Thompson Investment Management Inc. Lowers Stake in Steelcase Inc. (NYSE:SCS)

Thompson Investment Management Inc. decreased its stake in shares of Steelcase Inc. (NYSE:SCS) by 3.7% in the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 275,694 shares of the business services provider’s stock after selling 10,453 shares during the quarter. Thompson Investment Management Inc. owned approximately 0.24% of Steelcase worth $3,606,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in the stock. Vanguard Group Inc. raised its stake in shares of Steelcase by 4.9% during the fourth quarter. Vanguard Group Inc. now owns 9,765,893 shares of the business services provider’s stock valued at $132,035,000 after acquiring an additional 452,494 shares in the last quarter. Dimensional Fund Advisors LP lifted its holdings in shares of Steelcase by 8.0% in the 4th quarter. Dimensional Fund Advisors LP now owns 4,752,105 shares of the business services provider’s stock worth $64,249,000 after buying an additional 352,078 shares during the period. Jacobs Levy Equity Management Inc. grew its position in shares of Steelcase by 24.7% during the 3rd quarter. Jacobs Levy Equity Management Inc. now owns 966,499 shares of the business services provider’s stock worth $10,796,000 after buying an additional 191,361 shares in the last quarter. Earnest Partners LLC increased its stake in shares of Steelcase by 3.3% during the third quarter. Earnest Partners LLC now owns 883,007 shares of the business services provider’s stock valued at $9,863,000 after buying an additional 28,294 shares during the period. Finally, AQR Capital Management LLC raised its holdings in shares of Steelcase by 33.9% in the third quarter. AQR Capital Management LLC now owns 838,339 shares of the business services provider’s stock valued at $9,364,000 after acquiring an additional 212,345 shares in the last quarter. Institutional investors own 92.42% of the company’s stock.

Analysts Set New Price Targets

SCS has been the topic of a number of research reports. StockNews.com raised shares of Steelcase from a “buy” rating to a “strong-buy” rating in a research report on Friday, March 29th. Benchmark boosted their price objective on shares of Steelcase from $17.00 to $18.00 and gave the stock a “buy” rating in a research note on Friday, June 21st.

Insider Activity

In related news, VP Donna K. Flynn sold 13,310 shares of the company’s stock in a transaction dated Monday, June 24th. The stock was sold at an average price of $13.72, for a total value of $182,613.20. Following the completion of the transaction, the vice president now owns 78,733 shares of the company’s stock, valued at approximately $1,080,216.76. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Insiders own 12.96% of the company’s stock.

Steelcase Stock Down 2.9 %

SCS stock traded down $0.38 during trading on Wednesday, reaching $12.74. 366,829 shares of the company traded hands, compared to its average volume of 746,910. The business has a 50 day simple moving average of $12.77 and a 200 day simple moving average of $12.85. Steelcase Inc. has a 12 month low of $7.18 and a 12 month high of $14.54. The company has a debt-to-equity ratio of 0.51, a quick ratio of 1.20 and a current ratio of 1.61. The company has a market capitalization of $1.46 billion, a price-to-earnings ratio of 16.76, a price-to-earnings-growth ratio of 1.31 and a beta of 1.35.

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

Steelcase Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Monday, July 15th. Stockholders of record on Wednesday, July 3rd will be given a dividend of $0.10 per share. This represents a $0.40 dividend on an annualized basis and a dividend yield of 3.14%. The ex-dividend date of this dividend is Wednesday, July 3rd. Steelcase’s dividend payout ratio (DPR) is presently 52.63%.

Steelcase Company 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.