Prudential PLC Cuts Stake in Steelcase Inc. (SCS)
Prudential PLC cut its position in Steelcase Inc. (NYSE:SCS) by 12.9% during the second quarter, according to its most recent Form 13F filing with the SEC. The firm owned 2,025,700 shares of the business services provider’s stock after selling 300,300 shares during the period. Prudential PLC owned approximately 1.72% of Steelcase worth $28,360,000 at the end of the most recent quarter.
Several other hedge funds have also recently made changes to their positions in the company. Vanguard Group Inc. increased its holdings in shares of Steelcase by 9.5% in the first quarter. Vanguard Group Inc. now owns 7,590,595 shares of the business services provider’s stock valued at $127,143,000 after purchasing an additional 659,548 shares during the period. BlackRock Inc. increased its holdings in shares of Steelcase by 29,527.3% in the first quarter. BlackRock Inc. now owns 5,656,450 shares of the business services provider’s stock valued at $94,745,000 after purchasing an additional 5,637,358 shares during the period. Wellington Management Group LLP increased its holdings in shares of Steelcase by 29.0% in the first quarter. Wellington Management Group LLP now owns 4,978,251 shares of the business services provider’s stock valued at $83,385,000 after purchasing an additional 1,119,428 shares during the period. Dimensional Fund Advisors LP increased its holdings in shares of Steelcase by 0.9% in the second quarter. Dimensional Fund Advisors LP now owns 3,352,061 shares of the business services provider’s stock valued at $46,929,000 after purchasing an additional 31,353 shares during the period. Finally, Alliancebernstein L.P. increased its holdings in shares of Steelcase by 2,481.3% in the second quarter. Alliancebernstein L.P. now owns 3,183,486 shares of the business services provider’s stock valued at $44,569,000 after purchasing an additional 3,060,155 shares during the period. 62.10% of the stock is currently owned by institutional investors and hedge funds.
Steelcase Inc. (SCS) traded up 0.814% during mid-day trading on Thursday, reaching $15.475. The company had a trading volume of 40,033 shares. The firm’s 50 day moving average price is $13.92 and its 200-day moving average price is $15.21. Steelcase Inc. has a 12 month low of $12.50 and a 12 month high of $18.15. The company has a market capitalization of $1.80 billion, a price-to-earnings ratio of 15.216 and a beta of 1.21.
Steelcase (NYSE:SCS) last posted its quarterly earnings data on Monday, September 18th. The business services provider reported $0.31 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $0.23 by $0.08. The firm had revenue of $775.60 million during the quarter, compared to the consensus estimate of $759.83 million. Steelcase had a return on equity of 15.72% and a net margin of 3.98%. The firm’s revenue was up 2.3% compared to the same quarter last year. During the same period in the prior year, the business earned $0.32 EPS. Equities research analysts anticipate that Steelcase Inc. will post $0.93 earnings per share for the current year.
The business also recently disclosed a quarterly dividend, which will be paid on Thursday, October 12th. Shareholders of record on Thursday, September 28th will be paid a dividend of $0.1275 per share. This represents a $0.51 annualized dividend and a yield of 3.32%. The ex-dividend date of this dividend is Wednesday, September 27th. Steelcase’s dividend payout ratio is presently 50.50%.
In other Steelcase news, Director Peter M. Wege II sold 14,400 shares of the company’s stock in a transaction that occurred on Friday, July 14th. The stock was sold at an average price of $13.81, for a total transaction of $198,864.00. Following the completion of the sale, the director now directly owns 270,180 shares of the company’s stock, valued at approximately $3,731,185.80. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. 18.87% of the stock is owned by corporate insiders.
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SCS has been the topic of a number of research reports. Sidoti raised Steelcase from a “neutral” rating to a “buy” rating and set a $16.00 price objective on the stock in a report on Friday, September 1st. TheStreet lowered Steelcase from a “b-” rating to a “c+” rating in a report on Thursday, July 20th. ValuEngine lowered Steelcase from a “buy” rating to a “hold” rating in a report on Friday, September 1st. Zacks Investment Research raised Steelcase from a “sell” rating to a “hold” rating in a report on Thursday, August 24th. Finally, Raymond James Financial, Inc. reissued an “outperform” rating and issued a $16.00 price objective (down from $19.00) on shares of Steelcase in a report on Friday, June 23rd. One equities research analyst has rated the stock with a sell rating, four have assigned a hold rating and two have assigned a buy rating to the stock. The company has a consensus rating of “Hold” and a consensus price target of $16.00.
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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