Steelcase (NYSE:SCS) Announces Earnings Results

Steelcase (NYSE:SCS) announced its earnings results on Wednesday. The business services provider reported $0.39 earnings per share for the quarter, beating the consensus estimate of $0.37 by $0.02, Briefing.com reports. The firm had revenue of $855.80 million during the quarter, compared to the consensus estimate of $864.17 million. Steelcase had a net margin of 2.89% and a return on equity of 13.66%. The firm’s revenue for the quarter was up .1% on a year-over-year basis. During the same quarter in the previous year, the company posted $0.31 EPS.

Steelcase Price Performance

Shares of NYSE SCS traded down $0.38 during mid-day trading on Friday, reaching $12.93. The company had a trading volume of 424,193 shares, compared to its average volume of 710,686. The company has a 50-day moving average price of $13.53 and a two-hundred day moving average price of $13.04. Steelcase has a 1-year low of $10.29 and a 1-year high of $14.74. The company has a current ratio of 1.61, a quick ratio of 1.15 and a debt-to-equity ratio of 0.51. The stock has a market cap of $1.48 billion, a PE ratio of 17.25, a P/E/G ratio of 1.39 and a beta of 1.33.

Steelcase Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Tuesday, October 15th. Shareholders of record on Monday, September 30th will be given a $0.10 dividend. This represents a $0.40 annualized dividend and a yield of 3.09%. The ex-dividend date of this dividend is Monday, September 30th. Steelcase’s dividend payout ratio (DPR) is 52.63%.

Wall Street Analysts Forecast Growth

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

Insider Activity

In other news, VP Donna K. Flynn sold 13,310 shares of Steelcase stock in a transaction that occurred on Monday, June 24th. The shares were sold at an average price of $13.72, for a total value of $182,613.20. Following the transaction, the vice president now owns 78,733 shares of the company’s stock, valued at $1,080,216.76. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. In other Steelcase news, CFO David C. Sylvester sold 73,184 shares of the firm’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 completion of the sale, the chief financial officer now owns 551,592 shares in the company, valued at approximately $7,634,033.28. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, VP Donna K. Flynn sold 13,310 shares of the company’s stock in a transaction dated Monday, June 24th. The shares were sold at an average price of $13.72, for a total transaction of $182,613.20. Following the transaction, the vice president now owns 78,733 shares in the company, valued at $1,080,216.76. The disclosure for this sale can be found here. Insiders have sold 174,187 shares of company stock worth $2,410,861 in the last 90 days. Company insiders own 12.96% of the company’s stock.

About Steelcase

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.