Steelcase Inc. (SCS) Position Boosted by Signet Financial Management LLC
Signet Financial Management LLC boosted its position in shares of Steelcase Inc. (NYSE:SCS) by 3.8% in the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 82,084 shares of the business services provider’s stock after acquiring an additional 2,986 shares during the period. Signet Financial Management LLC owned 0.07% of Steelcase worth $1,149,000 as of its most recent SEC filing.
A number of other large investors have also recently modified their holdings of the stock. Goldman Sachs Group Inc. grew its stake in Steelcase by 65.9% during the second quarter. Goldman Sachs Group Inc. now owns 370,870 shares of the business services provider’s stock valued at $5,193,000 after acquiring an additional 147,323 shares in the last quarter. HighTower Advisors LLC purchased a new position in Steelcase during the second quarter valued at approximately $1,683,000. Petrus Trust Company LTA grew its stake in Steelcase by 46.2% during the second quarter. Petrus Trust Company LTA now owns 36,926 shares of the business services provider’s stock valued at $517,000 after acquiring an additional 11,671 shares in the last quarter. QS Investors LLC grew its stake in Steelcase by 33.2% during the second quarter. QS Investors LLC now owns 277,869 shares of the business services provider’s stock valued at $3,890,000 after acquiring an additional 69,196 shares in the last quarter. Finally, Voya Investment Management LLC grew its stake in Steelcase by 21.6% during the second quarter. Voya Investment Management LLC now owns 37,588 shares of the business services provider’s stock valued at $526,000 after acquiring an additional 6,672 shares in the last quarter. 62.10% of the stock is owned by institutional investors.
In other Steelcase news, Director Peter M. Wege II sold 14,400 shares of the stock in a transaction that occurred on Friday, July 14th. The shares were 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 sale was disclosed in a legal filing with the SEC, which is available at this link. Company insiders own 18.87% of the company’s stock.
Several brokerages recently commented on SCS. UBS AG cut shares of Steelcase from a “strong-buy” rating to an “outperform” rating in a research note on Friday, June 23rd. Sidoti cut shares of Steelcase from a “buy” rating to a “neutral” rating and set a $16.00 price objective for the company. in a research note on Wednesday, September 20th. Zacks Investment Research raised shares of Steelcase from a “sell” rating to a “hold” rating in a research note on Thursday, August 24th. ValuEngine cut shares of Steelcase from a “buy” rating to a “hold” rating in a research note on Friday, September 1st. Finally, BidaskClub cut shares of Steelcase from a “hold” rating to a “sell” rating in a research note on Friday, June 23rd. One investment analyst has rated the stock with a sell rating, four have given a hold rating and two have issued a buy rating to the stock. Steelcase currently has a consensus rating of “Hold” and an average price target of $16.00.
Steelcase Inc. (NYSE:SCS) traded up 0.98% during trading on Thursday, reaching $15.50. 61,701 shares of the company’s stock were exchanged. The stock’s 50-day moving average is $13.92 and its 200-day moving average 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 cap of $1.80 billion, a P/E ratio of 15.24 and a beta of 1.21.
Steelcase (NYSE:SCS) last announced its quarterly earnings data on Monday, September 18th. The business services provider reported $0.31 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.23 by $0.08. Steelcase had a net margin of 3.98% and a return on equity of 15.72%. The business had revenue of $775.60 million during the quarter, compared to analyst estimates of $759.83 million. During the same period last year, the firm posted $0.32 EPS. The company’s revenue was up 2.3% on a year-over-year basis. Analysts predict that Steelcase Inc. will post $0.93 EPS for the current fiscal 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 issued a dividend of $0.1275 per share. This represents a $0.51 dividend on an annualized basis and a yield of 3.32%. The ex-dividend date is Wednesday, September 27th. Steelcase’s dividend payout ratio (DPR) is currently 50.50%.
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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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