Steelcase (SCS) Updates Q4 2019 Earnings Guidance

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Steelcase (NYSE:SCS) updated its fourth quarter 2019 earnings guidance on Tuesday. The company provided earnings per share (EPS) guidance of $0.24-0.28 for the period. The company issued revenue guidance of $860-885 million, compared to the consensus revenue estimate of $865.63 million.

Several research analysts have recently weighed in on the company. Raymond James upped their price objective on Steelcase from $16.50 to $20.00 and gave the stock an outperform rating in a research report on Monday, September 24th. Zacks Investment Research raised Steelcase from a hold rating to a buy rating and set a $21.00 price objective for the company in a research report on Wednesday, September 26th. TheStreet raised Steelcase from a c+ rating to a b rating in a research report on Friday, September 21st. Seaport Global Securities raised Steelcase from a neutral rating to a buy rating and set a $20.00 price objective for the company in a research report on Friday, October 12th. Finally, ValuEngine lowered Steelcase from a buy rating to a hold rating in a report on Friday, October 12th. Two research analysts have rated the stock with a hold rating and two have given a buy rating to the stock. The stock presently has an average rating of Buy and an average target price of $20.33.

SCS traded up $0.02 on Tuesday, hitting $14.20. 1,019,400 shares of the company were exchanged, compared to its average volume of 640,282. Steelcase has a 12 month low of $13.10 and a 12 month high of $19.35. The firm has a market capitalization of $1.67 billion, a PE ratio of 15.60 and a beta of 1.32. The company has a debt-to-equity ratio of 0.35, a quick ratio of 0.94 and a current ratio of 1.34.

Steelcase (NYSE:SCS) last released its earnings results on Friday, September 21st. The business services provider reported $0.41 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.29 by $0.12. The business had revenue of $875.80 million for the quarter, compared to analyst estimates of $873.70 million. Steelcase had a return on equity of 13.97% and a net margin of 2.89%. Steelcase’s revenue was up 12.9% on a year-over-year basis. During the same quarter in the prior year, the company posted $0.26 earnings per share. On average, research analysts forecast that Steelcase will post 1.07 earnings per share for the current year.

In other Steelcase news, VP Allan W. Smith, Jr. sold 14,000 shares of the firm’s stock in a transaction on Tuesday, September 25th. The stock was sold at an average price of $18.54, for a total value of $259,560.00. Following the sale, the vice president now owns 31,490 shares of the company’s stock, valued at approximately $583,824.60. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Also, CAO Lizbeth S. O’shaughnessy sold 20,000 shares of the firm’s stock in a transaction on Thursday, September 27th. The shares were sold at an average price of $18.61, for a total value of $372,200.00. Following the completion of the sale, the chief accounting officer now directly owns 218,091 shares in the company, valued at approximately $4,058,673.51. The disclosure for this sale can be found here. Insiders sold 57,791 shares of company stock worth $1,056,215 in the last ninety days. 17.58% of the stock is owned by company insiders.

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Steelcase Company Profile

Steelcase Inc manufactures and sells integrated furniture settings, user-centered technologies, and interior architectural products. It operates through Americas, EMEA, and Other Category segments. The company's furniture portfolio includes panel-based furniture systems, storage products, fixed and height-adjustable desks, benches, and tables, as well as other products, including worktools.

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Earnings History and Estimates for Steelcase (NYSE:SCS)

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