BlackRock Inc. raised its holdings in Steelcase Inc. (NYSE:SCS) by 8.5% in the 2nd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 5,802,959 shares of the business services provider’s stock after purchasing an additional 456,137 shares during the period. BlackRock Inc. owned 4.97% of Steelcase worth $78,341,000 at the end of the most recent reporting period.
Several other institutional investors and hedge funds have also bought and sold shares of SCS. Russell Investments Group Ltd. increased its stake in shares of Steelcase by 111.3% in the first quarter. Russell Investments Group Ltd. now owns 1,150,738 shares of the business services provider’s stock worth $15,650,000 after purchasing an additional 606,117 shares in the last quarter. Deprince Race & Zollo Inc. grew its stake in Steelcase by 22.6% during the second quarter. Deprince Race & Zollo Inc. now owns 2,925,293 shares of the business services provider’s stock valued at $39,491,000 after acquiring an additional 539,088 shares in the last quarter. Pzena Investment Management LLC grew its stake in Steelcase by 14.0% during the second quarter. Pzena Investment Management LLC now owns 3,393,731 shares of the business services provider’s stock valued at $45,815,000 after acquiring an additional 416,815 shares in the last quarter. First Manhattan Co. purchased a new position in Steelcase during the second quarter valued at approximately $2,774,000. Finally, Summit Trail Advisors LLC grew its stake in Steelcase by 2,012.0% during the first quarter. Summit Trail Advisors LLC now owns 180,007 shares of the business services provider’s stock valued at $180,000 after acquiring an additional 171,484 shares in the last quarter. Hedge funds and other institutional investors own 63.70% of the company’s stock.
SCS has been the subject of several recent analyst reports. TheStreet raised shares of Steelcase from a “c+” rating to a “b” rating in a research note on Friday, September 21st. ValuEngine upgraded shares of Steelcase from a “hold” rating to a “buy” rating in a research report on Saturday, September 22nd. Zacks Investment Research upgraded shares of Steelcase from a “hold” rating to a “buy” rating and set a $21.00 target price for the company in a research report on Wednesday, September 26th. Finally, Raymond James lifted their target price on shares of Steelcase from $16.50 to $20.00 and gave the company an “outperform” rating in a research report on Monday, September 24th. One research analyst has rated the stock with a hold rating and three have given a buy rating to the company’s stock. The company has a consensus rating of “Buy” and a consensus target price of $20.50.
Steelcase (NYSE:SCS) last announced its earnings results on Friday, September 21st. The business services provider reported $0.41 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.29 by $0.12. Steelcase had a net margin of 2.89% and a return on equity of 13.97%. The business had revenue of $875.80 million during the quarter, compared to analyst estimates of $873.70 million. During the same period in the previous year, the business posted $0.26 earnings per share. Steelcase’s revenue for the quarter was up 12.9% on a year-over-year basis. Equities research analysts predict that Steelcase Inc. will post 1.08 earnings per share for the current fiscal year.
The business also recently announced a quarterly dividend, which will be paid on Monday, October 15th. Shareholders of record on Monday, October 1st will be given a dividend of $0.135 per share. The ex-dividend date is Friday, September 28th. This represents a $0.54 annualized dividend and a yield of 3.02%. Steelcase’s payout ratio is presently 59.34%.
In other news, VP Allan W. Smith, Jr. sold 14,000 shares of the business’s stock in a transaction that occurred on Tuesday, September 25th. The shares were sold at an average price of $18.54, for a total value of $259,560.00. Following the completion of the sale, the vice president now directly owns 31,490 shares in the company, valued at approximately $583,824.60. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, CAO Lizbeth S. O’shaughnessy sold 20,000 shares of the business’s stock in a transaction that occurred on Thursday, September 27th. The stock was sold at an average price of $18.61, for a total transaction of $372,200.00. Following the completion of the sale, the chief accounting officer now owns 218,091 shares of the company’s stock, valued at $4,058,673.51. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 41,500 shares of company stock valued at $770,960. 17.58% of the stock is currently owned by company insiders.
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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