Freedom Investment Management Inc. Trims Holdings in Steelcase Inc. $SCS

Freedom Investment Management Inc. reduced its stake in shares of Steelcase Inc. (NYSE:SCS) by 6.7% in the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 34,421 shares of the business services provider’s stock after selling 2,479 shares during the quarter. Freedom Investment Management Inc.’s holdings in Steelcase were worth $359,000 at the end of the most recent reporting period.

Several other institutional investors also recently bought and sold shares of the stock. Avantax Advisory Services Inc. increased its position in shares of Steelcase by 54.6% in the first quarter. Avantax Advisory Services Inc. now owns 102,699 shares of the business services provider’s stock valued at $1,126,000 after buying an additional 36,273 shares in the last quarter. Strs Ohio acquired a new stake in shares of Steelcase in the first quarter worth approximately $562,000. Allianz Asset Management GmbH boosted its stake in Steelcase by 49.4% during the second quarter. Allianz Asset Management GmbH now owns 2,128,137 shares of the business services provider’s stock worth $22,196,000 after buying an additional 703,974 shares during the last quarter. Envestnet Asset Management Inc. boosted its stake in Steelcase by 40.4% during the first quarter. Envestnet Asset Management Inc. now owns 556,520 shares of the business services provider’s stock worth $6,099,000 after buying an additional 160,030 shares during the last quarter. Finally, Pzena Investment Management LLC boosted its stake in Steelcase by 7.3% during the second quarter. Pzena Investment Management LLC now owns 5,754,832 shares of the business services provider’s stock worth $60,023,000 after buying an additional 389,912 shares during the last quarter. 92.42% of the stock is currently owned by hedge funds and other institutional investors.

Steelcase Stock Performance

Shares of Steelcase stock opened at $16.77 on Monday. The company has a quick ratio of 1.18, a current ratio of 1.66 and a debt-to-equity ratio of 0.44. The firm has a market cap of $1.92 billion, a PE ratio of 16.28, a price-to-earnings-growth ratio of 1.53 and a beta of 1.26. Steelcase Inc. has a 52 week low of $9.31 and a 52 week high of $17.40. The business’s fifty day simple moving average is $16.75 and its 200-day simple moving average is $13.00.

Steelcase (NYSE:SCS) last posted its quarterly earnings data on Friday, June 2nd. The business services provider reported $0.23 earnings per share (EPS) for the quarter. The firm had revenue of $724.80 million for the quarter. Steelcase had a return on equity of 13.00% and a net margin of 2.92%. Equities analysts forecast that Steelcase Inc. will post 1 earnings per share for the current year.

Steelcase Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Monday, October 20th. Investors of record on Monday, October 6th were issued a $0.10 dividend. This represents a $0.40 annualized dividend and a dividend yield of 2.4%. The ex-dividend date was Monday, October 6th. Steelcase’s payout ratio is currently 38.83%.

Analysts Set New Price Targets

SCS has been the topic of a number of recent research reports. Weiss Ratings lowered Steelcase from a “buy (b-)” rating to a “hold (c)” rating in a research note on Wednesday, October 8th. Zacks Research raised Steelcase from a “hold” rating to a “strong-buy” rating in a research note on Monday, October 6th. Noble Financial lowered Steelcase from a “strong-buy” rating to a “hold” rating in a research note on Tuesday, August 5th. Finally, Wall Street Zen lowered Steelcase from a “buy” rating to a “hold” rating in a research note on Saturday, August 9th. One investment analyst has rated the stock with a Strong Buy rating and three have assigned a Hold rating to the stock. According to data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy”.

Steelcase Profile

Steelcase Inc provides a portfolio of furniture and architectural products and services in the United States and internationally. It operates through Americas and International segments. The company's furniture portfolio includes furniture systems, seating, storage, fixed and height-adjustable desks, benches, and tables, as well as complementary products, such as work accessories, lighting, mobile power, and screens.