Steelcase (NYSE:SCS) updated its third quarter 2022 earnings guidance on Wednesday. The company provided EPS guidance of $0.070-$0.110 for the period, compared to the Thomson Reuters consensus EPS estimate of $0.100. The company issued revenue guidance of $755 million-$785 million, compared to the consensus revenue estimate of $720.80 million.
Steelcase stock traded up $0.12 during midday trading on Thursday, reaching $12.36. The stock had a trading volume of 604 shares, compared to its average volume of 608,950. The firm’s fifty day simple moving average is $13.40 and its 200-day simple moving average is $14.01. Steelcase has a 1-year low of $10.36 and a 1-year high of $16.84. The stock has a market capitalization of $1.40 billion, a P/E ratio of 39.48 and a beta of 1.42. The company has a debt-to-equity ratio of 0.51, a quick ratio of 1.53 and a current ratio of 1.99.
Steelcase (NYSE:SCS) last announced its earnings results on Tuesday, September 21st. The business services provider reported $0.21 earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of $0.23 by ($0.02). Steelcase had a net margin of 1.35% and a return on equity of 5.56%. The firm had revenue of $724.80 million during the quarter, compared to analyst estimates of $761.33 million. During the same period in the prior year, the business posted $0.55 EPS. The firm’s quarterly revenue was down 11.5% compared to the same quarter last year.
An institutional investor recently raised its position in Steelcase stock. Morgan Stanley raised its stake in Steelcase Inc. (NYSE:SCS) by 27.5% in the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 1,608,779 shares of the business services provider’s stock after acquiring an additional 346,540 shares during the period. Morgan Stanley owned approximately 1.39% of Steelcase worth $24,309,000 at the end of the most recent quarter. 67.93% of the stock is owned by hedge funds and other institutional investors.
Steelcase Company Profile
Steelcase Inc manufactures and sells integrated furniture settings, user-centered technologies, and interior architectural products. It operates through Americas, EMEA, and Other Category segments. The firm’s furniture portfolio includes panel, fence and beam-based furniture systems, storage products, fixed and height-adjustable desks, benches, and tables, as well as complementary products, including work tools and screens.
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