Steelcase (NYSE:SCS) Releases Earnings Results, Beats Estimates By $0.08 EPS

Steelcase (NYSE:SCSGet Rating) announced its earnings results on Wednesday. The business services provider reported $0.21 earnings per share for the quarter, topping the consensus estimate of $0.13 by $0.08, reports. The business had revenue of $863.30 million during the quarter, compared to the consensus estimate of $882.70 million. Steelcase had a net margin of 0.50% and a return on equity of 3.11%. The business’s quarterly revenue was up 19.1% compared to the same quarter last year. During the same quarter in the prior year, the firm earned $0.21 earnings per share. Steelcase updated its Q3 2023 guidance to $0.17-$0.21 EPS and its Q3 guidance to $0.17-0.21 EPS.

Steelcase Price Performance

NYSE:SCS opened at $8.31 on Friday. The firm has a market cap of $937.04 million, a PE ratio of 63.93 and a beta of 1.14. The company has a quick ratio of 0.93, a current ratio of 1.56 and a debt-to-equity ratio of 0.55. The company’s 50-day moving average price is $11.14 and its two-hundred day moving average price is $11.39. Steelcase has a 12 month low of $8.06 and a 12 month high of $13.16.

Steelcase Cuts Dividend

The firm also recently declared a quarterly dividend, which will be paid on Monday, October 17th. Stockholders of record on Wednesday, October 5th will be issued a dividend of $0.10 per share. The ex-dividend date is Tuesday, October 4th. This represents a $0.40 dividend on an annualized basis and a dividend yield of 4.81%. Steelcase’s dividend payout ratio is currently 446.19%.

Insider Transactions at Steelcase

In related news, CAO Lizbeth S. O’shaughnessy sold 30,000 shares of the firm’s stock in a transaction on Wednesday, August 3rd. The stock was sold at an average price of $11.26, for a total value of $337,800.00. Following the transaction, the chief accounting officer now owns 288,388 shares in the company, valued at $3,247,248.88. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. 12.77% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Steelcase

Several large investors have recently modified their holdings of SCS. Point72 Hong Kong Ltd purchased a new position in Steelcase during the first quarter valued at approximately $33,000. Captrust Financial Advisors grew its holdings in Steelcase by 179.6% during the first quarter. Captrust Financial Advisors now owns 4,141 shares of the business services provider’s stock valued at $49,000 after purchasing an additional 2,660 shares during the period. Great West Life Assurance Co. Can boosted its position in shares of Steelcase by 70.0% in the first quarter. Great West Life Assurance Co. Can now owns 11,388 shares of the business services provider’s stock worth $143,000 after purchasing an additional 4,688 shares during the period. HighTower Advisors LLC boosted its stake in shares of Steelcase by 32.8% in the first quarter. HighTower Advisors LLC now owns 14,724 shares of the business services provider’s stock worth $177,000 after acquiring an additional 3,635 shares during the period. Finally, Sawtooth Solutions LLC bought a new position in shares of Steelcase in the 1st quarter valued at about $233,000. Hedge funds and other institutional investors own 76.11% of the company’s stock.

Wall Street Analyst Weigh In

SCS has been the subject of several recent research reports. Benchmark dropped their price target on Steelcase from $16.00 to $12.00 in a research report on Friday. Sidoti lowered Steelcase from a “buy” rating to a “neutral” rating and set a $12.00 price target on the stock. in a research report on Thursday, September 15th.

About Steelcase

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Steelcase Inc provides a portfolio of furniture and architectural products in the United States and internationally. It operates through Americas, EMEA, and Other segments. The company's furniture portfolio includes furniture systems, seating, storage, fixed and height-adjustable desks, benches, and tables, as well as complementary products, such as work accessories, lighting, and mobile power and screens.

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Earnings History for Steelcase (NYSE:SCS)

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