Steelcase (SCS) closed the most recent trading day at $18.20, moving -0.22% from the previous trading session. This move was narrower than the S&P 500’s daily loss of 0.66%. At the same time, the Dow lost 1.01%, and the tech-heavy Nasdaq lost 0.55%.
Prior to today’s trading, shares of the office furniture maker had gained 0.83% over the past month. This has lagged the Business Services sector’s gain of 1.88% and the S&P 500’s gain of 1.77% in that time.
Wall Street will be looking for positivity from SCS as it approaches its next earnings report date. This is expected to be December 17, 2019. In that report, analysts expect SCS to post earnings of $0.35 per share. This would mark a year-over-year decline of 2.78%. Meanwhile, our latest consensus estimate is calling for revenue of $935.70 million, up 3.85% from the prior-year quarter.
For the full year, our Zacks Consensus Estimates are projecting earnings of $1.36 per share and revenue of $3.71 billion, which would represent changes of +13.33% and +7.77%, respectively, from the prior year.
Investors might also notice recent changes to analyst estimates for SCS. These recent revisions tend to reflect the evolving nature of short-term business trends. As such, positive estimate revisions reflect analyst optimism about the company’s business and profitability.
Based on our research, we believe these estimate revisions are directly related to near-team stock moves. We developed the Zacks Rank to capitalize on this phenomenon. Our system takes these estimate changes into account and delivers a clear, actionable rating model.
The Zacks Rank system, which ranges from #1 (Strong Buy) to #5 (Strong Sell), has an impressive outside-audited track record of outperformance, with #1 stocks generating an average annual return of +25% since 1988. Within the past 30 days, our consensus EPS projection has moved 0.37% higher. SCS is currently a Zacks Rank #3 (Hold).
Digging into valuation, SCS currently has a Forward P/E ratio of 13.46. This represents a no noticeable deviation compared to its industry’s average Forward P/E of 13.46.
The Business – Office Products industry is part of the Business Services sector. This group has a Zacks Industry Rank of 16, putting it in the top 7% of all 250+ industries.
The Zacks Industry Rank includes is listed in order from best to worst in terms of the average Zacks Rank of the individual companies within each of these sectors. Our research shows that the top 50% rated industries outperform the bottom half by a factor of 2 to 1.
Be sure to follow all of these stock-moving metrics, and many more, on Zacks.com.
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