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

Steelcase (NYSE:SCSGet Rating) released its earnings results on Wednesday. The business services provider reported $0.21 earnings per share for the quarter, beating analysts’ consensus estimates of $0.13 by $0.08, Briefing.com reports. The business had revenue of $863.30 million during the quarter, compared to the consensus estimate of $882.70 million. Steelcase had a net margin of 0.70% and a return on equity of 3.10%. The company’s revenue for the quarter was up 19.1% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $0.21 EPS. 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

NYSE:SCS opened at $9.24 on Thursday. Steelcase has a twelve month low of $9.12 and a twelve month high of $13.41. 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 cap of $1.04 billion, a P/E ratio of 54.36 and a beta of 1.14. The business’s 50-day moving average price is $11.18 and its two-hundred day moving average price is $11.41.

Analyst Ratings Changes

Separately, Sidoti lowered shares of Steelcase from a “buy” rating to a “neutral” rating and set a $12.00 price target for the company. in a research note on Thursday, September 15th.

Insider Buying and Selling

In related news, CAO Lizbeth S. O’shaughnessy sold 30,000 shares of the company’s stock in a transaction 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 completion of the transaction, the chief accounting officer now directly owns 288,388 shares in the company, valued at $3,247,248.88. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. 12.77% of the stock is owned by company insiders.

Institutional Trading of Steelcase

Large investors have recently modified their holdings of the business. Point72 Hong Kong Ltd bought a new position in Steelcase during the first quarter valued at approximately $33,000. Captrust Financial Advisors increased its holdings in 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. Great West Life Assurance Co. Can boosted its stake in shares of Steelcase by 70.0% during the 1st quarter. Great West Life Assurance Co. Can now owns 11,388 shares of the business services provider’s stock worth $143,000 after acquiring an additional 4,688 shares during the last quarter. HighTower Advisors LLC grew its position in shares of Steelcase by 32.8% during the 1st quarter. HighTower Advisors LLC now owns 14,724 shares of the business services provider’s stock valued at $177,000 after acquiring an additional 3,635 shares during the period. Finally, Sawtooth Solutions LLC purchased a new stake in shares of Steelcase in the 1st quarter worth $233,000. 76.11% of the stock is owned by institutional investors.

Steelcase Company Profile

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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.

Further Reading

Earnings History for Steelcase (NYSE:SCS)

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