Steelcase (NYSE: SCS) Issues Q2 2023 Earnings Guidance

Steelcase (NYSE: SCS – Get Rating) updated its second quarter 2023 earnings guidance on Wednesday. The company provided EPS guidance of $ 0.11- $ 0.15 for the period, compared to the consensus EPS estimate of $ 0.23. The company issued revenue guidance of $ 875.00 million- $ 900.00 million, compared to the consensus revenue estimate of $ 873.14 million.

NYSE SCS traded up $ 0.03 on Wednesday, reaching $ 10.47. The stock had a trading volume of 909,572 shares, compared to its average volume of 781,300. The company has a debt-to-equity ratio of 0.56, a current ratio of 1.69 and a quick ratio of 1.12. The firm has a fifty day moving average of $ 11.71 and a two-hundred day moving average of $ 11.84. Steelcase has a 1-year low of $ 10.19 and a 1-year high of $ 15.84. The company has a market cap of $ 1.18 billion, a P / E ratio of 348.45 and a beta of 1.18.

Steelcase (NYSE: SCS – Get Rating) last issued its quarterly earnings data on Wednesday, March 23rd. The business services provider reported ($ 0.02) EPS for the quarter. Steelcase had a net margin of 0.14% and a return on equity of 0.45%. The firm had revenue of $ 753.10 million during the quarter, compared to analyst estimates of $ 751.68 million. During the same period in the prior year, the company earned $ 0.06 earnings per share. The business’s quarterly revenue was up 11.2% compared to the same quarter last year. Research analysts predict that Steelcase will post 0.6 EPS for the current fiscal year.

Separately, assumed coverage on Steelcase in a report on Thursday, March 31st. They issued a hold rating on the stock.

In other news, Director Jennifer C. Niemann sold 3,900 shares of the stock in a transaction on Wednesday, April 27th. The stock was sold at an average price of $ 11.98, for a total transaction of $ 46,722.00. Following the sale, the director now directly owns 19,346 shares of the company’s stock, valued at approximately $ 231,765.08. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Corporate insiders own 12.77% of the company’s stock.

Hedge funds have recently made changes to their positions in the stock. Captrust Financial Advisors raised its position 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 during the last quarter. Point72 Hong Kong Ltd bought a new position in Steelcase in the first quarter valued at about $ 33,000. HighTower Advisors LLC raised its position in Steelcase by 32.8% in the first quarter. HighTower Advisors LLC now owns 14,724 shares of the business services provider’s stock valued at $ 177,000 after purchasing an additional 3,635 shares during the last quarter. Advisor Group Holdings Inc. raised its position in Steelcase by 12.5% ​​in the first quarter. Advisor Group Holdings Inc. now owns 36,070 shares of the business services provider’s stock valued at $ 431,000 after purchasing an additional 3,999 shares during the last quarter. Finally, Great West Life Assurance Co. Can raise its position in Steelcase by 70.0% in the first quarter. Great West Life Assurance Co. Can now owns 11,388 shares of the business services provider’s stock valued at $ 143,000 after purchasing an additional 4,688 shares during the last quarter. Institutional investors and hedge funds own 94.65% of the company’s stock.

Steelcase Company Profile (Get Rating)

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

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