Cooke & Bieler LP Boosts Position in Steelcase Inc. (SCS)
Cooke & Bieler LP raised its position in shares of Steelcase Inc. (NYSE:SCS) by 0.5% during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 767,565 shares of the company’s stock after buying an additional 4,170 shares during the period. Cooke & Bieler LP’s holdings in Steelcase were worth $10,416,000 at the end of the most recent reporting period.
A number of other hedge funds and other institutional investors have also added to or reduced their stakes in the stock. Bayesian Capital Management LP acquired a new position in Steelcase during the first quarter worth $277,000. BlackRock Inc. increased its position in Steelcase by 19.7% in the first quarter. BlackRock Inc. now owns 18,974 shares of the company’s stock worth $283,000 after buying an additional 3,123 shares during the period. Eqis Capital Management Inc. increased its position in Steelcase by 116.4% in the second quarter. Eqis Capital Management Inc. now owns 32,424 shares of the company’s stock worth $440,000 after buying an additional 17,440 shares during the period. Invictus RG acquired a new position in Steelcase during the first quarter worth $467,000. Finally, Bank of Montreal Can acquired a new position in Steelcase during the second quarter worth $470,000. 65.97% of the stock is owned by institutional investors and hedge funds.
Shares of Steelcase Inc. (NYSE:SCS) traded down 0.74% on Tuesday, hitting $13.50. 502,580 shares of the stock were exchanged. Steelcase Inc. has a 1-year low of $11.67 and a 1-year high of $20.37. The stock has a market cap of $1.60 billion, a price-to-earnings ratio of 9.73 and a beta of 1.21. The stock’s 50-day moving average is $14.01 and its 200-day moving average is $14.61.
Steelcase (NYSE:SCS) last released its earnings results on Wednesday, September 21st. The company reported $0.32 earnings per share (EPS) for the quarter, meeting the Zacks’ consensus estimate of $0.32. Steelcase had a net margin of 5.67% and a return on equity of 17.38%. The company had revenue of $758 million for the quarter. During the same quarter in the previous year, the firm earned $0.35 EPS. The firm’s revenue was down 7.4% on a year-over-year basis. Analysts forecast that Steelcase Inc. will post $1.09 earnings per share for the current year.
The business also recently announced a quarterly dividend, which was paid on Friday, October 14th. Investors of record on Tuesday, October 4th were given a dividend of $0.12 per share. The ex-dividend date of this dividend was Friday, September 30th. This represents a $0.48 dividend on an annualized basis and a dividend yield of 3.53%. Steelcase’s payout ratio is presently 35.04%.
Separately, Zacks Investment Research raised shares of Steelcase from a “hold” rating to a “buy” rating and set a $16.00 target price for the company in a research report on Wednesday, September 28th.
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.
Want to see what other hedge funds are holding SCS? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Steelcase Inc. (NYSE:SCS).
Receive News & Ratings for Steelcase Inc. Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Steelcase Inc. and related companies with MarketBeat.com's FREE daily email newsletter.