The BlackRock Inc. Boosts Position in Steelcase Inc. (SCS)

The BlackRock Inc. Boosts Position in Steelcase Inc. (SCS)

BlackRock Inc. raised its stake in shares of Steelcase Inc. (NYSE:SCS) by 32.1% during the third quarter, Holdings Channel reports. The fund owned 77,371 shares of the company’s stock after buying an additional 18,809 shares during the period. BlackRock Inc. owned about 0.07% of Steelcase worth $1,075,000 at the end of the most recent quarter.

A number of other hedge funds have also bought and sold shares of SCS. Vanguard Group Inc. boosted its stake in Steelcase by 5.1% in the second quarter. Vanguard Group Inc. now owns 7,837,360 shares of the company’s stock worth $106,352,000 after buying an additional 380,614 shares during the last quarter. Prudential Financial Inc. boosted its stake in Steelcase by 16.2% in the second quarter. Prudential Financial Inc. now owns 1,541,697 shares of the company’s stock worth $20,921,000 after buying an additional 214,720 shares during the last quarter. Systematic Financial Management LP boosted its stake in Steelcase by 1.1% in the second quarter. Systematic Financial Management LP now owns 126,065 shares of the company’s stock worth $1,710,000 after buying an additional 1,390 shares during the last quarter. Teacher Retirement System of Texas boosted its stake in Steelcase by 13.8% in the second quarter. Teacher Retirement System of Texas now owns 12,604 shares of the company’s stock worth $171,000 after buying an additional 1,527 shares during the last quarter. Finally, Victory Capital Management Inc. boosted its stake in Steelcase by 17.6% in the second quarter. Victory Capital Management Inc. now owns 19,937 shares of the company’s stock worth $271,000 after buying an additional 2,980 shares during the last quarter. 68.39% of the stock is owned by institutional investors and hedge funds.

Shares of Steelcase Inc. (NYSE:SCS) traded down 2.40% during midday trading on Thursday, reaching $16.30. The company had a trading volume of 860,649 shares. Steelcase Inc. has a 12-month low of $11.67 and a 12-month high of $18.14. The company has a 50 day moving average of $16.75 and a 200 day moving average of $14.85. The firm has a market capitalization of $1.91 billion, a price-to-earnings ratio of 11.32 and a beta of 1.24.

Steelcase (NYSE:SCS) last issued its quarterly earnings results on Tuesday, December 20th. The company reported $0.34 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $0.31 by $0.03. The company had revenue of $786.50 million for the quarter. Steelcase had a return on equity of 17.60% and a net margin of 5.85%. Steelcase’s revenue for the quarter was down .1% on a year-over-year basis. During the same period in the previous year, the company earned $0.30 earnings per share. Analysts anticipate that Steelcase Inc. will post $1.04 EPS for the current year.

The company also recently declared a quarterly dividend, which was paid on Friday, January 13th. Investors of record on Tuesday, January 3rd were paid a $0.12 dividend. The ex-dividend date was Thursday, December 29th. This represents a $0.48 annualized dividend and a yield of 2.94%. Steelcase’s payout ratio is 33.57%.

SCS has been the topic of a number of recent analyst reports. Zacks Investment Research upgraded Steelcase from a “hold” rating to a “buy” rating and set a $16.00 target price on the stock in a research note on Wednesday, September 28th. Seaport Global Securities initiated coverage on Steelcase in a research note on Friday, November 4th. They set a “neutral” rating on the stock.

In other news, VP Allan W. Smith, Jr. sold 5,632 shares of the stock in a transaction on Friday, December 23rd. The stock was sold at an average price of $17.55, for a total value of $98,841.60. Following the sale, the vice president now directly owns 18,899 shares of the company’s stock, valued at $331,677.45. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. 18.68% of the stock is owned by corporate insiders.

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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