Steelcase Inc. (SCS) Shares Bought by QS Investors LLC
QS Investors LLC increased its position in Steelcase Inc. (NYSE:SCS) by 33.2% in the second quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 277,869 shares of the business services provider’s stock after purchasing an additional 69,196 shares during the quarter. QS Investors LLC owned approximately 0.24% of Steelcase worth $3,890,000 as of its most recent filing with the Securities & Exchange Commission.
Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Vanguard Group Inc. boosted its position in shares of Steelcase by 9.5% during the first quarter. Vanguard Group Inc. now owns 7,590,595 shares of the business services provider’s stock valued at $127,143,000 after purchasing an additional 659,548 shares in the last quarter. BlackRock Inc. raised its holdings in Steelcase by 29,527.3% in the first quarter. BlackRock Inc. now owns 5,656,450 shares of the business services provider’s stock worth $94,745,000 after purchasing an additional 5,637,358 shares in the last quarter. Wellington Management Group LLP raised its holdings in Steelcase by 29.0% in the first quarter. Wellington Management Group LLP now owns 4,978,251 shares of the business services provider’s stock worth $83,385,000 after purchasing an additional 1,119,428 shares in the last quarter. Dimensional Fund Advisors LP raised its holdings in Steelcase by 0.9% in the second quarter. Dimensional Fund Advisors LP now owns 3,352,061 shares of the business services provider’s stock worth $46,929,000 after purchasing an additional 31,353 shares in the last quarter. Finally, Alliancebernstein L.P. raised its holdings in Steelcase by 2,481.3% in the second quarter. Alliancebernstein L.P. now owns 3,183,486 shares of the business services provider’s stock worth $44,569,000 after purchasing an additional 3,060,155 shares in the last quarter. Institutional investors own 62.10% of the company’s stock.
Shares of Steelcase Inc. (NYSE SCS) opened at 15.50 on Wednesday. The stock has a market cap of $1.80 billion, a P/E ratio of 15.24 and a beta of 1.21. The company has a 50 day moving average price of $13.85 and a 200 day moving average price of $15.21. Steelcase Inc. has a 1-year low of $12.50 and a 1-year high of $18.15.
Steelcase (NYSE:SCS) last posted its quarterly earnings results on Monday, September 18th. The business services provider reported $0.31 EPS for the quarter, beating the consensus estimate of $0.23 by $0.08. Steelcase had a net margin of 3.98% and a return on equity of 15.72%. The business had revenue of $775.60 million during the quarter, compared to analyst estimates of $759.83 million. During the same quarter in the previous year, the business posted $0.32 EPS. The company’s quarterly revenue was up 2.3% compared to the same quarter last year. On average, equities analysts anticipate that Steelcase Inc. will post $0.93 EPS for the current year.
The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, October 12th. Stockholders of record on Thursday, September 28th will be paid a dividend of $0.1275 per share. The ex-dividend date of this dividend is Wednesday, September 27th. This represents a $0.51 dividend on an annualized basis and a dividend yield of 3.29%. Steelcase’s dividend payout ratio is presently 50.50%.
In related news, Director Peter M. Wege II sold 14,400 shares of Steelcase stock in a transaction that occurred on Friday, July 14th. The shares were sold at an average price of $13.81, for a total transaction of $198,864.00. Following the transaction, the director now directly owns 270,180 shares of the company’s stock, valued at $3,731,185.80. The sale was disclosed in a filing with the SEC, which is accessible through this link. 18.87% of the stock is currently owned by company insiders.
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Several equities analysts have commented on the company. Sidoti raised Steelcase from a “neutral” rating to a “buy” rating and set a $16.00 price objective for the company in a research report on Friday, September 1st. TheStreet downgraded shares of Steelcase from a “b-” rating to a “c+” rating in a research report on Thursday, July 20th. ValuEngine downgraded shares of Steelcase from a “buy” rating to a “hold” rating in a research report on Friday, September 1st. Zacks Investment Research upgraded shares of Steelcase from a “sell” rating to a “hold” rating in a research note on Thursday, August 24th. Finally, Raymond James Financial, Inc. reiterated an “outperform” rating and issued a $16.00 price target (down from $19.00) on shares of Steelcase in a research note on Friday, June 23rd. One investment analyst has rated the stock with a sell rating, four have assigned a hold rating and two have assigned a buy rating to the stock. The stock presently has a consensus rating of “Hold” and a consensus price target of $17.00.
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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