Steelcase Inc. (SCS) Trading Down 2.9%

Steelcase Inc. (NYSE:SCS) dropped 2.9% during trading on Thursday . The company traded as low as $13.90 and last traded at $14.35. Approximately 523,726 shares were traded during trading, a decline of 46% from the average daily volume of 976,303 shares. The stock had previously closed at $13.95.

SCS has been the topic of a number of analyst reports. BidaskClub cut shares of Steelcase from a “sell” rating to a “strong sell” rating in a research note on Monday, July 24th. Zacks Investment Research cut shares of Steelcase from a “hold” rating to a “strong sell” rating in a research note on Wednesday, June 28th. TheStreet cut shares of Steelcase from a “b-” rating to a “c+” rating in a research note on Thursday, July 20th. ValuEngine cut shares of Steelcase from a “buy” rating to a “hold” rating in a research note on Friday, June 2nd. Finally, Raymond James Financial, Inc. reissued an “outperform” rating and issued a $16.00 price target (down previously from $19.00) on shares of Steelcase in a research note on Friday, June 23rd. One analyst has rated the stock with a sell rating, four have assigned a hold rating and two have issued a buy rating to the stock. The stock has an average rating of “Hold” and an average target price of $17.00.

Steelcase (NYSE:SCS) last announced its quarterly earnings data on Monday, September 18th. The business services provider reported $0.31 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.23 by $0.08. Steelcase had a return on equity of 15.84% and a net margin of 3.98%. The firm had revenue of $775.60 million for the quarter, compared to analyst estimates of $759.83 million. During the same quarter in the prior year, the company posted $0.32 earnings per share. Steelcase’s quarterly revenue was up 2.3% on a year-over-year basis.

The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, October 12th. Investors 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 3.66%. The ex-dividend date is Wednesday, September 27th. Steelcase’s dividend payout ratio is presently 50.50%.

In related news, Director Peter M. Wege II sold 14,400 shares of the company’s stock in a transaction 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 transaction, the director now owns 270,180 shares of the company’s stock, valued at $3,731,185.80. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Corporate insiders own 18.87% of the company’s stock.

A number of hedge funds have recently made changes to their positions in the stock. Vanguard Group Inc. grew its holdings in Steelcase by 9.5% during the first quarter. Vanguard Group Inc. now owns 7,590,595 shares of the business services provider’s stock worth $127,143,000 after acquiring an additional 659,548 shares during the period. BlackRock Inc. grew its holdings in 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 last quarter. Wellington Management Group LLP grew its holdings in 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 last quarter. Dimensional Fund Advisors LP grew its holdings in 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 last quarter. Finally, Alliancebernstein L.P. grew its holdings in 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 last quarter. 62.10% of the stock is currently owned by hedge funds and other institutional investors.

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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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