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

Steelcase (NYSE:SCSGet Rating) released 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 business had revenue of $863.30 million during the quarter, compared to analyst estimates of $882.70 million. Steelcase had a return on equity of 3.11% and a net margin of 0.50%. The company’s revenue was up 19.1% compared to the same quarter last year. During the same period last year, the company posted $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 Stock Down 8.7 %

SCS traded down $0.72 during trading on Friday, reaching $7.59. 14,677 shares of the stock traded hands, compared to its average volume of 679,174. Steelcase has a fifty-two week low of $8.06 and a fifty-two week high of $13.16. The stock’s 50-day simple moving average is $11.14 and its two-hundred day simple moving average is $11.39. The company has a debt-to-equity ratio of 0.55, a current ratio of 1.56 and a quick ratio of 0.93. The stock has a market cap of $855.85 million, a price-to-earnings ratio of 63.93 and a beta of 1.14.

Steelcase Cuts Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Monday, October 17th. Investors of record on Wednesday, October 5th will be given a dividend of $0.10 per share. The ex-dividend date of this dividend is Tuesday, October 4th. This represents a $0.40 dividend on an annualized basis and a yield of 5.27%. Steelcase’s payout ratio is 446.19%.

Insider Buying and Selling at Steelcase

In other Steelcase news, CAO Lizbeth S. O’shaughnessy sold 30,000 shares of the firm’s stock in a transaction dated 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 $3,247,248.88. The transaction was disclosed in a filing with the SEC, which is available through this link. Corporate insiders own 12.77% of the company’s stock.

Institutional Investors Weigh In On Steelcase

A number of institutional investors have recently added to or reduced their stakes in the stock. Invesco Ltd. raised its position in shares of Steelcase by 82.7% during the 1st quarter. Invesco Ltd. now owns 1,765,272 shares of the business services provider’s stock valued at $21,095,000 after acquiring an additional 799,202 shares during the last quarter. Easterly Investment Partners LLC lifted its stake in Steelcase by 63.5% in the 1st quarter. Easterly Investment Partners LLC now owns 1,232,080 shares of the business services provider’s stock valued at $14,723,000 after purchasing an additional 478,719 shares during the last quarter. Bank of America Corp DE lifted its stake in Steelcase by 22.4% in the 1st quarter. Bank of America Corp DE now owns 1,642,662 shares of the business services provider’s stock valued at $19,631,000 after purchasing an additional 301,110 shares during the last quarter. BlackRock Inc. raised its holdings in Steelcase by 3.6% in the 1st quarter. BlackRock Inc. now owns 7,932,474 shares of the business services provider’s stock valued at $94,794,000 after acquiring an additional 277,505 shares during the period. Finally, Advisors Asset Management Inc. raised its holdings in Steelcase by 65.1% in the 1st quarter. Advisors Asset Management Inc. now owns 573,010 shares of the business services provider’s stock valued at $6,847,000 after acquiring an additional 225,987 shares during the period. 76.11% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

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

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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