Steelcase (NYSE:SCS) Issues Quarterly Earnings Results

Steelcase (NYSE:SCS) released its quarterly earnings results on Thursday. The business services provider reported $0.16 earnings per share for the quarter, topping the consensus estimate of $0.10 by $0.06, Briefing.com reports. Steelcase had a net margin of 2.57% and a return on equity of 12.87%. The business had revenue of $727.30 million for the quarter, compared to the consensus estimate of $729.05 million. During the same period last year, the firm earned $0.09 earnings per share. The company’s quarterly revenue was down 3.3% on a year-over-year basis. Steelcase updated its Q2 guidance to $0.36-0.40 EPS.

Steelcase Stock Performance

Shares of NYSE SCS opened at $12.18 on Friday. The firm has a fifty day moving average price of $12.69 and a 200-day moving average price of $12.82. The company has a debt-to-equity ratio of 0.50, a current ratio of 1.58 and a quick ratio of 1.20. The stock has a market cap of $1.40 billion, a PE ratio of 17.91, a price-to-earnings-growth ratio of 1.37 and a beta of 1.35. Steelcase has a 1 year low of $7.10 and a 1 year high of $14.54.

Steelcase Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Monday, July 15th. Stockholders of record on Wednesday, July 3rd will be paid a $0.10 dividend. The ex-dividend date of this dividend is Wednesday, July 3rd. This represents a $0.40 dividend on an annualized basis and a dividend yield of 3.28%. Steelcase’s dividend payout ratio (DPR) is presently 58.82%.

Insider Transactions at Steelcase

In other news, VP Robert G. Krestakos sold 4,000 shares of the stock in a transaction on Monday, March 25th. The shares were sold at an average price of $12.61, for a total value of $50,440.00. Following the completion of the sale, the vice president now directly owns 108,081 shares of the company’s stock, valued at $1,362,901.41. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Corporate insiders own 12.96% of the company’s stock.

Analyst Ratings Changes

Several research firms have weighed in on SCS. Benchmark increased their price target on shares of Steelcase from $17.00 to $18.00 and gave the stock a “buy” rating in a research report on Friday. StockNews.com upgraded shares of Steelcase from a “buy” rating to a “strong-buy” rating in a research report on Friday, March 29th.

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.