Steelcase Inc. (NYSE:SCS) – Stock analysts at Seaport Global Securities reduced their Q3 2018 earnings estimates for Steelcase in a research report issued on Friday. Seaport Global Securities analyst M. Mccall now forecasts that the business services provider will post earnings per share of $0.22 for the quarter, down from their previous forecast of $0.23. Seaport Global Securities also issued estimates for Steelcase’s FY2018 earnings at $0.89 EPS and FY2019 earnings at $1.08 EPS.
A number of other brokerages also recently issued reports on SCS. Sidoti upgraded shares of Steelcase from a “neutral” rating to a “buy” rating and set a $16.00 price target on the stock in a report on Friday, September 1st. TheStreet upgraded shares of Steelcase from a “c+” rating to a “b-” rating in a report on Tuesday, October 3rd. Zacks Investment Research upgraded shares of Steelcase from a “sell” rating to a “hold” rating in a report on Thursday, August 24th. Finally, ValuEngine downgraded shares of Steelcase from a “buy” rating to a “hold” rating in a report on Friday, September 1st. One research analyst has rated the stock with a sell rating, three have assigned a hold rating and two have issued a buy rating to the company’s stock. Steelcase presently has an average rating of “Hold” and a consensus target price of $16.00.
Steelcase (NYSE:SCS) last released its earnings results on Monday, September 18th. The business services provider reported $0.31 earnings per share for the quarter, beating analysts’ consensus estimates of $0.23 by $0.08. Steelcase had a net margin of 3.98% and a return on equity of 15.72%. The company had revenue of $775.60 million for the quarter, compared to analysts’ expectations of $759.83 million. During the same quarter in the previous year, the company earned $0.32 EPS. Steelcase’s revenue for the quarter was up 2.3% on a year-over-year basis.
Hedge funds and other institutional investors have recently made changes to their positions in the business. New York State Teachers Retirement System bought a new stake in Steelcase in the 3rd quarter valued at $117,000. Public Employees Retirement System of Ohio increased its holdings in Steelcase by 9.6% in the 2nd quarter. Public Employees Retirement System of Ohio now owns 10,833 shares of the business services provider’s stock valued at $152,000 after acquiring an additional 947 shares during the last quarter. Amalgamated Bank increased its holdings in shares of Steelcase by 3.4% in the 2nd quarter. Amalgamated Bank now owns 10,913 shares of the business services provider’s stock worth $153,000 after buying an additional 358 shares during the last quarter. AXA bought a new stake in shares of Steelcase in the 2nd quarter worth about $169,000. Finally, Ramsey Quantitative Systems bought a new stake in shares of Steelcase in the 2nd quarter worth about $255,000. Institutional investors own 62.23% of the company’s stock.
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Steelcase Company Profile
Steelcase Inc provides an integrated portfolio of furniture settings, user-centered technologies and interior architectural products. The Company’s segments include Americas, EMEA and Other Category. The Company’s furniture portfolio includes panel-based and freestanding furniture systems and complementary products, such as storage, tables and ergonomic worktools.
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