Steelcase (NYSE:SCS) Issues Quarterly Earnings Results

Steelcase (NYSE:SCSGet Rating) posted its quarterly earnings data 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, Briefing.com reports. The firm had revenue of $863.30 million for the quarter, compared to analysts’ expectations of $882.70 million. Steelcase had a return on equity of 3.11% and a net margin of 0.50%. The company’s quarterly revenue was up 19.1% compared to the same quarter last year. During the same quarter last year, the business earned $0.21 EPS. 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

Shares of Steelcase stock opened at $8.02 on Friday. The company has a current ratio of 1.56, a quick ratio of 0.93 and a debt-to-equity ratio of 0.55. The firm has a market capitalization of $904.34 million, a PE ratio of 63.93 and a beta of 1.14. The business’s 50-day moving average price is $11.14 and its 200-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 announced a quarterly dividend, which will be paid on Monday, October 17th. Shareholders of record on Wednesday, October 5th will be paid a $0.10 dividend. The ex-dividend date is Tuesday, October 4th. This represents a $0.40 dividend on an annualized basis and a yield of 4.99%. Steelcase’s dividend payout ratio is currently 446.19%.

Insider Activity

In related news, CAO Lizbeth S. O’shaughnessy sold 30,000 shares of the firm’s stock in a transaction that occurred on Wednesday, August 3rd. The stock was sold at an average price of $11.26, for a total transaction of $337,800.00. Following the transaction, the chief accounting officer now directly owns 288,388 shares in the company, valued at approximately $3,247,248.88. The transaction was disclosed in a filing with the SEC, which is available through this hyperlink. Corporate insiders own 12.77% of the company’s stock.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Point72 Hong Kong Ltd bought a new stake in shares of Steelcase in the 1st quarter worth $33,000. Captrust Financial Advisors lifted its position in shares of Steelcase by 179.6% in the first quarter. Captrust Financial Advisors now owns 4,141 shares of the business services provider’s stock valued at $49,000 after acquiring an additional 2,660 shares in the last quarter. Great West Life Assurance Co. Can lifted 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 valued at $143,000 after acquiring an additional 4,688 shares in the last quarter. HighTower Advisors LLC lifted its position 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 valued at $177,000 after acquiring an additional 3,635 shares in the last quarter. Finally, Sawtooth Solutions LLC purchased a new stake in shares of Steelcase in the first quarter worth about $233,000. Institutional investors own 76.11% of the company’s stock.

Wall Street Analyst Weigh In

A number of research analysts recently commented on SCS shares. Sidoti cut 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. Benchmark dropped their price target on Steelcase from $16.00 to $12.00 in a research note on Friday.

Steelcase Company Profile

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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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