Steelcase (NYSE:SCS) Announces Quarterly Earnings Results

Steelcase (NYSE:SCS) posted its earnings results on Wednesday. The business services provider reported $0.30 earnings per share for the quarter, beating analysts’ consensus estimates of $0.23 by $0.07, Zacks reports. Steelcase had a net margin of 4.02% and a return on equity of 14.41%.

Steelcase Stock Down 4.5 %

NYSE SCS traded down $0.59 on Wednesday, reaching $12.46. The company had a trading volume of 1,174,601 shares, compared to its average volume of 666,152. The company’s fifty day moving average is $13.04 and its 200-day moving average is $13.17. The firm has a market capitalization of $1.42 billion, a price-to-earnings ratio of 11.75, a price-to-earnings-growth ratio of 1.29 and a beta of 1.35. The company has a debt-to-equity ratio of 0.48, a quick ratio of 1.23 and a current ratio of 1.62. Steelcase has a 1-year low of $11.50 and a 1-year high of $14.74.

Insider Transactions at Steelcase

In other news, VP Robert G. Krestakos sold 4,000 shares of the company’s stock in a transaction that occurred on Tuesday, October 15th. The stock was sold at an average price of $13.11, for a total transaction of $52,440.00. Following the sale, the vice president now owns 119,481 shares in the company, valued at $1,566,395.91. This represents a 3.24 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this link. 12.96% of the stock is owned by insiders.

Analysts Set New Price Targets

Separately, Noble Financial started coverage on shares of Steelcase in a report on Wednesday, October 9th. They set an “outperform” rating and a $16.00 price target for the company.

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.