Steelcase (NYSE:SCS) Updates Q3 Earnings Guidance

Steelcase (NYSE:SCS) issued an update on its third quarter earnings guidance on Tuesday morning. The company provided earnings per share guidance of $0.23-0.27 for the period, compared to the consensus earnings per share 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.

Steelcase Price Performance

SCS traded up $0.07 during trading on Tuesday, reaching $8.81. The stock had a trading volume of 1,151,153 shares, compared to its average volume of 820,063. The stock has a 50 day moving average of $8.51 and a two-hundred day moving average of $7.93. The company has a quick ratio of 0.95, a current ratio of 1.53 and a debt-to-equity ratio of 0.54. The firm has a market capitalization of $1.00 billion, a price-to-earnings ratio of 21.49, a price-to-earnings-growth ratio of 1.55 and a beta of 1.40. Steelcase has a 1-year low of $6.20 and a 1-year high of $9.46.

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 the consensus estimate of $0.01 by $0.08. Steelcase had a return on equity of 9.95% and a net margin of 1.49%. The business had revenue of $751.90 million during the quarter, compared to analyst estimates of $719.23 million. During the same quarter in the prior year, the firm posted ($0.05) earnings per share. The company’s revenue was up 1.5% on a year-over-year basis. As a group, equities analysts anticipate that Steelcase will post 0.57 EPS for the current fiscal year.

Steelcase Dividend Announcement

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

Analyst Ratings Changes

SCS has been the topic of several recent research reports. StockNews.com began coverage on shares of Steelcase in a research report on Thursday, August 17th. They issued a buy rating on the stock. Sidoti reduced their price target on shares of Steelcase from $12.00 to $11.00 in a research report on Thursday, June 22nd.

Insider Transactions at Steelcase

In other Steelcase news, VP Robert G. Krestakos sold 5,000 shares of the business’s stock in a transaction that occurred on Tuesday, July 18th. The shares were sold at an average price of $7.84, for a total value of $39,200.00. Following the completion of the sale, the vice president now directly owns 114,289 shares of the company’s stock, valued at $896,025.76. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Company insiders own 12.72% of the company’s stock.

Hedge Funds Weigh In On Steelcase

Several hedge funds have recently bought and sold shares of SCS. Goldman Sachs Group Inc. raised its position in shares of Steelcase by 156.4% in the second quarter. Goldman Sachs Group Inc. now owns 1,931,500 shares of the business services provider’s stock valued at $14,892,000 after purchasing an additional 1,178,302 shares during the period. Vanguard Group Inc. lifted its position in Steelcase by 15.3% during the 3rd quarter. Vanguard Group Inc. now owns 8,705,377 shares of the business services provider’s stock worth $56,759,000 after acquiring an additional 1,152,299 shares during the last quarter. BlackRock Inc. boosted its holdings in Steelcase by 14.3% during the second quarter. BlackRock Inc. now owns 8,350,989 shares of the business services provider’s stock valued at $64,386,000 after acquiring an additional 1,042,474 shares during the period. Invesco Ltd. lifted 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 worth $21,095,000 after purchasing an additional 799,202 shares during the last quarter. Finally, Norges Bank bought a new stake in Steelcase during the 4th quarter valued at approximately $4,916,000. 69.51% of the stock is 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.