Earnest Partners LLC Has $10.61 Million Holdings in Steelcase Inc. (NYSE:SCS)

Earnest Partners LLC lessened its stake in Steelcase Inc. (NYSE:SCS) by 1.8% in the 1st quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 811,139 shares of the business services provider’s stock after selling 15,269 shares during the quarter. Earnest Partners LLC’s holdings in Steelcase were worth $10,610,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds also recently made changes to their positions in the company. Jupiter Asset Management Ltd. boosted its holdings in Steelcase by 370.7% during the first quarter. Jupiter Asset Management Ltd. now owns 337,839 shares of the business services provider’s stock worth $4,419,000 after purchasing an additional 266,070 shares during the last quarter. O Shaughnessy Asset Management LLC boosted its holdings in Steelcase by 177.4% during the first quarter. O Shaughnessy Asset Management LLC now owns 234,202 shares of the business services provider’s stock worth $3,063,000 after purchasing an additional 149,776 shares during the last quarter. Panagora Asset Management Inc. boosted its holdings in Steelcase by 80.9% during the fourth quarter. Panagora Asset Management Inc. now owns 242,690 shares of the business services provider’s stock worth $3,281,000 after purchasing an additional 108,542 shares during the last quarter. Kingsview Wealth Management LLC acquired a new position in Steelcase during the first quarter worth $2,427,000. Finally, Vanguard Group Inc. boosted its holdings in Steelcase by 1.7% during the third quarter. Vanguard Group Inc. now owns 9,313,399 shares of the business services provider’s stock worth $104,031,000 after purchasing an additional 159,813 shares during the last quarter. Institutional investors and hedge funds own 92.42% of the company’s stock.

Insider Activity

In other news, CAO Nicole Cherie Mcgrath sold 15,749 shares of the stock in a transaction dated Tuesday, July 23rd. The shares were sold at an average price of $13.94, for a total value of $219,541.06. Following the transaction, the chief accounting officer now directly owns 18,453 shares of the company’s stock, valued at $257,234.82. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. In other news, CAO Nicole Cherie Mcgrath sold 15,749 shares of the stock in a transaction dated Tuesday, July 23rd. The shares were sold at an average price of $13.94, for a total value of $219,541.06. Following the transaction, the chief accounting officer now directly owns 18,453 shares of the company’s stock, valued at $257,234.82. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, VP Donna K. Flynn sold 13,310 shares of the stock in a transaction dated Monday, June 24th. The shares were sold at an average price of $13.72, for a total transaction of $182,613.20. Following the completion of the transaction, the vice president now directly owns 78,733 shares in the company, valued at $1,080,216.76. The disclosure for this sale can be found here. Insiders have sold 174,187 shares of company stock valued at $2,410,861 over the last ninety days. 12.96% of the stock is currently owned by company insiders.

Wall Street Analyst Weigh In

Separately, Benchmark upped their price target on shares of Steelcase from $17.00 to $18.00 and gave the stock a “buy” rating in a research report on Friday, June 21st.

Steelcase Stock Performance

NYSE SCS traded up $0.17 on Monday, hitting $14.20. 550,647 shares of the stock were exchanged, compared to its average volume of 748,690. The company has a debt-to-equity ratio of 0.51, a current ratio of 1.61 and a quick ratio of 1.15. The business’s fifty day moving average is $13.14 and its 200 day moving average is $12.88. Steelcase Inc. has a 52 week low of $8.34 and a 52 week high of $14.54. The company has a market capitalization of $1.62 billion, a PE ratio of 18.68, a P/E/G ratio of 1.40 and a beta of 1.34.

Steelcase (NYSE:SCS) last posted its quarterly earnings results on Thursday, June 20th. The business services provider reported $0.16 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.10 by $0.06. Steelcase had a net margin of 2.89% and a return on equity of 13.66%. The firm had revenue of $727.30 million for the quarter, compared to analyst estimates of $729.05 million. During the same period in the prior year, the firm posted $0.09 earnings per share. The company’s quarterly revenue was down 3.3% compared to the same quarter last year. Research analysts anticipate that Steelcase Inc. will post 1 EPS for the current fiscal year.

Steelcase Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Monday, July 15th. Stockholders of record on Wednesday, July 3rd were given a $0.10 dividend. This represents a $0.40 annualized dividend and a dividend yield of 2.82%. The ex-dividend date was Wednesday, July 3rd. Steelcase’s payout ratio is presently 52.63%.

Steelcase Profile

Steelcase Inc provides a portfolio of furniture and architectural products and services in the United States and internationally. It operates through Americas and International segments. The company's furniture portfolio includes furniture systems, seating, storage, fixed and height-adjustable desks, benches, and tables, as well as complementary products, such as work accessories, lighting, mobile power, and screens.