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

Steelcase (NYSE:SCS) released its quarterly earnings data on Wednesday. The business services provider reported $0.39 earnings per share (EPS) for the quarter, beating the consensus estimate 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 business had revenue of $855.80 million for the quarter, compared to analysts’ expectations of $864.17 million. During the same period in the prior year, the firm posted $0.31 EPS. The firm’s quarterly revenue was up .1% on a year-over-year basis.

Steelcase Trading Down 5.7 %

NYSE:SCS opened at $13.31 on Friday. The company has a market cap of $1.52 billion, a PE ratio of 17.51, a price-to-earnings-growth ratio of 1.39 and a beta of 1.33. The company has a current ratio of 1.61, a quick ratio of 1.15 and a debt-to-equity ratio of 0.51. The company has a 50 day simple moving average of $13.53 and a two-hundred day simple moving average of $13.03. Steelcase has a 12 month low of $9.63 and a 12 month high of $14.74.

Insider Activity

In related news, CFO David C. Sylvester sold 73,184 shares of Steelcase stock in a transaction on 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 completion of the sale, the chief financial officer now owns 551,592 shares of the company’s stock, valued at $7,634,033.28. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. In related news, VP Donna K. Flynn sold 13,310 shares of the business’s stock in a transaction that occurred on Monday, June 24th. The shares were sold at an average price of $13.72, for a total transaction of $182,613.20. Following the completion of the sale, the vice president now directly owns 78,733 shares in the company, valued at $1,080,216.76. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, CFO David C. Sylvester sold 73,184 shares of the stock in a transaction that occurred on 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 $7,634,033.28. The disclosure for this sale can be found here. Insiders have sold 174,187 shares of company stock valued at $2,410,861 in the last ninety days. 12.96% of the stock is currently owned by company insiders.

Analyst Upgrades and Downgrades

Separately, Benchmark upped their target price on shares of Steelcase from $17.00 to $18.00 and gave the company a “buy” rating in a research note 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.