Steelcase (NYSE:SCS) Announces Quarterly Earnings Results

Steelcase (NYSE:SCS) posted its earnings results on Wednesday. The business services provider reported $0.39 earnings per share for the quarter, topping the consensus estimate of $0.37 by $0.02, Briefing.com reports. Steelcase had a net margin of 2.89% and a return on equity of 13.66%. The company had revenue of $855.80 million for the quarter, compared to analyst estimates of $864.17 million. During the same period last year, the business posted $0.31 earnings per share. The business’s revenue for the quarter was up .1% compared to the same quarter last year.

Steelcase Stock Performance

Shares of SCS stock opened at $13.31 on Friday. Steelcase has a 12 month low of $9.63 and a 12 month high of $14.74. The firm has a market cap of $1.52 billion, a PE ratio of 17.51, a P/E/G ratio of 1.39 and a beta of 1.33. The company has a quick ratio of 1.15, a current ratio of 1.61 and a debt-to-equity ratio of 0.51. The company’s fifty day simple moving average is $13.53 and its 200-day simple moving average is $13.03.

Wall Street Analysts Forecast Growth

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

Insider Buying and Selling at Steelcase

In other news, SVP Allan W. Smith, Jr. sold 70,444 shares of the firm’s stock in a transaction that occurred on Monday, July 22nd. The stock was sold at an average price of $13.84, for a total value of $974,944.96. Following the completion of the sale, the senior vice president now directly owns 184,743 shares of the company’s stock, valued at $2,556,843.12. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. In related news, CAO Nicole Cherie Mcgrath sold 15,749 shares of the firm’s stock in a transaction dated Tuesday, July 23rd. The stock was sold at an average price of $13.94, for a total value of $219,541.06. Following the sale, the chief accounting officer now directly owns 18,453 shares of the company’s stock, valued at $257,234.82. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Also, SVP Allan W. Smith, Jr. sold 70,444 shares of the stock in a transaction that occurred on Monday, July 22nd. The shares were sold at an average price of $13.84, for a total transaction of $974,944.96. Following the sale, the senior vice president now directly owns 184,743 shares of the company’s stock, valued at approximately $2,556,843.12. The disclosure for this sale can be found here. Insiders sold a total of 174,187 shares of company stock worth $2,410,861 over the last quarter. 12.96% of the stock is currently owned by insiders.

Steelcase Company Profile

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.