Channing Capital Management LLC lowered its position in Steelcase Inc. (NYSE:SCS) by 27.2% during the second quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 2,222,810 shares of the business services provider’s stock after selling 832,164 shares during the period. Channing Capital Management LLC owned about 1.88% of Steelcase worth $31,119,000 at the end of the most recent reporting period.
Several other hedge funds have also recently bought and sold shares of the company. North Star Investment Management Corp. bought a new position in Steelcase during the first quarter worth about $112,000. Ameritas Investment Partners Inc. bought a new position in Steelcase during the first quarter worth about $125,000. New York State Teachers Retirement System raised its position in Steelcase by 4.2% in the first quarter. New York State Teachers Retirement System now owns 7,500 shares of the business services provider’s stock worth $126,000 after buying an additional 300 shares in the last quarter. Chevy Chase Trust Holdings Inc. bought a new position in Steelcase during the second quarter worth about $147,000. Finally, Horizon Investment Services LLC bought a new position in Steelcase during the first quarter worth about $189,000. Institutional investors and hedge funds own 64.12% of the company’s stock.
Shares of Steelcase Inc. (NYSE:SCS) traded up 1.14% on Friday, reaching $13.30. The company’s stock had a trading volume of 917,953 shares. Steelcase Inc. has a 1-year low of $12.67 and a 1-year high of $18.15. The stock has a 50-day moving average of $13.72 and a 200 day moving average of $15.88. The stock has a market capitalization of $1.57 billion, a PE ratio of 13.01 and a beta of 1.20.
Steelcase (NYSE:SCS) last announced 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. The business had revenue of $735.10 million during the quarter, compared to the consensus estimate of $743.27 million. Steelcase had a return on equity of 16.37% and a net margin of 4.04%. The business’s revenue for the quarter was up 2.3% compared to the same quarter last year. During the same period in the prior year, the firm earned $0.18 EPS. On average, equities analysts forecast that Steelcase Inc. will post $0.96 EPS for the current year.
The firm also recently disclosed a quarterly dividend, which was paid on Friday, July 14th. Stockholders of record on Monday, July 3rd were given a $0.1275 dividend. This represents a $0.51 dividend on an annualized basis and a dividend yield of 3.83%. The ex-dividend date was Thursday, June 29th. Steelcase’s dividend payout ratio is presently 50.50%.
A number of brokerages have weighed in on SCS. TheStreet lowered Steelcase from a “b-” rating to a “c+” rating in a report on Thursday, July 20th. Raymond James Financial, Inc. reaffirmed an “outperform” rating and issued a $16.00 price objective (down previously from $19.00) on shares of Steelcase in a report on Friday, June 23rd. Zacks Investment Research raised Steelcase from a “sell” rating to a “hold” rating in a research note on Tuesday, May 30th. UBS AG lowered Steelcase from a “strong-buy” rating to an “outperform” rating in a research note on Friday, June 23rd. Finally, ValuEngine lowered Steelcase from a “buy” rating to a “hold” rating in a research note on Friday, June 2nd. Two equities research analysts have rated the stock with a sell rating, two have assigned a hold rating and two have assigned a buy rating to the company’s stock. The stock currently has an average rating of “Hold” and an average price target of $17.50.
In other news, Director Peter M. Wege II sold 14,400 shares of the business’s stock in a transaction on Friday, July 14th. The shares were sold at an average price of $13.81, for a total value of $198,864.00. Following the sale, the director now owns 270,180 shares of the company’s stock, valued at $3,731,185.80. The sale was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Insiders own 18.87% of the company’s stock.
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.
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