Steelcase (NYSE:SCS) Posts Quarterly Earnings Results, Beats Expectations By $0.07 EPS
Steelcase (NYSE:SCS – Get Free Report) released its earnings results on Tuesday. The business services provider reported $0.30 earnings per share for the quarter, beating analysts’ consensus estimates of $0.23 by $0.07, MarketWatch Earnings reports. The business had revenue of $777.90 million during the quarter, compared to the consensus estimate of $796.35 million. Steelcase had a net margin of 1.73% and a return on equity of 11.32%. The firm’s revenue for the quarter was down 5.9% compared to the same quarter last year. During the same quarter last year, the firm earned $0.20 earnings per share. Steelcase updated its Q4 guidance to $0.19-0.23 EPS and its Q4 2024 guidance to 0.190-0.230 EPS.
Steelcase Stock Performance
Shares of SCS traded up $0.18 during midday trading on Tuesday, reaching $12.69. The stock had a trading volume of 2,869,049 shares, compared to its average volume of 888,440. The firm has a 50 day simple moving average of $11.70 and a 200-day simple moving average of $9.71. Steelcase has a one year low of $6.36 and a one year high of $12.96. The firm has a market cap of $1.45 billion, a PE ratio of 27.00, a P/E/G ratio of 1.69 and a beta of 1.31. The company has a current ratio of 1.53, a quick ratio of 1.07 and a debt-to-equity ratio of 0.52.
Insider Activity
In other news, CAO Lizbeth S. O’shaughnessy sold 30,000 shares of the firm’s stock in a transaction dated Friday, September 22nd. The shares were sold at an average price of $11.02, for a total transaction of $330,600.00. Following the completion of the sale, the chief accounting officer now owns 307,252 shares in the company, valued at approximately $3,385,917.04. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Insiders own 12.72% of the company’s stock.
Institutional Trading of Steelcase
Hedge funds and other institutional investors have recently bought and sold shares of the business. Point72 Hong Kong Ltd acquired a new stake in Steelcase in the 1st quarter worth about $33,000. Captrust Financial Advisors grew its holdings in shares of Steelcase by 179.6% during the 1st 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 during the last quarter. Tower Research Capital LLC TRC grew its holdings 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 valued at $51,000 after purchasing an additional 4,119 shares during the last quarter. Point72 Middle East FZE bought a new stake in shares of Steelcase during the 4th quarter valued at approximately $65,000. Finally, Two Sigma Investments LP bought a new stake in shares of Steelcase during the 4th quarter valued at approximately $72,000. Institutional investors and hedge funds own 69.51% of the company’s stock.
Analysts Set New Price Targets
A number of research analysts recently weighed in on the stock. TheStreet raised shares of Steelcase from a “c” rating to a “b-” rating in a research report on Tuesday, September 19th. StockNews.com raised shares of Steelcase from a “buy” rating to a “strong-buy” rating in a research report on Friday.
Get Our Latest Research Report on SCS
About Steelcase (Get Free Report)
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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