Steelcase (NYSE:SCS) Announces Earnings Results

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

Steelcase Stock Performance

Steelcase stock opened at $13.31 on Friday. Steelcase has a 1-year low of $9.63 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 firm has a market capitalization of $1.52 billion, a PE ratio of 17.51, a price-to-earnings-growth ratio of 1.39 and a beta of 1.33. The firm’s 50 day simple moving average is $13.53 and its 200 day simple moving average is $13.03.

Insider Buying and Selling at Steelcase

In other news, VP Donna K. Flynn sold 13,310 shares of the company’s stock in a transaction 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 related news, SVP Allan W. Smith, Jr. sold 70,444 shares of the company’s stock in a transaction that occurred on Monday, July 22nd. The shares were sold at an average price of $13.84, for a total value of $974,944.96. Following the transaction, 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 can be accessed through the SEC website. Also, 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 transaction of $182,613.20. Following the sale, the vice president now owns 78,733 shares of the company’s stock, valued at $1,080,216.76. The disclosure for this sale can be found here. Insiders sold a total of 174,187 shares of company stock valued at $2,410,861 in the last three months. Company insiders own 12.96% of the company’s stock.

Wall Street Analyst Weigh In

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

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.