Steelcase (NYSE:SCS) Releases FY 2024 Earnings Guidance

Steelcase (NYSE:SCS) issued an update on its FY 2024 earnings guidance on Tuesday morning. The company provided earnings per share guidance of $0.80-$0.90 for the period, compared to the consensus earnings per share estimate of $0.67. The company issued revenue guidance of -. Steelcase also updated its FY24 guidance to $0.80-0.90 EPS.

Wall Street Analyst Weigh In

Several analysts have issued reports on SCS shares. StockNews.com started coverage on shares of Steelcase in a research note on Thursday, August 17th. They set a buy rating on the stock. Sidoti dropped their price objective on shares of Steelcase from $12.00 to $11.00 in a research note on Thursday, June 22nd.

Steelcase Trading Up 0.8 %

Steelcase stock traded up $0.07 during mid-day trading on Tuesday, hitting $8.81. The stock had a trading volume of 1,280,047 shares, compared to its average volume of 820,244. Steelcase has a 12 month low of $6.20 and a 12 month high of $9.46. The company has a current ratio of 1.53, a quick ratio of 0.95 and a debt-to-equity ratio of 0.54. The stock has a market capitalization of $1.00 billion, a PE ratio of 21.49, a P/E/G ratio of 1.55 and a beta of 1.40. The stock has a 50-day simple moving average of $8.51 and a two-hundred day simple moving average of $7.93.

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

Steelcase Dividend Announcement

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

Insider Buying and Selling

In other Steelcase news, VP Robert G. Krestakos sold 5,000 shares of the company’s stock in a transaction that occurred 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 completion of the transaction, the vice president now owns 114,289 shares of the company’s stock, valued at approximately $896,025.76. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. Company insiders own 12.72% of the company’s stock.

Institutional Investors Weigh In On Steelcase

Institutional investors and hedge funds have recently made changes to their positions in the stock. Advisor Group Holdings Inc. increased its holdings in Steelcase by 12.5% in the 1st quarter. Advisor Group Holdings Inc. now owns 36,070 shares of the business services provider’s stock valued at $431,000 after buying an additional 3,999 shares during the period. HighTower Advisors LLC boosted its stake in Steelcase by 32.8% during the first quarter. HighTower Advisors LLC now owns 14,724 shares of the business services provider’s stock worth $177,000 after acquiring an additional 3,635 shares in the last quarter. Natixis Advisors L.P. grew its stake in Steelcase by 47.3% in the first quarter. Natixis Advisors L.P. now owns 29,323 shares of the business services provider’s stock valued at $350,000 after acquiring an additional 9,422 shares during the period. MetLife Investment Management LLC grew its position in Steelcase by 51.8% in the 1st quarter. MetLife Investment Management LLC now owns 45,862 shares of the business services provider’s stock valued at $548,000 after purchasing an additional 15,650 shares during the period. Finally, BlackRock Inc. grew its position in Steelcase by 3.6% in the 1st quarter. BlackRock Inc. now owns 7,932,474 shares of the business services provider’s stock valued at $94,794,000 after purchasing an additional 277,505 shares during the period. 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.