitalization of $1.52 billion, a price-to-earnings ratio of 17.51, a price-to-earnings-growth ratio of 1.39 and a beta of 1.33. The company has a debt-to-equity ratio of 0.51, a current ratio of 1.61 and a quick ratio of 1.15. Steelcase has a 1 year low of $9.63 and a 1 year high of $14.74. The business has a 50-day moving average of $13.53 and a two-hundred day moving average of $13.03.

Insider Transactions at Steelcase

In related news, CFO David C. Sylvester sold 73,184 shares of the business’s stock in a transaction dated Wednesday, July 24th. The stock was sold at an average price of $13.84, for a total value of $1,012,866.56. Following the transaction, the chief financial officer now owns 551,592 shares in the company, valued at approximately $7,634,033.28. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. In related news, SVP Allan W. Smith, Jr. sold 70,444 shares of Steelcase stock in a transaction on Monday, July 22nd. The stock was sold at an average price of $13.84, for a total transaction of $974,944.96. Following the completion of the transaction, the senior vice president now directly owns 184,743 shares of the company’s stock, valued at $2,556,843.12. The sale was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, CFO David C. Sylvester sold 73,184 shares of the company’s stock in a transaction dated Wednesday, July 24th. The shares were sold at an average price of $13.84, for a total transaction of $1,012,866.56. Following the completion of the sale, the chief financial officer now directly owns 551,592 shares in the company, valued at approximately $7,634,033.28. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 174,187 shares of company stock worth $2,410,861. Corporate insiders own 12.96% of the company’s stock.

Analyst Upgrades and Downgrades

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

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.