Steelcase (NYSE:SCS) issued an update on its FY20 earnings guidance on Wednesday morning. The company provided EPS guidance of $1.20-1.35 for the period, compared to the Thomson Reuters consensus EPS estimate of $1.30. The company issued revenue guidance of $3.63-3.77 billion, compared to the consensus revenue estimate of $3.71 billion.Steelcase also updated its FY 2020 guidance to $1.20-1.35 EPS.
Several research analysts recently weighed in on the stock. Zacks Investment Research downgraded shares of Steelcase from a strong-buy rating to a hold rating in a report on Thursday, February 21st. Raymond James raised shares of Steelcase from an outperform rating to a strong-buy rating and increased their price objective for the company from $20.00 to $21.00 in a report on Thursday, March 21st. Two research analysts have rated the stock with a hold rating, one has given a buy rating and one has issued a strong buy rating to the stock. Steelcase has an average rating of Buy and a consensus price target of $19.00.
Shares of SCS traded up $0.24 during midday trading on Wednesday, hitting $17.77. 547,602 shares of the company traded hands, compared to its average volume of 595,633. Steelcase has a 52 week low of $13.10 and a 52 week high of $19.35. The company has a market capitalization of $2.06 billion, a PE ratio of 14.81 and a beta of 1.32. The company has a quick ratio of 1.22, a current ratio of 1.59 and a debt-to-equity ratio of 0.57.
In related news, VP Sara E. Armbruster sold 7,500 shares of the stock in a transaction dated Tuesday, March 26th. The shares were sold at an average price of $15.00, for a total value of $112,500.00. Following the completion of the transaction, the vice president now owns 48,038 shares of the company’s stock, valued at approximately $720,570. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, Director Jennifer C. Niemann sold 1,832 shares of the stock in a transaction dated Friday, March 29th. The shares were sold at an average price of $14.69, for a total transaction of $26,912.08. Following the completion of the transaction, the director now directly owns 7,746 shares of the company’s stock, valued at approximately $113,788.74. The disclosure for this sale can be found here. Insiders have sold a total of 221,565 shares of company stock valued at $3,767,208 in the last three months. Insiders own 17.04% of the company’s stock.
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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, fence and beam-based furniture systems, storage products, fixed and height-adjustable desks, benches, and tables, as well as complementary products, including worktools.
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