Steelcase (NYSE:SCS) Issues 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 analysts’ consensus estimates of $0.37 by $0.02, Briefing.com reports. Steelcase had a net margin of 2.89% and a return on equity of 13.66%. The business had revenue of $855.80 million during the quarter, compared to the consensus estimate of $864.17 million. During the same quarter last year, the firm earned $0.31 earnings per share. The business’s revenue for the quarter was up .1% on a year-over-year basis.

Steelcase Trading Down 5.7 %

Shares of Steelcase stock opened at $13.31 on Friday. The company has a quick ratio of 1.15, a current ratio of 1.61 and a debt-to-equity ratio of 0.51. The firm has a market cap of $1.52 billion, a price-to-earnings ratio of 17.51, a PEG ratio of 1.39 and a beta of 1.33. Steelcase has a twelve month low of $9.63 and a twelve month high of $14.74. The business has a 50-day moving average price of $13.53 and a 200-day moving average price of $13.03.

Wall Street Analyst Weigh In

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

Insider Activity at Steelcase

In other Steelcase news, CAO Nicole Cherie Mcgrath sold 15,749 shares of the business’s stock in a transaction on Tuesday, July 23rd. The shares were sold at an average price of $13.94, for a total transaction of $219,541.06. Following the transaction, the chief accounting officer now owns 18,453 shares in the company, valued at $257,234.82. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. In other Steelcase news, CFO David C. Sylvester sold 73,184 shares of Steelcase stock in a transaction on 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 directly owns 551,592 shares of the company’s stock, valued at $7,634,033.28. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CAO Nicole Cherie Mcgrath sold 15,749 shares of the business’s stock in a transaction dated Tuesday, July 23rd. The stock was sold at an average price of $13.94, for a total value of $219,541.06. Following the sale, the chief accounting officer now owns 18,453 shares in the company, valued at approximately $257,234.82. The disclosure for this sale can be found here. Insiders have sold a total of 174,187 shares of company stock valued at $2,410,861 over the last 90 days. 12.96% of the stock is owned by corporate insiders.

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.