Steelcase (SCS) Trading -1% Higher on Better-Than-Expected Earnings

Shares of Steelcase Inc. (NYSE:SCS) traded up 1% on Monday following a stronger than expected earnings report. The stock traded as high as $19.35 and last traded at $18.67. 48,309 shares were traded during trading, a decline of 93% from the average session volume of 691,801 shares. The stock had previously closed at $18.85.

The business services provider reported $0.41 earnings per share for the quarter, beating the Zacks’ consensus estimate of $0.29 by $0.12. Steelcase had a net margin of 2.89% and a return on equity of 14.08%. The business had revenue of $875.80 million for the quarter, compared to analyst estimates of $873.70 million. During the same period last year, the business earned $0.26 EPS. The company’s revenue was up 12.9% on a year-over-year basis.

The company also recently disclosed a dividend, which will be paid on Monday, October 15th. Stockholders of record on Monday, October 1st will be issued a $0.135 dividend. The ex-dividend date of this dividend is Friday, September 28th. Steelcase’s payout ratio is 59.34%.

A number of equities research analysts have recently weighed in on the stock. Zacks Investment Research lowered shares of Steelcase from a “buy” rating to a “hold” rating in a report on Wednesday, June 27th. Raymond James raised their price objective on shares of Steelcase from $16.50 to $20.00 and gave the company an “outperform” rating in a report on Monday. ValuEngine upgraded shares of Steelcase from a “sell” rating to a “hold” rating in a report on Friday, July 6th. Finally, TheStreet lowered shares of Steelcase from a “b-” rating to a “c+” rating in a report on Monday, June 25th. Two investment analysts have rated the stock with a hold rating and two have issued a buy rating to the company. The company currently has a consensus rating of “Buy” and an average target price of $18.00.

In related news, Director Jennifer C. Niemann sold 3,400 shares of Steelcase stock in a transaction on Friday, July 6th. The shares were sold at an average price of $14.17, for a total transaction of $48,178.00. Following the sale, the director now directly owns 3,838 shares in the company, valued at approximately $54,384.46. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, VP Sara E. Armbruster sold 10,000 shares of Steelcase stock in a transaction on Tuesday, June 26th. The stock was sold at an average price of $13.75, for a total transaction of $137,500.00. Following the sale, the vice president now owns 67,474 shares in the company, valued at $927,767.50. The disclosure for this sale can be found here. 17.58% of the stock is owned by company insiders.

Large investors have recently made changes to their positions in the stock. Hartford Investment Management Co. acquired a new stake in Steelcase during the 2nd quarter worth $167,000. WBI Investments Inc. acquired a new stake in Steelcase during the 2nd quarter worth $173,000. Summit Trail Advisors LLC raised its stake in Steelcase by 53.0% during the 1st quarter. Summit Trail Advisors LLC now owns 13,044 shares of the business services provider’s stock worth $180,000 after acquiring an additional 4,521 shares in the last quarter. Baldwin Brothers Inc. MA acquired a new stake in Steelcase during the 2nd quarter worth $184,000. Finally, Bayesian Capital Management LP acquired a new stake in Steelcase during the 1st quarter worth $204,000. Hedge funds and other institutional investors own 63.70% of the company’s stock.

The company has a debt-to-equity ratio of 0.36, a quick ratio of 1.18 and a current ratio of 1.61. The company has a market cap of $2.22 billion, a P/E ratio of 20.44 and a beta of 1.33.

About Steelcase (NYSE:SCS)

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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