Steelcase (SCS) closed the most recent trading day at $19.20, moving +1.8% from the previous trading session. This move outpaced the S&P 500's daily gain of 0.86%. Meanwhile, the Dow gained 0.79%, and the Nasdaq, a tech-heavy index, added 0.73%.
Prior to today's trading, shares of the office furniture maker had gained 4.37% over the past month. This has outpaced the Business Services sector's gain of 2.82% and the S&P 500's gain of 1.94% in that time.
SCS will be looking to display strength as it nears its next earnings release, which is expected to be December 17, 2019. On that day, SCS is projected to report earnings of $0.35 per share, which would represent a year-over-year decline of 2.78%. Meanwhile, the Zacks Consensus Estimate for revenue is projecting net sales of $935.70 million, up 3.85% from the year-ago period.
SCS's full-year Zacks Consensus Estimates are calling for earnings of $1.36 per share and revenue of $3.71 billion. These results would represent year-over-year changes of +13.33% and +7.77%, respectively.
Any recent changes to analyst estimates for SCS should also be noted by investors. These revisions help to show the ever-changing nature of near-term business trends. As a result, we can interpret positive estimate revisions as a good sign for the company's business outlook.
Our research shows that these estimate changes are directly correlated with near-term stock prices. To benefit from this, we have developed the Zacks Rank, a proprietary model which takes these estimate changes into account and provides an actionable rating system.
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 remained stagnant. SCS is currently a Zacks Rank #3 (Hold).
Looking at its valuation, SCS is holding a Forward P/E ratio of 13.92. Its industry sports an average Forward P/E of 13.92, so we one might conclude that SCS is trading at a no noticeable deviation comparatively.
The Business - Office Products industry is part of the Business Services sector. This industry currently has a Zacks Industry Rank of 12, which puts it in the top 5% of all 250+ industries.
The Zacks Industry Rank gauges the strength of our individual industry groups by measuring the average Zacks Rank of the individual stocks within the groups. Our research shows that the top 50% rated industries outperform the bottom half by a factor of 2 to 1.
To follow SCS in the coming trading sessions, be sure to utilize Zacks.com.
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