KCG Holdings Inc. increased its position in shares of Steelcase Inc. (NYSE:SCS) by 79.4% during the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm owned 29,694 shares of the business services provider’s stock after buying an additional 13,141 shares during the period. KCG Holdings Inc.’s holdings in Steelcase were worth $497,000 as of its most recent SEC filing.
Several other hedge funds and other institutional investors have also made changes to their positions in SCS. Vanguard Group Inc. increased its position in shares of Steelcase by 9.5% in the first quarter. Vanguard Group Inc. now owns 7,590,595 shares of the business services provider’s stock valued at $127,143,000 after buying an additional 659,548 shares during the last quarter. BlackRock Inc. increased its position 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 buying an additional 5,637,358 shares in the last quarter. Wellington Management Group LLP increased its position 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 buying an additional 1,119,428 shares in the last quarter. Bank of New York Mellon Corp increased its position in Steelcase by 3.1% in the first quarter. Bank of New York Mellon Corp now owns 4,445,174 shares of the business services provider’s stock valued at $74,456,000 after buying an additional 135,463 shares in the last quarter. Finally, Dimensional Fund Advisors LP increased its position in Steelcase by 7.1% in the first quarter. Dimensional Fund Advisors LP now owns 3,320,708 shares of the business services provider’s stock valued at $55,621,000 after buying an additional 219,066 shares in the last quarter. 65.58% of the stock is currently owned by institutional investors and hedge funds.
Steelcase Inc. (NYSE:SCS) traded up 0.15% on Friday, reaching $13.77. 613,902 shares of the company’s stock traded hands. The company’s 50 day moving average is $15.25 and its 200-day moving average is $16.24. Steelcase Inc. has a 52-week low of $12.67 and a 52-week high of $18.15. The stock has a market cap of $1.63 billion, a price-to-earnings ratio of 13.47 and a beta of 1.21.
Steelcase (NYSE:SCS) last issued its quarterly earnings results on Wednesday, June 21st. The business services provider reported $0.15 EPS for the quarter, missing the Zacks’ consensus estimate of $0.19 by $0.04. Steelcase had a return on equity of 16.37% and a net margin of 4.04%. The company had revenue of $735.10 million during the quarter, compared to the consensus estimate of $743.27 million. During the same period in the previous year, the company earned $0.18 EPS. Steelcase’s quarterly revenue was up 2.3% on a year-over-year basis. Equities analysts expect that Steelcase Inc. will post $0.96 EPS for the current year.
The company also recently declared a quarterly dividend, which was paid on Friday, July 14th. Shareholders of record on Monday, July 3rd were given a dividend of $0.1275 per share. The ex-dividend date was Thursday, June 29th. This represents a $0.51 annualized dividend and a yield of 3.70%. Steelcase’s payout ratio is currently 50.50%.
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SCS has been the subject of several recent research reports. BidaskClub cut shares of Steelcase from a “hold” rating to a “sell” rating in a research report on Friday, June 23rd. Zacks Investment Research cut Steelcase from a “hold” rating to a “strong sell” rating in a report on Wednesday, June 28th. ValuEngine downgraded shares of Steelcase from a “buy” rating to a “hold” rating in a research note on Friday, June 2nd. UBS AG downgraded shares of Steelcase from a “strong-buy” rating to an “outperform” rating in a research note on Friday, June 23rd. Finally, Raymond James Financial, Inc. restated an “outperform” rating and set a $16.00 price objective (down from $19.00) on shares of Steelcase in a research note on Friday, June 23rd. Two equities research analysts have rated the stock with a sell rating, two have assigned a hold rating and two have issued a buy rating to the company. The stock presently has a consensus rating of “Hold” and an average price target of $17.50.
In related news, Director Peter M. Wege II sold 14,400 shares of the stock in a transaction dated Friday, July 14th. The shares were sold at an average price of $13.81, for a total value of $198,864.00. Following the completion of the transaction, the director now directly owns 270,180 shares in the company, valued at approximately $3,731,185.80. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Company insiders own 18.87% of the company’s stock.
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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