Steelcase (NYSE:SCS) updated its third quarter earnings guidance on Thursday. The company provided EPS guidance of $0.28-0.33 for the period, compared to the Thomson Reuters consensus EPS estimate of $0.25. The company issued revenue guidance of $885-915 million, compared to the consensus revenue estimate of $834.20 million.Steelcase also updated its FY19 guidance to $1.10-1.15 EPS.

A number of equities research analysts recently commented on the stock. ValuEngine raised shares of Steelcase from a sell rating to a hold rating in a research note on Friday, July 6th. Raymond James increased their price objective on shares of Steelcase from $16.50 to $20.00 and gave the company an outperform rating in a research note on Monday, September 24th. Zacks Investment Research raised shares of Steelcase from a hold rating to a buy rating and set a $16.00 price objective on the stock in a research note on Tuesday, June 26th. TheStreet cut shares of Steelcase from a b- rating to a c+ rating in a research note on Monday, June 25th. Finally, Seaport Global Securities raised shares of Steelcase from a neutral rating to a buy rating and set a $20.00 price target on the stock in a research note on Friday. One research analyst has rated the stock with a hold rating and three have assigned a buy rating to the company’s stock. The stock currently has an average rating of Buy and a consensus target price of $20.33.

Shares of Steelcase stock traded down $0.21 during mid-day trading on Friday, hitting $16.44. 1,500,385 shares of the stock were exchanged, compared to its average volume of 632,960. Steelcase has a twelve month low of $13.10 and a twelve month high of $19.35. The stock has a market capitalization of $2.16 billion, a P/E ratio of 18.07 and a beta of 1.23. The company has a debt-to-equity ratio of 0.35, a current ratio of 1.34 and a quick ratio of 0.94.

Steelcase (NYSE:SCS) last released its quarterly earnings results on Friday, September 21st. The business services provider reported $0.41 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $0.29 by $0.12. Steelcase had a net margin of 2.89% and a return on equity of 13.97%. The company had revenue of $875.80 million for the quarter, compared to analysts’ expectations of $873.70 million. During the same period last year, the company earned $0.26 EPS. The firm’s revenue for the quarter was up 12.9% compared to the same quarter last year. As a group, analysts forecast that Steelcase will post 1.08 EPS for the current year.

The company also recently declared a quarterly dividend, which will be paid on Monday, October 15th. Shareholders of record on Monday, October 1st will be paid a dividend of $0.135 per share. The ex-dividend date of this dividend is Friday, September 28th. This represents a $0.54 annualized dividend and a dividend yield of 3.28%. Steelcase’s dividend payout ratio is currently 59.34%.

In other news, VP Allan W. Smith, Jr. sold 14,000 shares of the stock in a transaction dated Tuesday, September 25th. The shares were sold at an average price of $18.54, for a total transaction of $259,560.00. Following the transaction, the vice president now directly owns 31,490 shares in the company, valued at approximately $583,824.60. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, Director Robert C. Pew III sold 16,291 shares of the stock in a transaction dated Wednesday, October 10th. The stock was sold at an average price of $17.51, for a total transaction of $285,255.41. Following the transaction, the director now owns 255,090 shares in the company, valued at $4,466,625.90. The disclosure for this sale can be found here. Insiders have sold a total of 57,791 shares of company stock worth $1,056,215 over the last ninety days. 17.58% of the stock is owned by corporate insiders.

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-based furniture systems, storage products, fixed and height-adjustable desks, benches, and tables, as well as other products, including worktools.

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Earnings History and Estimates for Steelcase (NYSE:SCS)

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