Steelcase (NYSE:SCS) Issues FY24 Earnings Guidance

Steelcase (NYSE:SCS) updated its FY24 earnings guidance on Tuesday. 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.

Analyst Ratings Changes

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

Steelcase Stock Performance

Steelcase stock traded up $0.07 during midday trading on Tuesday, hitting $8.81. 1,151,153 shares of the company’s stock were exchanged, compared to its average volume of 820,063. The firm’s 50 day simple moving average is $8.51 and its 200 day simple moving average is $7.93. Steelcase has a 12-month low of $6.20 and a 12-month high of $9.46. The company has a debt-to-equity ratio of 0.54, a quick ratio of 0.95 and a current ratio of 1.53. The stock has a market cap 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 (NYSE:SCS) last announced its quarterly earnings data on Thursday, June 22nd. The business services provider reported $0.09 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.01 by $0.08. Steelcase had a net margin of 1.49% and a return on equity of 9.95%. The company had revenue of $751.90 million for the quarter, compared to analysts’ expectations of $719.23 million. During the same period in the previous year, the company posted ($0.05) EPS. Steelcase’s revenue was up 1.5% compared to the same quarter last year. Equities research analysts predict that Steelcase will post 0.57 EPS for the current year.

Steelcase Dividend Announcement

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

Insiders Place Their Bets

In other Steelcase news, VP Robert G. Krestakos sold 5,000 shares of the business’s stock in a transaction on Tuesday, July 18th. The stock was sold at an average price of $7.84, for a total transaction of $39,200.00. Following the sale, the vice president now directly owns 114,289 shares in the company, valued at $896,025.76. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. 12.72% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

A number of hedge funds have recently modified their holdings of SCS. ProShare Advisors LLC boosted its holdings in shares of Steelcase by 12.0% during the second quarter. ProShare Advisors LLC now owns 11,478 shares of the business services provider’s stock worth $88,000 after purchasing an additional 1,233 shares during the last quarter. PNC Financial Services Group Inc. boosted its holdings in shares of Steelcase by 18.0% in the 4th quarter. PNC Financial Services Group Inc. now owns 15,521 shares of the business services provider’s stock valued at $110,000 after purchasing an additional 2,367 shares during the last quarter. MML Investors Services LLC boosted its holdings in Steelcase by 16.7% in the second quarter. MML Investors Services LLC now owns 17,030 shares of the business services provider’s stock valued at $131,000 after acquiring an additional 2,434 shares during the last quarter. XTX Topco Ltd grew its holdings in shares of Steelcase by 3.9% during the 2nd quarter. XTX Topco Ltd now owns 65,274 shares of the business services provider’s stock worth $503,000 after purchasing an additional 2,472 shares during the period. Finally, Captrust Financial Advisors raised 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 valued at $49,000 after buying an additional 2,660 shares during the period. 69.51% of the stock is owned by hedge funds and other institutional investors.

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.