Steelcase (NYSE:SCS) Updates Q3 Earnings Guidance

Steelcase (NYSE:SCS) updated its third quarter earnings guidance on Tuesday. The company provided earnings per share (EPS) guidance of $0.23-0.27 for the period, compared to the consensus estimate of $0.19. The company issued revenue guidance of $780-805 million, compared to the consensus revenue estimate of $819.23 million. Steelcase also updated its FY24 guidance to $0.80-0.90 EPS.

Analyst Upgrades and Downgrades

SCS has been the subject of several research reports. StockNews.com initiated coverage on shares of Steelcase in a report on Thursday, August 17th. They set a buy rating for the company. Sidoti lowered their target price on Steelcase from $12.00 to $11.00 in a research report on Thursday, June 22nd.

Steelcase Stock Up 0.8 %

SCS stock traded up $0.07 during midday trading on Tuesday, hitting $8.81. The company’s stock had a trading volume of 1,102,064 shares, compared to its average volume of 818,154. The firm has a market capitalization of $1.00 billion, a P/E ratio of 21.46, a PEG ratio of 1.55 and a beta of 1.40. The firm has a 50-day simple moving average of $8.51 and a 200-day simple moving average of $7.93. Steelcase has a 52-week low of $6.20 and a 52-week high of $9.46. The company has a quick ratio of 0.95, a current ratio of 1.53 and a debt-to-equity ratio of 0.54.

Steelcase (NYSE:SCS) last announced its quarterly earnings data on Thursday, June 22nd. The business services provider reported $0.09 earnings per share for the quarter, beating analysts’ consensus estimates of $0.01 by $0.08. Steelcase had a return on equity of 9.95% and a net margin of 1.49%. The company had revenue of $751.90 million for the quarter, compared to analyst estimates of $719.23 million. During the same quarter in the previous year, the company earned ($0.05) EPS. The firm’s revenue for the quarter was up 1.5% compared to the same quarter last year. As a group, equities analysts forecast that Steelcase will post 0.57 EPS for the current year.

Steelcase Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Monday, July 17th. Investors of record on Thursday, July 6th were given a dividend of $0.10 per share. This represents a $0.40 annualized dividend and a yield of 4.54%. The ex-dividend date was Wednesday, July 5th. Steelcase’s payout ratio is presently 97.56%.

Insider Activity

In other news, VP Robert G. Krestakos sold 5,000 shares of the business’s stock in a transaction dated Tuesday, July 18th. The stock was sold at an average price of $7.84, for a total transaction of $39,200.00. Following the completion of the transaction, the vice president now directly owns 114,289 shares in the company, valued at approximately $896,025.76. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Insiders own 12.72% of the company’s stock.

Institutional Investors Weigh In On Steelcase

Hedge funds have recently bought and sold shares of the stock. Point72 Hong Kong Ltd bought a new stake in shares of Steelcase during the 1st quarter worth $33,000. Captrust Financial Advisors boosted its holdings in Steelcase by 179.6% in the first quarter. Captrust Financial Advisors now owns 4,141 shares of the business services provider’s stock worth $49,000 after acquiring an additional 2,660 shares in the last quarter. Tower Research Capital LLC TRC grew its stake in shares of Steelcase by 208.9% in the 1st quarter. Tower Research Capital LLC TRC now owns 6,091 shares of the business services provider’s stock worth $51,000 after acquiring an additional 4,119 shares in the last quarter. Point72 Middle East FZE purchased a new position in shares of Steelcase during the 4th quarter valued at $65,000. Finally, Two Sigma Investments LP bought a new stake in Steelcase during the 4th quarter valued at $72,000. 69.51% of the stock is currently owned by institutional investors and hedge funds.

Steelcase Company Profile

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.