Delphi Management Inc. MA grew its stake in shares of Steelcase Inc. (NYSE:SCS) by 10.8% during the 2nd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 129,635 shares of the business services provider’s stock after buying an additional 12,685 shares during the period. Delphi Management Inc. MA owned 0.11% of Steelcase worth $1,815,000 at the end of the most recent reporting period.
Several other institutional investors and hedge funds also recently made changes to their positions in the company. Walthausen & Co. LLC increased its position in shares of Steelcase by 47.5% during the second quarter. Walthausen & Co. LLC now owns 356,986 shares of the business services provider’s stock valued at $4,998,000 after buying an additional 115,002 shares during the period. Raymond James Financial Services Advisors Inc. increased its position in shares of Steelcase by 12.7% during the second quarter. Raymond James Financial Services Advisors Inc. now owns 38,022 shares of the business services provider’s stock valued at $532,000 after buying an additional 4,283 shares during the period. State Street Corp increased its position in shares of Steelcase by 5.1% during the second quarter. State Street Corp now owns 1,856,519 shares of the business services provider’s stock valued at $25,994,000 after buying an additional 89,429 shares during the period. Signet Financial Management LLC increased its position in shares of Steelcase by 3.8% during the second quarter. Signet Financial Management LLC now owns 82,084 shares of the business services provider’s stock valued at $1,149,000 after buying an additional 2,986 shares during the period. Finally, Goldman Sachs Group Inc. increased its position in shares of 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 buying an additional 147,323 shares during the period. Hedge funds and other institutional investors own 62.10% of the company’s stock.
In related news, Director Peter M. Wege II sold 14,400 shares of Steelcase stock in a transaction that occurred 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 sale, the director now owns 270,180 shares of the company’s stock, valued at approximately $3,731,185.80. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 18.87% of the stock is currently owned by company insiders.
SCS has been the topic of several analyst reports. TheStreet upgraded Steelcase from a “c+” rating to a “b-” rating in a research report on Tuesday, October 3rd. Sidoti upgraded Steelcase from a “neutral” rating to a “buy” rating and set a $16.00 price target on the stock in a research report on Friday, September 1st. ValuEngine cut Steelcase from a “buy” rating to a “hold” rating in a research report on Friday, September 1st. Zacks Investment Research upgraded Steelcase from a “sell” rating to a “hold” rating in a research report on Thursday, August 24th. Finally, Raymond James Financial, Inc. reiterated an “outperform” rating and set a $16.00 price target (down from $19.00) on shares of Steelcase in a research report on Friday, June 23rd. One equities research analyst has rated the stock with a sell rating, four have assigned a hold rating and two have assigned a buy rating to the company’s stock. The company presently has an average rating of “Hold” and an average price target of $16.00.
Steelcase Inc. (NYSE:SCS) traded up 1.30% on Thursday, hitting $15.55. 184,927 shares of the company traded hands. The firm has a market capitalization of $1.80 billion, a PE ratio of 15.29 and a beta of 1.21. Steelcase Inc. has a 1-year low of $12.50 and a 1-year high of $18.15. The firm’s 50 day moving average price is $14.26 and its 200 day moving average price is $15.17.
Steelcase (NYSE:SCS) last issued its earnings results on Monday, September 18th. The business services provider reported $0.31 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.23 by $0.08. The company had revenue of $775.60 million for the quarter, compared to the consensus estimate of $759.83 million. Steelcase had a return on equity of 15.72% and a net margin of 3.98%. The firm’s quarterly revenue was up 2.3% on a year-over-year basis. During the same quarter last year, the company earned $0.32 EPS. Equities research analysts predict that Steelcase Inc. will post $0.93 EPS for the current fiscal year.
The firm also recently announced a quarterly dividend, which will be paid on Thursday, October 12th. Investors of record on Thursday, September 28th will be paid a dividend of $0.1275 per share. This represents a $0.51 annualized dividend and a yield of 3.32%. The ex-dividend date is Wednesday, September 27th. Steelcase’s dividend payout ratio (DPR) is presently 50.50%.
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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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