Steelcase (NYSE:SCS) Releases FY24 Earnings Guidance

Steelcase (NYSE:SCS) issued an update on its FY24 earnings guidance on Tuesday morning. The company provided earnings per share (EPS) guidance of $0.80-0.90 for the period, compared to the consensus estimate of $0.66. Steelcase also updated its Q3 guidance to $0.23-0.27 EPS.

Steelcase Stock Up 0.8 %

Shares of NYSE:SCS traded up $0.07 on Tuesday, reaching $8.81. The company had a trading volume of 1,102,064 shares, compared to its average volume of 818,154. The firm’s 50 day simple moving average is $8.51 and its 200-day simple moving average is $7.93. Steelcase has a 52-week low of $6.20 and a 52-week high of $9.46. The company has a current ratio of 1.53, a quick ratio of 0.95 and a debt-to-equity ratio of 0.54. The firm has a market capitalization of $1.00 billion, a PE ratio of 21.49, a PEG ratio of 1.55 and a beta of 1.40.

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

Steelcase Announces Dividend

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

Wall Street Analyst Weigh In

A number of equities analysts recently weighed in on the stock. Sidoti lowered their price target on shares of Steelcase from $12.00 to $11.00 in a research report on Thursday, June 22nd. StockNews.com assumed coverage on Steelcase in a report on Thursday, August 17th. They issued a buy rating on the stock.

Insider Transactions at Steelcase

In related news, VP Robert G. Krestakos sold 5,000 shares of the stock in a transaction dated Tuesday, July 18th. The shares were sold at an average price of $7.84, for a total value of $39,200.00. Following the sale, the vice president now directly owns 114,289 shares of the company’s stock, valued at approximately $896,025.76. The sale was disclosed in a filing with the SEC, which is available through this hyperlink. Company insiders own 12.72% of the company’s stock.

Institutional Trading of Steelcase

A number of hedge funds and other institutional investors have recently made changes to their positions in the stock. Point72 Hong Kong Ltd acquired a new stake in shares of Steelcase in the 1st quarter valued at about $33,000. Captrust Financial Advisors increased its position 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 buying an additional 2,660 shares during the period. Tower Research Capital LLC TRC lifted its stake in Steelcase by 208.9% in the first quarter. Tower Research Capital LLC TRC now owns 6,091 shares of the business services provider’s stock valued at $51,000 after buying an additional 4,119 shares during the last quarter. Point72 Middle East FZE acquired a new position in shares of Steelcase during the fourth quarter valued at $65,000. Finally, Two Sigma Investments LP acquired a new stake in shares of Steelcase in the 4th quarter worth about $72,000. Institutional investors own 69.51% of the company’s stock.

About Steelcase

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.