Advisors Asset Management Inc. cut its stake in Steelcase Inc. (NYSE:SCS) by 99.9% in the second quarter, Holdings Channel reports. The fund owned 157 shares of the business services provider’s stock after selling 283,522 shares during the quarter. Advisors Asset Management Inc.’s holdings in Steelcase were worth $3,704,000 as of its most recent filing with the Securities and Exchange Commission (SEC).
A number of other institutional investors and hedge funds also recently made changes to their positions in the stock. California Public Employees Retirement System lifted its position in Steelcase by 2.7% in the second quarter. California Public Employees Retirement System now owns 258,032 shares of the business services provider’s stock valued at $3,483,000 after acquiring an additional 6,711 shares during the last quarter. Putnam Investments LLC purchased a new stake in Steelcase in the second quarter valued at $1,590,000. MetLife Investment Advisors LLC lifted its position in Steelcase by 12.4% in the second quarter. MetLife Investment Advisors LLC now owns 39,276 shares of the business services provider’s stock valued at $530,000 after acquiring an additional 4,332 shares during the last quarter. Hammer Asset Management LLC purchased a new stake in Steelcase in the second quarter valued at $1,649,000. Finally, Renaissance Technologies LLC lifted its position in Steelcase by 5.3% in the second quarter. Renaissance Technologies LLC now owns 123,300 shares of the business services provider’s stock valued at $1,665,000 after acquiring an additional 6,172 shares during the last quarter. 63.70% of the stock is owned by hedge funds and other institutional investors.
In other news, Director Jennifer C. Niemann sold 3,400 shares of the company’s stock in a transaction dated Friday, July 6th. The shares were sold at an average price of $14.17, for a total value of $48,178.00. Following the completion of the sale, the director now directly owns 3,838 shares of the company’s stock, valued at $54,384.46. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. 17.58% of the stock is currently owned by corporate insiders.
Steelcase (NYSE:SCS) last announced its earnings results on Friday, September 21st. The business services provider reported $0.41 EPS for the quarter, beating analysts’ consensus estimates of $0.29 by $0.12. Steelcase had a net margin of 2.89% and a return on equity of 14.08%. The business had revenue of $875.80 million during the quarter, compared to analysts’ expectations of $873.70 million. During the same period in the prior year, the company earned $0.26 earnings per share. The business’s revenue was up 12.9% compared to the same quarter last year. sell-side analysts predict that Steelcase Inc. will post 1.13 EPS for the current year.
The firm also recently announced a quarterly dividend, which will be paid on Monday, October 15th. Stockholders of record on Monday, October 1st will be issued a $0.135 dividend. The ex-dividend date is Friday, September 28th. This represents a $0.54 dividend on an annualized basis and a dividend yield of 2.87%. Steelcase’s payout ratio is 59.34%.
A number of equities research analysts recently weighed in on SCS shares. ValuEngine raised shares of Steelcase from a “hold” rating to a “buy” rating in a research report on Saturday. TheStreet cut shares of Steelcase from a “b-” rating to a “c+” rating in a research report on Monday, June 25th. Zacks Investment Research cut shares of Steelcase from a “buy” rating to a “hold” rating in a research report on Wednesday, June 27th. Finally, Raymond James boosted their price target on shares of Steelcase from $16.50 to $20.00 and gave the company an “outperform” rating in a research report on Monday. Two research analysts have rated the stock with a hold rating and two have issued a buy rating to the company. Steelcase presently has a consensus rating of “Buy” and a consensus price target of $18.00.
Steelcase Inc manufactures and sells integrated furniture settings, user-centered technologies, and interior architectural products. It operates through Americas, EMEA, and Other Category segments. The company's furniture portfolio includes panel-based furniture systems, storage products, fixed and height-adjustable desks, benches, and tables, as well as other products, including worktools.
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