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

Steelcase (NYSE:SCSGet Rating) posted its earnings results on Wednesday. The business services provider reported $0.21 EPS for the quarter, topping analysts’ consensus estimates of $0.13 by $0.08, Briefing.com reports. Steelcase had a return on equity of 3.11% and a net margin of 0.50%. The company had revenue of $863.30 million for the quarter, compared to the consensus estimate of $882.70 million. During the same period in the previous year, the business earned $0.21 earnings per share. The firm’s revenue for the quarter was up 19.1% on a year-over-year basis. Steelcase updated its Q3 2023 guidance to $0.17-$0.21 EPS and its Q3 guidance to $0.17-0.21 EPS.

Steelcase Stock Performance

SCS traded down $0.72 on Friday, reaching $7.59. The company had a trading volume of 14,677 shares, compared to its average volume of 679,174. The stock has a 50-day moving average price of $11.14 and a 200-day moving average price of $11.39. Steelcase has a 1 year low of $8.06 and a 1 year high of $13.16. The company has a quick ratio of 0.93, a current ratio of 1.56 and a debt-to-equity ratio of 0.55. The stock has a market capitalization of $855.85 million, a PE ratio of 63.93 and a beta of 1.14.

Steelcase Cuts Dividend

The firm also recently declared 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 of this dividend is Tuesday, October 4th. This represents a $0.40 annualized dividend and a dividend yield of 5.27%. Steelcase’s dividend payout ratio (DPR) is 446.19%.

Insider Buying and Selling

In other news, CAO Lizbeth S. O’shaughnessy sold 30,000 shares of the stock in a transaction that occurred on Wednesday, August 3rd. The shares were sold at an average price of $11.26, for a total value of $337,800.00. Following the sale, 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 document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. 12.77% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Steelcase

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

Analysts Set New Price Targets

Several research analysts recently issued reports on the company. Sidoti cut Steelcase from a “buy” rating to a “neutral” rating and set a $12.00 price objective on the stock. in a research note on Thursday, September 15th. Benchmark decreased their price objective on Steelcase from $16.00 to $12.00 in a report on Friday.

About Steelcase

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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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