Steelcase (NYSE:SCS) Updates Q3 Earnings Guidance

Steelcase (NYSE:SCS) updated its third quarter earnings guidance on Wednesday. The company provided earnings per share (EPS) guidance of $0.21-0.25 for the period, compared to the consensus estimate of $0.23. The company issued revenue guidance of $785-810 million, compared to the consensus revenue estimate of $812.08 million. Steelcase also updated its FY 2025 guidance to 1.000-1.000 EPS.

Steelcase Stock Performance

Shares of NYSE:SCS traded up $0.10 during midday trading on Wednesday, hitting $14.11. The stock had a trading volume of 1,288,899 shares, compared to its average volume of 704,152. The company has a market capitalization of $1.61 billion, a PE ratio of 18.57, a P/E/G ratio of 1.34 and a beta of 1.33. Steelcase has a 1 year low of $8.74 and a 1 year high of $14.74. The stock has a 50 day moving average price of $13.51 and a two-hundred day moving average price of $13.03. The company has a current ratio of 1.61, a quick ratio of 1.15 and a debt-to-equity ratio of 0.51.

Steelcase (NYSE:SCS) last announced its quarterly earnings results on Thursday, June 20th. The business services provider reported $0.16 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.10 by $0.06. Steelcase had a net margin of 2.89% and a return on equity of 13.66%. The business had revenue of $727.30 million during the quarter, compared to the consensus estimate of $729.05 million. During the same quarter last year, the firm posted $0.09 EPS. The business’s revenue was down 3.3% compared to the same quarter last year. As a group, equities analysts predict that Steelcase will post 1 earnings per share for the current fiscal year.

Steelcase Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Monday, July 15th. Investors of record on Wednesday, July 3rd were paid a $0.10 dividend. This represents a $0.40 dividend on an annualized basis and a yield of 2.83%. The ex-dividend date was Wednesday, July 3rd. Steelcase’s payout ratio is currently 52.63%.

Analysts Set New Price Targets

Separately, Benchmark upped their price objective on Steelcase from $17.00 to $18.00 and gave the stock a buy rating in a report on Friday, June 21st.

Insider Activity at Steelcase

In related news, CAO Nicole Cherie Mcgrath sold 15,749 shares of the business’s stock in a transaction that occurred on Tuesday, July 23rd. The stock was sold at an average price of $13.94, for a total transaction of $219,541.06. Following the completion of the transaction, the chief accounting officer now owns 18,453 shares in the company, valued at approximately $257,234.82. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. In related news, SVP Allan W. Smith, Jr. sold 70,444 shares of the stock in a transaction that occurred on Monday, July 22nd. The stock was sold at an average price of $13.84, for a total value of $974,944.96. Following the completion of the transaction, the senior vice president now directly owns 184,743 shares of the company’s stock, valued at approximately $2,556,843.12. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, CAO Nicole Cherie Mcgrath sold 15,749 shares of the firm’s stock in a transaction that occurred on Tuesday, July 23rd. The shares were sold at an average price of $13.94, for a total value of $219,541.06. Following the completion of the sale, the chief accounting officer now owns 18,453 shares in the company, valued at $257,234.82. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 174,187 shares of company stock valued at $2,410,861. Corporate insiders own 12.96% of the company’s stock.

About Steelcase

Steelcase Inc provides a portfolio of furniture and architectural products and services in the United States and internationally. It operates through Americas and International 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, mobile power, and screens.