Steelcase Inc. (SCS) Announces Quarterly Earnings Results, Beats Estimates By $0.01 EPS
Steelcase Inc. (NYSE:SCS) released its quarterly earnings data on Wednesday. The company reported $0.32 earnings per share for the quarter, topping the consensus estimate of $0.31 by $0.01. Steelcase had a net margin of 5.52% and a return on equity of 18.31%. The business had revenue of $758 million for the quarter, compared to analyst estimates of $785.30 million. During the same quarter last year, the firm earned $0.35 EPS. Steelcase’s quarterly revenue was down 7.4% compared to the same quarter last year. Steelcase updated its Q3 guidance to $0.33-0.37 EPS.
Steelcase (NYSE:SCS) opened at 12.86 on Thursday. The company has a market cap of $1.53 billion, a price-to-earnings ratio of 9.43 and a beta of 1.38. Steelcase has a 52 week low of $11.67 and a 52 week high of $20.37. The firm has a 50-day moving average of $14.37 and a 200-day moving average of $14.73.
Separately, Zacks Investment Research raised shares of Steelcase from a “sell” rating to a “hold” rating in a research note on Thursday, June 2nd.
In other news, VP Sara E. Armbruster sold 14,000 shares of Steelcase stock in a transaction dated Wednesday, June 29th. The stock was sold at an average price of $13.50, for a total transaction of $189,000.00. Following the completion of the sale, the vice president now owns 99,711 shares in the company, valued at approximately $1,346,098.50. The sale was disclosed in a filing with the SEC, which is accessible through this hyperlink. 18.68% of the stock is owned by company insiders.
Several hedge funds have recently modified their holdings of SCS. Public Employees Retirement System of Ohio increased its stake in shares of Steelcase by 10.0% in the second quarter. Public Employees Retirement System of Ohio now owns 8,226 shares of the company’s stock worth $112,000 after buying an additional 745 shares during the period. Manchester Capital Management LLC acquired a new stake in shares of Steelcase during the first quarter worth about $138,000. ProShare Advisors LLC increased its stake in shares of Steelcase by 3.3% in the second quarter. ProShare Advisors LLC now owns 10,531 shares of the company’s stock worth $143,000 after buying an additional 336 shares during the period. Stifel Financial Corp acquired a new stake in shares of Steelcase during the second quarter worth about $164,000. Finally, Teacher Retirement System of Texas increased its stake in shares of Steelcase by 13.8% in the second quarter. Teacher Retirement System of Texas now owns 12,604 shares of the company’s stock worth $171,000 after buying an additional 1,527 shares during the period. Hedge funds and other institutional investors own 65.72% of the company’s stock.
Steelcase Company Profile
Steelcase Inc provides an integrated portfolio of furniture settings, user-centered technologies and interior architectural products. The Company’s segments include Americas, EMEA and Other Category. The Company’s furniture portfolio includes panel-based and freestanding furniture systems and complementary products, such as storage, tables and ergonomic worktools.
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