Tocqueville Asset Management L.P. decreased its position in shares of Steelcase Inc. (NYSE:SCS) by 0.2% during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 939,000 shares of the company’s stock after selling 2,000 shares during the period. Tocqueville Asset Management L.P.’s holdings in Steelcase were worth $12,742,000 as of its most recent filing with the SEC.
Other hedge funds also recently added to or reduced their stakes in the company. Cooke & Bieler LP boosted its position in Steelcase by 0.5% in the second quarter. Cooke & Bieler LP now owns 767,565 shares of the company’s stock valued at $10,416,000 after buying an additional 4,170 shares during the last quarter. Strs Ohio boosted its position in Steelcase by 5.5% in the second quarter. Strs Ohio now owns 65,400 shares of the company’s stock valued at $887,000 after buying an additional 3,400 shares during the last quarter. Stoneridge Investment Partners LLC acquired a new position in Steelcase during the second quarter valued at approximately $484,000. Bank of Montreal Can acquired a new position in Steelcase during the second quarter valued at approximately $470,000. Finally, Eqis Capital Management Inc. boosted its position in Steelcase by 116.4% in the second quarter. Eqis Capital Management Inc. now owns 32,424 shares of the company’s stock valued at $440,000 after buying an additional 17,440 shares during the last quarter. Institutional investors own 66.19% of the company’s stock.
Steelcase Inc. (NYSE:SCS) remained flat at $13.40 during trading on Friday. The stock had a trading volume of 428,609 shares. The company has a market capitalization of $1.59 billion, a price-to-earnings ratio of 9.66 and a beta of 1.21. Steelcase Inc. has a 52-week low of $11.67 and a 52-week high of $20.37. The stock’s 50-day moving average price is $14.08 and its 200-day moving average price is $14.64.
Steelcase (NYSE:SCS) last announced its earnings results on Wednesday, September 21st. The company reported $0.32 EPS for the quarter, hitting the Zacks’ consensus estimate of $0.32. Steelcase had a return on equity of 17.38% and a net margin of 5.67%. The company had revenue of $758 million for the quarter. During the same period in the prior year, the business posted $0.35 earnings per share. Steelcase’s revenue for the quarter was down 7.4% compared to the same quarter last year. Equities research analysts predict that Steelcase Inc. will post $1.09 EPS for the current year.
The business also recently announced a quarterly dividend, which will be paid on Friday, October 14th. Investors of record on Tuesday, October 4th will be issued a $0.12 dividend. The ex-dividend date is Friday, September 30th. This represents a $0.48 dividend on an annualized basis and a yield of 3.58%. Steelcase’s dividend payout ratio is currently 35.04%.
Separately, Zacks Investment Research upgraded Steelcase from a “hold” rating to a “buy” rating and set a $16.00 price objective for the company in a report on Wednesday, September 28th.
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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