Steelcase Inc. (SCS) Shares Sold by Tocqueville Asset Management L.P.
Tocqueville Asset Management L.P. reduced its stake in shares of Steelcase Inc. (NYSE:SCS) by 0.2% during the second quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 939,000 shares of the company’s stock after selling 2,000 shares during the period. Tocqueville Asset Management L.P. owned 0.79% of Steelcase worth $12,742,000 as of its most recent SEC filing.
A number of other hedge funds have also added to or reduced their stakes in SCS. Prudential Financial Inc. raised its stake in Steelcase by 1,160.7% in the first quarter. Prudential Financial Inc. now owns 1,326,977 shares of the company’s stock valued at $19,798,000 after buying an additional 1,221,719 shares during the period. Goldman Sachs Group Inc. raised its stake in Steelcase by 149.4% in the first quarter. Goldman Sachs Group Inc. now owns 846,999 shares of the company’s stock valued at $12,637,000 after buying an additional 507,329 shares during the period. Bogle Investment Management L P DE acquired a new stake in Steelcase during the first quarter valued at $5,333,000. Skyline Asset Management LP raised its stake in Steelcase by 21.1% in the first quarter. Skyline Asset Management LP now owns 1,928,800 shares of the company’s stock valued at $28,778,000 after buying an additional 335,600 shares during the period. Finally, Prudential PLC raised its stake in Steelcase by 31.7% in the first quarter. Prudential PLC now owns 1,176,300 shares of the company’s stock valued at $17,550,000 after buying an additional 283,100 shares during the period. 66.19% of the stock is currently owned by institutional investors and hedge funds.
Steelcase Inc. (NYSE:SCS) remained flat at $13.40 during trading on Friday. 428,609 shares of the stock were exchanged. Steelcase Inc. has a 52-week low of $11.67 and a 52-week high of $20.37. The firm has a market capitalization of $1.59 billion, a P/E ratio of 9.66 and a beta of 1.21. The company has a 50-day moving average price of $14.08 and a 200-day moving average price of $14.64.
Steelcase (NYSE:SCS) last released its quarterly earnings data on Wednesday, September 21st. The company reported $0.32 earnings per share (EPS) for the quarter, meeting analysts’ consensus estimates of $0.32. Steelcase had a return on equity of 17.38% and a net margin of 5.67%. The company had revenue of $758 million for the quarter. During the same quarter in the previous year, the firm posted $0.35 earnings per share. The business’s revenue for the quarter was down 7.4% compared to the same quarter last year. Equities research analysts predict that Steelcase Inc. will post $1.09 earnings per share for the current fiscal year.
The business also recently disclosed a quarterly dividend, which will be paid on Friday, October 14th. Investors of record on Tuesday, October 4th will be paid a dividend of $0.12 per share. The ex-dividend date of this dividend is Friday, September 30th. This represents a $0.48 dividend on an annualized basis and a dividend yield of 3.58%. Steelcase’s payout ratio is 35.04%.
Separately, Zacks Investment Research raised Steelcase from a “sell” rating to a “hold” rating in a research note on Thursday, August 25th.
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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