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

Steelcase (NYSE:SCS) announced its quarterly earnings data on Wednesday. The business services provider reported $0.39 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 during the quarter, compared to analyst estimates of $864.17 million. During the same period last year, the company earned $0.31 earnings per share. The company’s revenue was up .1% on a year-over-year basis.

Steelcase Trading Down 2.9 %

NYSE SCS traded down $0.39 on Friday, reaching $12.92. The company had a trading volume of 1,623,298 shares, compared to its average volume of 717,274. Steelcase has a 52 week low of $10.29 and a 52 week high of $14.74. The stock’s 50 day moving average is $13.53 and its 200-day moving average is $13.04. 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 stock has a market cap of $1.47 billion, a price-to-earnings ratio of 17.12, a PEG ratio of 1.39 and a beta of 1.33.

Steelcase Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Tuesday, October 15th. Stockholders of record on Monday, September 30th will be given a $0.10 dividend. The ex-dividend date of this dividend is Monday, September 30th. This represents a $0.40 annualized dividend and a dividend yield of 3.10%. Steelcase’s dividend payout ratio is currently 52.63%.

Analyst Ratings Changes

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

Insider Transactions at Steelcase

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