Dimensional Fund Advisors LP Increases Holdings in Steelcase Inc. (SCS)
Dimensional Fund Advisors LP raised its position in shares of Steelcase Inc. (NYSE:SCS) by 0.9% during the 2nd quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 3,352,061 shares of the business services provider’s stock after buying an additional 31,353 shares during the quarter. Dimensional Fund Advisors LP owned about 2.84% of Steelcase worth $46,929,000 at the end of the most recent quarter.
A number of other hedge funds and other institutional investors have also recently made changes to their positions in SCS. Parametric Portfolio Associates LLC raised its stake in Steelcase by 5.3% during the first quarter. Parametric Portfolio Associates LLC now owns 181,479 shares of the business services provider’s stock valued at $3,040,000 after buying an additional 9,087 shares in the last quarter. Ameritas Investment Partners Inc. acquired a new stake in Steelcase during the first quarter valued at approximately $125,000. JPMorgan Chase & Co. grew its holdings in shares of Steelcase by 10.7% during the first quarter. JPMorgan Chase & Co. now owns 477,670 shares of the business services provider’s stock valued at $8,001,000 after purchasing an additional 46,012 shares during the last quarter. SG Americas Securities LLC grew its holdings in shares of Steelcase by 5.2% during the first quarter. SG Americas Securities LLC now owns 17,719 shares of the business services provider’s stock valued at $297,000 after purchasing an additional 870 shares during the last quarter. Finally, American International Group Inc. grew its holdings in shares of Steelcase by 5.0% during the first quarter. American International Group Inc. now owns 51,995 shares of the business services provider’s stock valued at $871,000 after purchasing an additional 2,481 shares during the last quarter. Hedge funds and other institutional investors own 62.10% of the company’s stock.
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Several equities analysts have recently commented on SCS shares. BidaskClub lowered Steelcase from a “sell” rating to a “strong sell” rating in a report on Monday, July 24th. Sidoti raised Steelcase from a “neutral” rating to a “buy” rating and set a $16.00 target price for the company in a report on Friday, September 1st. TheStreet raised Steelcase from a “c+” rating to a “b-” rating in a report on Tuesday, October 3rd. Zacks Investment Research raised Steelcase from a “sell” rating to a “hold” rating in a report on Thursday, August 24th. Finally, ValuEngine lowered Steelcase from a “buy” rating to a “hold” rating in a report on Friday, September 1st. One investment analyst has rated the stock with a sell rating, four have issued a hold rating and two have issued a buy rating to the stock. The company currently has an average rating of “Hold” and an average target price of $16.00.
Steelcase Inc. (NYSE SCS) opened at 15.50 on Monday. The stock’s 50 day moving average price is $14.75 and its 200 day moving average price is $15.11. The company has a market capitalization of $1.80 billion, a price-to-earnings ratio of 15.24 and a beta of 1.21. Steelcase Inc. has a 12-month low of $12.50 and a 12-month high of $18.15.
Steelcase (NYSE:SCS) last announced its quarterly earnings results on Monday, September 18th. The business services provider reported $0.31 EPS for the quarter, topping analysts’ consensus estimates of $0.23 by $0.08. The firm had revenue of $775.60 million during the quarter, compared to analysts’ expectations of $759.83 million. Steelcase had a net margin of 3.98% and a return on equity of 15.72%. The company’s revenue for the quarter was up 2.3% compared to the same quarter last year. During the same quarter last year, the company earned $0.32 earnings per share. On average, equities research analysts anticipate that Steelcase Inc. will post $0.93 earnings per share for the current fiscal year.
The firm also recently declared a quarterly dividend, which was paid on Thursday, October 12th. Shareholders of record on Thursday, September 28th were paid a dividend of $0.1275 per share. This represents a $0.51 dividend on an annualized basis and a yield of 3.29%. The ex-dividend date of this dividend was Wednesday, September 27th. Steelcase’s dividend payout ratio is 50.50%.
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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