Steelcase Inc. (SCS) Shares Sold by Brandywine Global Investment Management LLC
Brandywine Global Investment Management LLC lessened its stake in Steelcase Inc. (NYSE:SCS) by 3.4% in the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 323,121 shares of the business services provider’s stock after selling 11,241 shares during the period. Brandywine Global Investment Management LLC owned approximately 0.27% of Steelcase worth $4,524,000 at the end of the most recent quarter.
Other large investors also recently bought and sold shares of the company. Ameritas Investment Partners Inc. bought a new stake in Steelcase in the 1st quarter worth approximately $125,000. New York State Teachers Retirement System grew its position in Steelcase by 4.2% in the 1st quarter. New York State Teachers Retirement System now owns 7,500 shares of the business services provider’s stock worth $126,000 after purchasing an additional 300 shares during the period. Chevy Chase Trust Holdings Inc. bought a new stake in Steelcase in the 2nd quarter worth approximately $147,000. Amalgamated Bank grew its position in Steelcase by 3.4% in the 2nd quarter. Amalgamated Bank now owns 10,913 shares of the business services provider’s stock worth $153,000 after purchasing an additional 358 shares during the period. Finally, Horizon Investment Services LLC bought a new stake in Steelcase in the 1st quarter worth approximately $189,000. 62.10% of the stock is owned by institutional investors and hedge funds.
In other Steelcase news, Director Peter M. Wege II sold 14,400 shares of the stock in a transaction 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 transaction, the director now directly owns 270,180 shares of the company’s stock, valued at $3,731,185.80. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Company insiders own 18.87% of the company’s stock.
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A number of equities research analysts have commented on the stock. TheStreet raised shares of Steelcase from a “c+” rating to a “b-” rating in a research report on Tuesday. Sidoti downgraded shares of Steelcase from a “buy” rating to a “neutral” rating and set a $16.00 target price for the company. in a research report on Wednesday, September 20th. BidaskClub downgraded shares of Steelcase from a “hold” rating to a “sell” rating in a research report on Friday, June 23rd. Raymond James Financial, Inc. reaffirmed an “outperform” rating and issued a $16.00 target price (down previously from $19.00) on shares of Steelcase in a research report on Friday, June 23rd. Finally, UBS AG downgraded shares of Steelcase from a “strong-buy” rating to an “outperform” rating in a research report on Friday, June 23rd. One equities research analyst has rated the stock with a sell rating, four have issued a hold rating and two have assigned a buy rating to the stock. The company currently has an average rating of “Hold” and an average target price of $16.00.
Steelcase Inc. (NYSE SCS) opened at 15.40 on Friday. The stock’s 50 day moving average is $13.98 and its 200 day moving average is $15.21. Steelcase Inc. has a 52 week low of $12.50 and a 52 week high of $18.15. The stock has a market cap of $1.79 billion, a PE ratio of 15.14 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 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $0.23 by $0.08. The business had revenue of $775.60 million for the quarter, compared to the consensus estimate of $759.83 million. Steelcase had a net margin of 3.98% and a return on equity of 15.72%. The company’s revenue was up 2.3% compared to the same quarter last year. During the same period last year, the firm posted $0.32 earnings per share. Analysts predict that Steelcase Inc. will post $0.93 EPS 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 issued a dividend of $0.1275 per share. This represents a $0.51 annualized dividend and a yield of 3.31%. The ex-dividend date is Wednesday, September 27th. Steelcase’s payout ratio is 50.50%.
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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