Invesco Ltd. Sells 3,400 Shares of Steelcase Inc. (NYSE:SCS)

Invesco Ltd. cut its stake in shares of Steelcase Inc. (NYSE:SCS) by 1.2% during the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 269,071 shares of the business services provider’s stock after selling 3,400 shares during the quarter. Invesco Ltd.’s holdings in Steelcase were worth $4,601,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors also recently made changes to their positions in the stock. Vanguard Group Inc. grew its holdings in shares of Steelcase by 0.9% during the 2nd quarter. Vanguard Group Inc. now owns 8,038,271 shares of the business services provider’s stock valued at $137,455,000 after purchasing an additional 74,334 shares during the last quarter. BlackRock Inc. grew its holdings in Steelcase by 12.7% during the 2nd quarter. BlackRock Inc. now owns 6,975,317 shares of the business services provider’s stock worth $119,278,000 after acquiring an additional 788,468 shares during the last quarter. Earnest Partners LLC grew its holdings in Steelcase by 69.5% during the 2nd quarter. Earnest Partners LLC now owns 5,543,166 shares of the business services provider’s stock worth $94,788,000 after acquiring an additional 2,273,553 shares during the last quarter. LSV Asset Management grew its holdings in Steelcase by 0.9% during the 2nd quarter. LSV Asset Management now owns 2,535,024 shares of the business services provider’s stock worth $43,348,000 after acquiring an additional 23,462 shares during the last quarter. Finally, Wells Fargo & Company MN grew its holdings in Steelcase by 32.7% during the 2nd quarter. Wells Fargo & Company MN now owns 2,435,585 shares of the business services provider’s stock worth $41,648,000 after acquiring an additional 600,417 shares during the last quarter. 68.17% of the stock is currently owned by institutional investors.

A number of research firms have weighed in on SCS. Zacks Investment Research raised shares of Steelcase from a “hold” rating to a “buy” rating and set a $21.00 target price on the stock in a report on Thursday, September 26th. Raymond James lowered shares of Steelcase from a “strong-buy” rating to a “market perform” rating in a report on Monday, October 7th. Finally, Seaport Global Securities lowered shares of Steelcase from a “buy” rating to a “neutral” rating in a report on Wednesday, July 17th.



In other news, Director Peter M. Wege II sold 2,600 shares of the business’s stock in a transaction that occurred on Monday, September 30th. The shares were sold at an average price of $18.36, for a total value of $47,736.00. Following the transaction, the director now owns 230,444 shares in the company, valued at approximately $4,230,951.84. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, VP Eddy F. Schmitt sold 25,000 shares of the business’s stock in a transaction that occurred on Tuesday, September 24th. The stock was sold at an average price of $18.95, for a total transaction of $473,750.00. Following the completion of the transaction, the vice president now owns 38,789 shares in the company, valued at approximately $735,051.55. The disclosure for this sale can be found here. Insiders have sold a total of 32,800 shares of company stock worth $617,478 over the last three months. Insiders own 17.58% of the company’s stock.

SCS opened at $17.95 on Friday. Steelcase Inc. has a fifty-two week low of $13.96 and a fifty-two week high of $19.65. The company has a debt-to-equity ratio of 0.76, a current ratio of 1.57 and a quick ratio of 1.20. The firm has a market capitalization of $2.04 billion, a price-to-earnings ratio of 13.43 and a beta of 1.40. The company’s 50 day moving average price is $16.92 and its two-hundred day moving average price is $16.63.

Steelcase (NYSE:SCS) last posted its earnings results on Friday, September 20th. The business services provider reported $0.50 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.43 by $0.07. Steelcase had a net margin of 3.80% and a return on equity of 18.13%. The firm had revenue of $998.00 million for the quarter, compared to analyst estimates of $980.87 million. During the same period in the previous year, the firm posted $0.36 EPS. The company’s revenue for the quarter was up 14.0% compared to the same quarter last year. As a group, equities research analysts predict that Steelcase Inc. will post 1.35 EPS for the current year.

The firm also recently announced a quarterly dividend, which will be paid on Monday, October 14th. Shareholders of record on Monday, September 30th will be issued a dividend of $0.145 per share. This represents a $0.58 dividend on an annualized basis and a yield of 3.23%. The ex-dividend date of this dividend is Friday, September 27th. Steelcase’s payout ratio is 48.33%.

Steelcase Company Profile

Steelcase Inc manufactures and sells integrated furniture settings, user-centered technologies, and interior architectural products. It operates through Americas, EMEA, and Other Category segments. The company's furniture portfolio includes panel, fence and beam-based furniture systems, storage products, fixed and height-adjustable desks, benches, and tables, as well as complementary products, including worktools.

Further Reading: What is the Book Value of a Share?

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Institutional Ownership by Quarter for Steelcase (NYSE:SCS)

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