Steelcase (NYSE:SCS – Get Free Report) issued an update on its FY24 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 $0.66. Steelcase also updated its Q3 guidance to $0.23-0.27 EPS.
Wall Street Analyst Weigh In
Several research analysts have recently issued reports on SCS shares. Sidoti dropped their price objective on shares of Steelcase from $12.00 to $11.00 in a report on Thursday, June 22nd. StockNews.com began coverage on shares of Steelcase in a research report on Thursday, August 17th. They set a buy rating for the company.
Steelcase Stock Up 0.8 %
Steelcase (NYSE:SCS – Get Free Report) last issued its quarterly earnings data on Thursday, June 22nd. The business services provider reported $0.09 EPS 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 period last year, the business posted ($0.05) earnings per share. The firm’s quarterly revenue was up 1.5% on a year-over-year basis. As a group, research analysts forecast that Steelcase will post 0.57 EPS for the current fiscal year.
Steelcase Dividend Announcement
The business also recently declared a quarterly dividend, which was paid on Monday, July 17th. Shareholders of record on Thursday, July 6th were paid a $0.10 dividend. The ex-dividend date of this dividend was Wednesday, July 5th. This represents a $0.40 dividend on an annualized basis and a yield of 4.54%. Steelcase’s dividend payout ratio is 97.56%.
Insider Activity at Steelcase
In related news, VP Robert G. Krestakos sold 5,000 shares of the firm’s stock in a transaction dated Tuesday, July 18th. The shares were sold at an average price of $7.84, for a total transaction of $39,200.00. Following 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 legal filing with the SEC, which is available through this hyperlink. 12.72% of the stock is owned by company insiders.
Institutional Investors Weigh In On Steelcase
Several institutional investors and hedge funds have recently bought and sold shares of the company. Point72 Hong Kong Ltd acquired a new stake in shares of Steelcase during the first quarter worth $33,000. Captrust Financial Advisors increased its stake 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 purchasing an additional 2,660 shares in the last quarter. Tower Research Capital LLC TRC increased its position in 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 valued at $51,000 after buying an additional 4,119 shares in the last quarter. Point72 Middle East FZE acquired a new position in shares of Steelcase during the fourth quarter worth approximately $65,000. Finally, Two Sigma Investments LP bought a new position in shares of Steelcase in the fourth quarter valued at $72,000. Institutional investors own 69.51% of the company’s stock.
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.
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