First Hawaiian Bank Has $1.04 Million Stock Holdings in Steelcase Inc. (NYSE:SCS)

First Hawaiian Bank grew its holdings in Steelcase Inc. (NYSE:SCS) by 5.5% in the 2nd quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 80,206 shares of the business services provider’s stock after acquiring an additional 4,202 shares during the period. First Hawaiian Bank owned 0.07% of Steelcase worth $1,039,000 as of its most recent SEC filing.

Other large investors have also modified their holdings of the company. Vanguard Group Inc. increased its position in shares of Steelcase by 4.0% during the 1st quarter. Vanguard Group Inc. now owns 10,153,754 shares of the business services provider’s stock worth $132,811,000 after purchasing an additional 387,861 shares in the last quarter. Dimensional Fund Advisors LP boosted its stake in Steelcase by 8.0% during the 4th quarter. Dimensional Fund Advisors LP now owns 4,752,105 shares of the business services provider’s stock worth $64,249,000 after acquiring an additional 352,078 shares during the last quarter. Norges Bank acquired a new stake in Steelcase during the 4th quarter worth approximately $8,215,000. Empowered Funds LLC raised its holdings in Steelcase by 8.2% during the 1st quarter. Empowered Funds LLC now owns 387,572 shares of the business services provider’s stock worth $5,069,000 after buying an additional 29,334 shares during the period. Finally, Jupiter Asset Management Ltd. raised its holdings in Steelcase by 370.7% during the 1st quarter. Jupiter Asset Management Ltd. now owns 337,839 shares of the business services provider’s stock worth $4,419,000 after buying an additional 266,070 shares during the period. 92.42% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

Separately, Benchmark boosted their target price on shares of Steelcase from $17.00 to $18.00 and gave the stock a “buy” rating in a report on Friday, June 21st.

Steelcase Stock Performance

Shares of Steelcase stock traded down $0.06 during trading on Tuesday, reaching $12.72. The company’s stock had a trading volume of 419,634 shares, compared to its average volume of 745,669. Steelcase Inc. has a 52 week low of $8.35 and a 52 week high of $14.74. The business’s 50-day moving average price is $13.20 and its 200-day moving average price is $12.93. The company has a quick ratio of 1.15, a current ratio of 1.61 and a debt-to-equity ratio of 0.51. The firm has a market cap of $1.45 billion, a PE ratio of 16.82, a P/E/G ratio of 1.36 and a beta of 1.34.

Steelcase (NYSE:SCS) last released its quarterly earnings data on Thursday, June 20th. The business services provider reported $0.16 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.10 by $0.06. The company had revenue of $727.30 million during the quarter, compared to the consensus estimate of $729.05 million. Steelcase had a return on equity of 13.66% and a net margin of 2.89%. The firm’s revenue was down 3.3% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $0.09 earnings per share. Equities analysts forecast that Steelcase Inc. will post 1 earnings per share for the current year.

Steelcase Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Monday, July 15th. Stockholders of record on Wednesday, July 3rd were paid a dividend of $0.10 per share. This represents a $0.40 dividend on an annualized basis and a dividend yield of 3.14%. The ex-dividend date was Wednesday, July 3rd. Steelcase’s payout ratio is 52.63%.

Insider Transactions at Steelcase

In other news, CFO David C. Sylvester sold 73,184 shares of the business’s stock in a transaction dated Wednesday, July 24th. The stock was sold at an average price of $13.84, for a total transaction of $1,012,866.56. Following the completion of the transaction, the chief financial officer now owns 551,592 shares of the company’s stock, valued at $7,634,033.28. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In other news, SVP Allan W. Smith, Jr. sold 70,444 shares of the firm’s stock in a transaction dated Monday, July 22nd. The stock was sold at an average price of $13.84, for a total value of $974,944.96. Following the transaction, the senior vice president now owns 184,743 shares of the company’s stock, valued at $2,556,843.12. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, CFO David C. Sylvester sold 73,184 shares of Steelcase stock in a transaction that occurred on Wednesday, July 24th. The shares were sold at an average price of $13.84, for a total value of $1,012,866.56. Following the sale, the chief financial officer now directly owns 551,592 shares in the company, valued at approximately $7,634,033.28. The disclosure for this sale can be found here. Insiders have sold 174,187 shares of company stock worth $2,410,861 in the last ninety days. Company insiders own 12.96% of the company’s stock.

About Steelcase

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.