Wedge Capital Management L L P NC Reduces Holdings in Steelcase Inc. (SCS)
Wedge Capital Management L L P NC decreased its holdings in shares of Steelcase Inc. (NYSE:SCS) by 5.6% in the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 533,627 shares of the business services provider’s stock after selling 31,857 shares during the quarter. Wedge Capital Management L L P NC owned approximately 0.46% of Steelcase worth $8,218,000 at the end of the most recent quarter.
A number of other hedge funds have also bought and sold shares of the stock. New York State Teachers Retirement System purchased a new stake in Steelcase in the third quarter valued at approximately $117,000. Chevy Chase Trust Holdings Inc. purchased a new stake in Steelcase in the second quarter valued at approximately $147,000. Public Employees Retirement System of Ohio lifted its stake in Steelcase by 9.6% in the second quarter. Public Employees Retirement System of Ohio now owns 10,833 shares of the business services provider’s stock valued at $152,000 after buying an additional 947 shares during the last quarter. Amalgamated Bank raised its stake in shares of Steelcase by 3.4% during the second quarter. Amalgamated Bank now owns 10,913 shares of the business services provider’s stock worth $153,000 after purchasing an additional 358 shares during the last quarter. Finally, AXA purchased a new stake in shares of Steelcase during the second quarter worth approximately $169,000. Hedge funds and other institutional investors own 60.50% of the company’s stock.
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SCS has been the subject of several analyst reports. BidaskClub cut Steelcase from a “sell” rating to a “strong sell” rating in a research note on Monday, July 24th. TheStreet cut Steelcase from a “b-” rating to a “c+” rating in a research note on Thursday, July 20th. Sidoti upgraded Steelcase from a “neutral” rating to a “buy” rating and set a $16.00 price target for the company in a research note on Friday, September 1st. ValuEngine cut Steelcase from a “buy” rating to a “hold” rating in a research note on Friday, September 1st. Finally, Zacks Investment Research raised Steelcase from a “sell” rating to a “hold” rating in a report on Thursday, August 24th. One analyst has rated the stock with a sell rating, three have assigned a hold rating and two have issued a buy rating to the stock. Steelcase currently has an average rating of “Hold” and an average target price of $16.00.
Steelcase Inc. (SCS) opened at $14.00 on Wednesday. Steelcase Inc. has a twelve month low of $12.50 and a twelve month high of $18.15. The firm has a market capitalization of $1,692.00, a price-to-earnings ratio of 13.82 and a beta of 1.22. The company has a current ratio of 1.63, a quick ratio of 1.28 and a debt-to-equity ratio of 0.37.
Steelcase (NYSE:SCS) last announced its quarterly earnings data on Monday, September 18th. The business services provider reported $0.31 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.23 by $0.08. The firm had revenue of $775.60 million for the quarter, compared to analyst estimates of $759.83 million. Steelcase had a return on equity of 15.72% and a net margin of 3.98%. Steelcase’s quarterly revenue was up 2.3% on a year-over-year basis. During the same quarter in the prior year, the company posted $0.32 earnings per share. analysts expect that Steelcase Inc. will post 0.93 EPS for the current fiscal year.
The company also recently disclosed a quarterly dividend, which was paid on Thursday, October 12th. Stockholders of record on Thursday, September 28th were issued a $0.1275 dividend. The ex-dividend date of this dividend was Wednesday, September 27th. This represents a $0.51 dividend on an annualized basis and a dividend yield of 3.64%. Steelcase’s dividend payout ratio (DPR) is 50.50%.
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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