Clifford Capital Partners LLC Increases Position in Steelcase Inc. (NYSE:SCS)

Clifford Capital Partners LLC lifted its stake in shares of Steelcase Inc. (NYSE:SCS) by 15.6% in the second quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 36,415 shares of the business services provider’s stock after purchasing an additional 4,921 shares during the period. Clifford Capital Partners LLC’s holdings in Steelcase were worth $472,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds and other institutional investors have also made changes to their positions in SCS. Innealta Capital LLC purchased a new stake in Steelcase in the second quarter valued at approximately $93,000. SpiderRock Advisors LLC purchased a new stake in shares of Steelcase in the first quarter valued at about $135,000. DekaBank Deutsche Girozentrale acquired a new position in Steelcase in the 1st quarter valued at $141,000. Allspring Global Investments Holdings LLC lifted its holdings in shares of Steelcase by 34,941.7% in the 1st quarter. Allspring Global Investments Holdings LLC now owns 12,615 shares of the business services provider’s stock valued at $165,000 after buying an additional 12,579 shares during the period. Finally, Cornerstone Investment Partners LLC purchased a new position in Steelcase in the first quarter valued at about $188,000. Hedge funds and other institutional investors own 92.42% of the company’s stock.

Insider Buying and Selling

In other Steelcase news, CAO Nicole Cherie Mcgrath sold 15,749 shares of the business’s stock in a transaction dated Tuesday, July 23rd. The shares were sold at an average price of $13.94, for a total transaction of $219,541.06. Following the completion of the transaction, the chief accounting officer now directly owns 18,453 shares of the company’s stock, valued at approximately $257,234.82. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. In other news, CAO Nicole Cherie Mcgrath sold 15,749 shares of Steelcase stock in a transaction on Tuesday, July 23rd. The stock was sold at an average price of $13.94, for a total transaction of $219,541.06. Following the transaction, the chief accounting officer now directly owns 18,453 shares in the company, valued at approximately $257,234.82. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, SVP Allan W. Smith, Jr. sold 70,444 shares of the company’s stock in a transaction on Monday, July 22nd. The shares were sold at an average price of $13.84, for a total value of $974,944.96. Following the sale, the senior vice president now directly owns 184,743 shares of the company’s stock, valued at $2,556,843.12. The disclosure for this sale can be found here. Insiders have sold 160,877 shares of company stock worth $2,228,248 over the last ninety days. 12.96% of the stock is owned by insiders.

Steelcase Stock Down 2.1 %

NYSE SCS opened at $13.20 on Wednesday. The stock has a market cap of $1.50 billion, a PE ratio of 17.37, a P/E/G ratio of 1.30 and a beta of 1.33. The business has a 50 day moving average price of $13.44 and a two-hundred day moving average price of $13.05. Steelcase Inc. has a fifty-two week low of $10.29 and a fifty-two week high of $14.74. The company has a quick ratio of 1.15, a current ratio of 1.62 and a debt-to-equity ratio of 0.48.

Steelcase (NYSE:SCS) last announced its earnings results on Wednesday, September 18th. The business services provider reported $0.39 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.37 by $0.02. Steelcase had a return on equity of 14.41% and a net margin of 4.02%. The business had revenue of $855.80 million for the quarter, compared to analyst estimates of $864.17 million. During the same period in the previous year, the company earned $0.31 earnings per share. The company’s revenue for the quarter was up .1% compared to the same quarter last year. As a group, sell-side analysts predict that Steelcase Inc. will post 1.02 EPS for the current fiscal year.

Steelcase Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, October 15th. Shareholders of record on Monday, September 30th will be paid a dividend of $0.10 per share. This represents a $0.40 annualized dividend and a yield of 3.03%. The ex-dividend date is Monday, September 30th. Steelcase’s payout ratio is currently 52.63%.

Analyst Upgrades and Downgrades

Separately, Benchmark raised their price target 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.

About Steelcase

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.