Steelcase (NYSE:SCS) Issues Quarterly Earnings Results

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

Steelcase Trading Down 2.9 %

Shares of SCS traded down $0.38 during mid-day trading on Friday, reaching $12.93. 424,193 shares of the company’s stock traded hands, compared to its average volume of 710,686. The stock’s 50-day moving average is $13.53 and its two-hundred day moving average is $13.04. The stock has a market cap of $1.48 billion, a P/E ratio of 17.25, 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. The company has a debt-to-equity ratio of 0.51, a current ratio of 1.61 and a quick ratio of 1.15.

Steelcase Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Tuesday, October 15th. Stockholders of record on Monday, September 30th will be given a dividend of $0.10 per share. This represents a $0.40 annualized dividend and a dividend yield of 3.09%. The ex-dividend date of this dividend is Monday, September 30th. Steelcase’s dividend payout ratio is currently 52.63%.

Insider Buying and Selling

In related news, CFO David C. Sylvester sold 73,184 shares of the company’s stock in a transaction dated Wednesday, July 24th. The stock was sold at an average price of $13.84, for a total transaction of $1,012,866.56. Following the transaction, the chief financial officer now directly owns 551,592 shares of the company’s stock, valued at approximately $7,634,033.28. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. In other Steelcase news, VP Donna K. Flynn sold 13,310 shares of the firm’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 transaction, the vice president now owns 78,733 shares in the company, valued at approximately $1,080,216.76. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CFO David C. Sylvester sold 73,184 shares of the business’s stock in a transaction dated Wednesday, July 24th. The shares were sold at an average price of $13.84, for a total transaction of $1,012,866.56. Following the completion of the transaction, the chief financial officer now owns 551,592 shares in the company, valued at $7,634,033.28. 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 three months. 12.96% of the stock is owned by company insiders.

Wall Street Analyst Weigh In

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

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.