Steelcase Set to Release Earnings Results
On June 21st, Steelcase (NYSE: SCS) is set to announce its earnings results for the quarter ending June 30th. Analysts predict that the company will report a loss of ($0.03) per share. For those interested in participating in the earnings conference call, there is a link available.
Institutional Investors and Hedge Funds Show Interest
Recently, hedge funds and institutional investors have shown an interest in buying and selling shares of Steelcase. For example, Point72 Hong Kong Ltd., Captrust Financial Advisors, Tower Research Capital LLC TRC, Point72 Middle East FZE, and Two Sigma Investments LP have all recently purchased or sold shares of SCS. In total, these investors own 74.01% of the company’s stock.
Quarterly Dividend Announced
Steelcase announced a quarterly dividend for shareholders on April 14th. Shareholders on record as of April 5th were given a $0.10 per share dividend representing an annualized payout of $0.40 and a yield of 5.45%. The ex-dividend date was April 4th, and Steelcase’s payout ratio currently stands at 133.34%.
With the announcement of earnings results just around the corner and significant investment from institutional players in recent quarters, Steelcase appears to be attracting attention from various corners of the market. While losses are expected in this quarter’s announcement, it will be interesting to see how the company navigates uncertain economic conditions moving forward.
Updated on: 01/03/2024
Debt to equity ratio: Buy
Price to earnings ratio: Buy
Price to book ratio: Buy
2:00 PM (UTC)
Date:20 January, 2024
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Steelcase’s Resilience Shines Through Strong Q1 2023 Earnings and Insider Confidence Amidst Ongoing Macro Headwinds
Steelcase, the NYSE-listed business services provider, posted its quarterly earnings results on Wednesday, March 22, announcing an earnings per share (EPS) of $0.19 for the period. This exceeds the consensus estimate by a whopping $0.13 and saw the company generate revenues of $801.70 million during Q1 2023 compared to an estimate of $751.38 million. The same quarter in 2022 showed early signs of recovery from pandemic-related disruption after Steelcase reported negative EPS figures.
Steelcase’s current fiscal year is expected to deliver an EPS of around $1 and analysts predict a similar figure for the next fiscal year, indicating positive trends for shareholders despite ongoing macroeconomic headwinds.
Despite excellent earnings figures, SCS stock opened at just $7.35 on June 14th, making it an attractive option for value investors looking to take advantage of underpriced potential.
The company has a quick ratio of 0.94 and a current ratio of 1.47 with a debt-to-equity ratio of 0.54 reflecting low liability ratios and strong fundamentals allowing Steelcase to invest in growth opportunities.
Steelcase boasts a market capitalization of $836.96 million but more impressive are recent director sales showing confidence at higher levels than today’s price point on behalf of insiders including Director Peter M Wege II who sold over 17k shares at an average price point north of eight dollars.
Director Wege added additional proof for value investors with another tranche sell-off totaling almost six thousand shares made on Thursday, March 30th when they sold shares at an average price just above their June 14th opening market rate.
These combined factors should give current and future Steelcase shareholders enough reason to believe that this resilient business looks promising as we approach what could be another challenging period both economically and socially amidst global disruption due to COVID-19 variants causing concern around the world.