Steelcase (NYSE:SCS) Issues Q3 2024 Earnings Guidance

Steelcase (NYSE:SCS) issued an update on its third quarter 2024 earnings guidance on Tuesday morning. The company provided EPS guidance of $0.23-$0.27 for the period, compared to the consensus EPS estimate of $0.19. The company issued revenue guidance of $780.00 million-$805.00 million, compared to the consensus revenue estimate of $820.67 million. Steelcase also updated its FY 2024 guidance to $0.80-$0.90 EPS.

Steelcase Stock Performance

Steelcase stock traded up $0.07 during mid-day trading on Tuesday, reaching $8.81. The company’s stock had a trading volume of 1,280,047 shares, compared to its average volume of 820,244. The company has a market capitalization of $1.00 billion, a P/E ratio of 21.49, a PEG ratio of 1.55 and a beta of 1.40. The firm’s fifty day moving average price is $8.51 and its two-hundred day moving average price 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.

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

Steelcase Announces Dividend

The company also recently declared 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. This represents a $0.40 annualized dividend and a yield of 4.54%. The ex-dividend date of this dividend was Wednesday, July 5th. Steelcase’s dividend payout ratio (DPR) is currently 97.56%.

Wall Street Analyst Weigh In

Several research firms have weighed in on SCS. StockNews.com assumed coverage on shares of Steelcase in a research note on Thursday, August 17th. They issued a buy rating for the company. Sidoti dropped their target price on shares of Steelcase from $12.00 to $11.00 in a report on Thursday, June 22nd.

Insider Transactions at Steelcase

In related news, VP Robert G. Krestakos sold 5,000 shares of the firm’s stock in a transaction on Tuesday, July 18th. The shares were sold at an average price of $7.84, for a total transaction of $39,200.00. Following the completion of the transaction, 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 filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Corporate insiders own 12.72% of the company’s stock.

Institutional Investors Weigh In On Steelcase

Several large investors have recently bought and sold shares of SCS. Point72 Hong Kong Ltd purchased a new stake in shares of Steelcase in the first quarter valued at $33,000. Captrust Financial Advisors grew its stake in shares of Steelcase by 179.6% during 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 last quarter. Tower Research Capital LLC TRC lifted its stake in shares of Steelcase by 208.9% during the 1st quarter. Tower Research Capital LLC TRC now owns 6,091 shares of the business services provider’s stock worth $51,000 after acquiring an additional 4,119 shares during the last quarter. Point72 Middle East FZE purchased a new position in Steelcase during the 4th quarter valued at $65,000. Finally, Quarry LP grew its position in Steelcase by 220.6% in the 2nd quarter. Quarry LP now owns 9,472 shares of the business services provider’s stock valued at $73,000 after acquiring an additional 6,518 shares during the last quarter. Institutional investors own 69.51% of the company’s stock.

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.