Steelcase (NYSE:SCS) Issues Quarterly Earnings Results

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

Steelcase Stock Up 0.8 %

Shares of NYSE:SCS opened at $14.12 on Thursday. The stock has a market capitalization of $1.61 billion, a P/E ratio of 18.57, a price-to-earnings-growth ratio of 1.34 and a beta of 1.33. The stock’s 50-day moving average price is $13.51 and its 200-day moving average price is $13.03. The company has a current ratio of 1.61, a quick ratio of 1.15 and a debt-to-equity ratio of 0.51. Steelcase has a 12-month low of $8.74 and a 12-month high of $14.74.

Wall Street Analyst Weigh In

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

Insider Activity

In other Steelcase news, CFO David C. Sylvester sold 73,184 shares of Steelcase stock in a transaction that occurred on Wednesday, July 24th. The stock was sold at an average price of $13.84, for a total value of $1,012,866.56. Following the transaction, the chief financial officer now directly owns 551,592 shares of the company’s stock, valued at approximately $7,634,033.28. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. In other news, SVP Allan W. Smith, Jr. sold 70,444 shares of the stock in a transaction dated Monday, July 22nd. The shares were sold at an average price of $13.84, for a total transaction of $974,944.96. Following the completion of the sale, the senior vice president now directly owns 184,743 shares in the company, valued at $2,556,843.12. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, CFO David C. Sylvester sold 73,184 shares of the business’s stock in a transaction dated Wednesday, July 24th. The shares were sold at an average price of $13.84, for a total value of $1,012,866.56. Following the transaction, the chief financial officer now owns 551,592 shares in the company, valued at approximately $7,634,033.28. The disclosure for this sale can be found here. In the last quarter, insiders sold 174,187 shares of company stock valued at $2,410,861. Insiders own 12.96% of the company’s stock.

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.