Steelcase (NYSE:SCS) Releases Earnings Results, Beats Estimates By $0.02 EPS

Steelcase (NYSE:SCS) announced its earnings results on Wednesday. The business services provider reported $0.39 EPS for the quarter, topping the consensus estimate of $0.37 by $0.02, Briefing.com reports. Steelcase had a net margin of 2.89% and a return on equity of 13.66%. The firm had revenue of $855.80 million for the quarter, compared to the consensus estimate of $864.17 million. During the same quarter last year, the firm posted $0.31 EPS. The business’s quarterly revenue was up .1% on a year-over-year basis.

Steelcase Stock Performance

Shares of SCS traded down $0.39 on Friday, reaching $12.92. 1,623,298 shares of the stock traded hands, compared to its average volume of 717,274. The stock’s 50-day moving average price is $13.53 and its 200-day moving average price is $13.04. The company has a debt-to-equity ratio of 0.51, a current ratio of 1.61 and a quick ratio of 1.15. The firm has a market cap of $1.47 billion, a price-to-earnings ratio of 17.12, a P/E/G ratio of 1.39 and a beta of 1.33. Steelcase has a 12 month low of $10.29 and a 12 month high of $14.74.

Steelcase Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, October 15th. Shareholders of record on Monday, September 30th will be given a $0.10 dividend. The ex-dividend date is Monday, September 30th. This represents a $0.40 dividend on an annualized basis and a dividend yield of 3.10%. Steelcase’s dividend payout ratio is currently 52.63%.

Insider Buying and Selling

In other Steelcase news, VP Donna K. Flynn sold 13,310 shares of the company’s stock in a transaction on Monday, June 24th. The stock was sold at an average price of $13.72, for a total value of $182,613.20. Following the sale, the vice president now directly owns 78,733 shares in the company, valued at $1,080,216.76. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. In other news, SVP Allan W. Smith, Jr. sold 70,444 shares of the business’s 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 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 document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, VP Donna K. Flynn sold 13,310 shares of the firm’s stock in a transaction on Monday, June 24th. The shares were sold at an average price of $13.72, for a total value of $182,613.20. Following the sale, the vice president now directly owns 78,733 shares of the company’s stock, valued at $1,080,216.76. The disclosure for this sale can be found here. Insiders sold a total of 174,187 shares of company stock valued at $2,410,861 over the last ninety days. 12.96% of the stock is owned by company insiders.

Analyst Upgrades and Downgrades

Separately, Benchmark raised their target price on Steelcase from $17.00 to $18.00 and gave the company a “buy” rating in a report on Friday, June 21st.

Steelcase Company Profile

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.