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Steelcase (SCS) could be a great choice for investors looking to buy stocks that have gained strong momentum recently but are still trading at reasonable prices. It is one of the several stocks that made it through our 'Fast-Paced Momentum at a Bargain' screen.
Though remote work trends got a little slippery in 2023, there's no doubt that remote work stocks retain an advantage in today's economy. In 2020, more than 60% of an average worker's days were at home, and the figure dropped to about 25% in 2023.
If you are looking for stocks that have gained strong momentum recently but are still trading at reasonable prices, Steelcase (SCS) could be a great choice. It is one of the several stocks that passed through our 'Fast-Paced Momentum at a Bargain' screen.
Steelcase Inc. stock has increased by 105.69% in the past year but is still below historic levels. The company's Q3 earnings per share beat expectations by $0.70, but revenue fell short. Steelcase has seen a 15% year-over-year increase in orders and has shown improved gross profit margin and liquidity.
Steelcase (SCS) shares have started gaining and might continue moving higher in the near term, as indicated by solid earnings estimate revisions.
Steelcase (SCS) came out with quarterly earnings of $0.30 per share, beating the Zacks Consensus Estimate of $0.17 per share. This compares to earnings of $0.20 per share a year ago.
Steelcases (SCS) third-quarter fiscal 2024 earnings and revenues are expected to have decreased year over year.
GRAND RAPIDS, Mich., Nov. 29, 2023 (GLOBE NEWSWIRE) -- Steelcase Inc. (NYSE: SCS) will webcast a discussion of its third quarter fiscal year 2024 financial results on Wednesday, December 20, 2023 at 8:30 a.m. ET. A link to the webcast will be available at http://ir.steelcase.com and a replay of the webcast will be available shortly after the call concludes. The news release detailing the financial results will be issued the previous day, December 19, 2023, after the market closes.
FMN, SCS and ITGR made it to the Zacks Rank #1 (Strong Buy) value stocks list on November 17, 2023.
With more workers expected to return to the office, Steelcase is likely to experience a favorable environment for revenue recovery. Margins are also expected to improve further due to lower raw material prices. Despite the absence of a specific triggering factor, the company appears to be undervalued and is likely to attract investors' attention.