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Steelcase (SCS) Dips More Than Broader Markets: What You Should Know

Zacks Equity Research

Steelcase (SCS) closed the most recent trading day at $18.25, moving -0.33% from the previous trading session. This change lagged the S&P 500's daily loss of 0.06%. Meanwhile, the Dow lost 0.37%, and the Nasdaq, a tech-heavy index, added 0.24%.

Coming into today, shares of the office furniture maker had gained 0.33% in the past month. In that same time, the Business Services sector gained 3.07%, while the S&P 500 gained 4.72%.

Wall Street will be looking for positivity from SCS as it approaches its next earnings report date. 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%. Our most recent consensus estimate is calling for quarterly revenue of $935.70 million, up 3.85% from the year-ago period.

Looking at the full year, our Zacks Consensus Estimates suggest analysts are expecting earnings of $1.36 per share and revenue of $3.71 billion. These totals would mark changes of +13.33% and +7.77%, respectively, from last year.

Any recent changes to analyst estimates for SCS should also be noted by investors. Recent revisions tend to reflect the latest near-term business trends. With this in mind, we can consider positive estimate revisions a sign of optimism about the company's business outlook.

Research indicates that these estimate revisions are directly correlated with near-term share price momentum. 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.

Ranging from #1 (Strong Buy) to #5 (Strong Sell), the Zacks Rank system has a proven, outside-audited track record of outperformance, with #1 stocks returning an average of +25% annually since 1988. Over the past month, the Zacks Consensus EPS estimate has moved 0.37% higher. SCS is currently sporting a Zacks Rank of #2 (Buy).

Looking at its valuation, SCS is holding a Forward P/E ratio of 13.51. This represents a no noticeable deviation compared to its industry's average Forward P/E of 13.51.

The Business - Office Products industry is part of the Business Services sector. This group has a Zacks Industry Rank of 3, putting it in the top 2% 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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