Systematic Financial Management LP increased its stake in Steelcase Inc. (NYSE:SCS) by 1.1% during the second quarter, Holdings Channel reports. The firm owned 126,065 shares of the company’s stock after buying an additional 1,390 shares during the period. Systematic Financial Management LP owned approximately 0.11% of Steelcase worth $1,710,000 as of its most recent filing with the SEC.
Other hedge funds also recently added to or reduced their stakes in the company. Manchester Capital Management LLC bought a new stake in Steelcase during the first quarter valued at about $138,000. Teacher Retirement System of Texas increased its stake in Steelcase by 13.8% in the second quarter. Teacher Retirement System of Texas now owns 12,604 shares of the company’s stock valued at $171,000 after buying an additional 1,527 shares during the period. Alambic Investment Management L.P. bought a new stake in Steelcase during the second quarter valued at about $231,000. Victory Capital Management Inc. increased its stake in Steelcase by 17.6% in the second quarter. Victory Capital Management Inc. now owns 19,937 shares of the company’s stock valued at $271,000 after buying an additional 2,980 shares during the period. Finally, Bayesian Capital Management LP bought a new stake in Steelcase during the first quarter valued at about $277,000. Institutional investors own 65.72% of the company’s stock.
Shares of Steelcase Inc. (NYSE:SCS) opened at 13.92 on Friday. The company’s 50-day moving average price is $14.35 and its 200 day moving average price is $14.73. The company has a market cap of $1.69 billion, a P/E ratio of 10.04 and a beta of 1.38. Steelcase Inc. has a 52 week low of $11.67 and a 52 week high of $20.37.
Steelcase (NYSE:SCS) last issued its quarterly earnings data on Wednesday, September 21st. The company reported $0.32 EPS for the quarter, hitting the Thomson Reuters’ consensus estimate of $0.32. The business had revenue of $758 million for the quarter. Steelcase had a return on equity of 17.52% and a net margin of 5.67%. The business’s quarterly revenue was down 7.4% compared to the same quarter last year. During the same period in the previous year, the business posted $0.35 EPS. On average, equities analysts forecast that Steelcase Inc. will post $1.10 EPS for the current fiscal year.
The firm 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. This represents a $0.48 annualized dividend and a yield of 3.45%. The ex-dividend date of this dividend is Friday, September 30th. Steelcase’s payout ratio is presently 35.04%.
Separately, Zacks Investment Research upgraded Steelcase from a “sell” rating to a “hold” rating in a research note on Thursday, June 2nd.
In related news, VP Sara E. Armbruster sold 14,000 shares of the firm’s stock in a transaction on Wednesday, June 29th. The stock was sold at an average price of $13.50, for a total transaction of $189,000.00. Following the sale, the vice president now owns 99,711 shares of the company’s stock, valued at approximately $1,346,098.50. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Corporate insiders own 18.68% of the company’s stock.
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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