California Public Employees Retirement System decreased its stake in Steelcase Inc. (NYSE:SCS) by 2.9% during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 274,000 shares of the company’s stock after selling 8,100 shares during the period. California Public Employees Retirement System owned approximately 0.23% of Steelcase worth $3,718,000 as of its most recent SEC filing.
A number of other large investors have also recently made changes to their positions in SCS. Prudential Financial Inc. raised its stake in shares of 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 in the last quarter. Norges Bank bought a new stake in Steelcase during the fourth quarter worth about $14,298,000. 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 worth $12,637,000 after buying an additional 507,329 shares during the period. Bank of New York Mellon Corp raised its stake in Steelcase by 12.0% in the second quarter. Bank of New York Mellon Corp now owns 4,060,478 shares of the company’s stock worth $55,100,000 after buying an additional 435,651 shares during the period. Finally, Bogle Investment Management L P DE bought a new stake in Steelcase during the first quarter worth about $5,333,000. Institutional investors own 65.72% of the company’s stock.
Steelcase Inc. (NYSE:SCS) traded down 4.07% during midday trading on Friday, hitting $13.92. The stock had a trading volume of 1,377,922 shares. The company’s 50-day moving average price is $14.37 and its 200 day moving average price is $14.73. Steelcase Inc. has a 12-month low of $11.67 and a 12-month high of $20.37. The stock has a market cap of $1.69 billion, a P/E ratio of 10.04 and a beta of 1.38.
Steelcase (NYSE:SCS) last released its quarterly earnings data on Wednesday, September 21st. The company reported $0.32 earnings per share for the quarter, meeting the consensus estimate of $0.32. Steelcase had a return on equity of 17.52% and a net margin of 5.67%. The company had revenue of $758 million for the quarter. During the same quarter in the prior year, the company posted $0.35 earnings per share. The company’s revenue for the quarter was down 7.4% on a year-over-year basis. On average, equities research analysts predict that Steelcase Inc. will post $1.10 earnings per share for the current fiscal year.
The business also recently disclosed a quarterly dividend, which will be paid on Friday, October 14th. Stockholders of record on Tuesday, October 4th will be paid a $0.12 dividend. The ex-dividend date is Friday, September 30th. This represents a $0.48 annualized dividend and a dividend yield of 3.45%. Steelcase’s dividend payout ratio is currently 35.04%.
Separately, Zacks Investment Research upgraded Steelcase from a “sell” rating to a “hold” rating in a research note on Thursday, August 25th.
In other news, VP Sara E. Armbruster sold 14,000 shares of the company’s stock in a transaction that occurred on Wednesday, June 29th. The stock was sold at an average price of $13.50, for a total value of $189,000.00. Following the sale, the vice president now directly owns 99,711 shares in the company, valued at approximately $1,346,098.50. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. 18.68% of the stock is owned by insiders.
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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