AQR Capital Management LLC Has $6.95 Million Position in Steelcase Inc. (NYSE:SCS)
AQR Capital Management LLC boosted its stake in Steelcase Inc. (NYSE:SCS) by 11.2% during the first quarter, Holdings Channel reports. The fund owned 414,769 shares of the business services provider’s stock after buying an additional 41,925 shares during the period. AQR Capital Management LLC’s holdings in Steelcase were worth $6,947,000 at the end of the most recent quarter.
A number of other large investors have also recently added to or reduced their stakes in SCS. Gotham Asset Management LLC boosted its stake in Steelcase by 442.4% in the first quarter. Gotham Asset Management LLC now owns 372,346 shares of the business services provider’s stock valued at $6,237,000 after buying an additional 303,701 shares during the last quarter. State Street Corp boosted its stake in Steelcase by 5.7% in the first quarter. State Street Corp now owns 1,767,090 shares of the business services provider’s stock valued at $29,600,000 after buying an additional 95,044 shares during the last quarter. Two Sigma Securities LLC purchased a new stake in Steelcase during the first quarter valued at about $236,000. Schwab Charles Investment Management Inc. boosted its stake in Steelcase by 15.2% in the first quarter. Schwab Charles Investment Management Inc. now owns 755,525 shares of the business services provider’s stock valued at $12,656,000 after buying an additional 99,692 shares during the last quarter. Finally, KCG Holdings Inc. boosted its stake in Steelcase by 79.4% in the first quarter. KCG Holdings Inc. now owns 29,694 shares of the business services provider’s stock valued at $497,000 after buying an additional 13,141 shares during the last quarter. Hedge funds and other institutional investors own 65.57% of the company’s stock.
Shares of Steelcase Inc. (NYSE:SCS) opened at 13.90 on Thursday. The firm has a market capitalization of $1.64 billion, a PE ratio of 13.60 and a beta of 1.21. Steelcase Inc. has a 12 month low of $12.67 and a 12 month high of $18.15. The firm’s 50 day moving average is $16.39 and its 200-day moving average is $16.56.
Steelcase (NYSE:SCS) last posted its quarterly earnings data on Wednesday, June 21st. The business services provider reported $0.15 EPS for the quarter, missing the Zacks’ consensus estimate of $0.19 by $0.04. Steelcase had a net margin of 4.04% and a return on equity of 16.37%. The company had revenue of $735.10 million for the quarter, compared to analyst estimates of $743.27 million. During the same period in the prior year, the company earned $0.18 EPS. The company’s revenue was up 2.3% compared to the same quarter last year. On average, analysts expect that Steelcase Inc. will post $0.96 EPS for the current fiscal year.
The business also recently disclosed a quarterly dividend, which will be paid on Friday, July 14th. Stockholders of record on Monday, July 3rd will be paid a dividend of $0.1275 per share. This represents a $0.51 dividend on an annualized basis and a dividend yield of 3.67%. The ex-dividend date is Thursday, June 29th. Steelcase’s dividend payout ratio is currently 50.50%.
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A number of equities research analysts have weighed in on SCS shares. Zacks Investment Research cut shares of Steelcase from a “hold” rating to a “strong sell” rating in a research report on Wednesday, June 28th. BidaskClub cut shares of Steelcase from a “hold” rating to a “sell” rating in a research report on Friday, June 23rd. Raymond James Financial, Inc. reiterated an “outperform” rating and set a $16.00 price target (down from $19.00) on shares of Steelcase in a research report on Friday, June 23rd. Finally, ValuEngine cut shares of Steelcase from a “buy” rating to a “hold” rating in a research report on Friday, June 2nd. Two investment analysts have rated the stock with a sell rating, two have given a hold rating and one has issued a buy rating to the company. Steelcase currently has an average rating of “Hold” and an average target price of $17.50.
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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