Steelcase (NYSE:SCS) Posts Quarterly Earnings Results, Beats Estimates By $0.02 EPS

Steelcase (NYSE:SCS) announced its earnings results on Wednesday. The business services provider reported $0.23 earnings per share for the quarter, beating the consensus estimate of $0.21 by $0.02, Briefing.com reports. Steelcase had a net margin of 2.57% and a return on equity of 13.00%. The business had revenue of $775.20 million during the quarter, compared to the consensus estimate of $780.25 million. During the same period in the prior year, the firm earned $0.19 earnings per share. The business’s quarterly revenue was down 3.3% compared to the same quarter last year.

Steelcase Trading Down 5.7 %

NYSE SCS opened at $12.30 on Friday. The company’s fifty day moving average price is $12.86 and its two-hundred day moving average price is $11.99. The company has a debt-to-equity ratio of 0.51, a current ratio of 1.54 and a quick ratio of 1.12. Steelcase has a 12 month low of $6.39 and a 12 month high of $14.54. The company has a market capitalization of $1.40 billion, a price-to-earnings ratio of 18.09, a price-to-earnings-growth ratio of 1.43 and a beta of 1.35.

Steelcase Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Monday, April 15th. Shareholders of record on Wednesday, April 3rd will be paid a dividend of $0.10 per share. The ex-dividend date of this dividend is Tuesday, April 2nd. This represents a $0.40 dividend on an annualized basis and a yield of 3.25%. Steelcase’s dividend payout ratio (DPR) is 58.82%.

Insider Transactions at Steelcase

In other news, VP Robert G. Krestakos sold 3,800 shares of the firm’s stock in a transaction dated Tuesday, December 26th. The shares were sold at an average price of $13.83, for a total value of $52,554.00. Following the transaction, the vice president now directly owns 110,489 shares in the company, valued at approximately $1,528,062.87. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Insiders own 12.72% of the company’s stock.

Institutional Inflows and Outflows

A number of large investors have recently modified their holdings of SCS. Point72 Hong Kong Ltd bought a new position in shares of Steelcase in the 1st quarter worth about $33,000. Captrust Financial Advisors increased its holdings in shares of Steelcase by 179.6% in the 1st quarter. Captrust Financial Advisors now owns 4,141 shares of the business services provider’s stock worth $49,000 after acquiring an additional 2,660 shares during the period. Tower Research Capital LLC TRC increased its holdings in shares of Steelcase by 208.9% in 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 period. Point72 Middle East FZE acquired a new stake in shares of Steelcase in the 4th quarter worth about $65,000. Finally, Two Sigma Investments LP acquired a new stake in shares of Steelcase in the 4th quarter worth about $72,000. 69.51% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

Separately, StockNews.com downgraded shares of Steelcase from a “strong-buy” rating to a “buy” rating in a research note on Thursday.

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.