Prime Capital Investment Advisors LLC Trims Stake in Steelcase Inc. $SCS

Prime Capital Investment Advisors LLC lowered its position in Steelcase Inc. (NYSE:SCS) by 31.5% during the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 13,845 shares of the business services provider’s stock after selling 6,355 shares during the quarter. Prime Capital Investment Advisors LLC’s holdings in Steelcase were worth $144,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also made changes to their positions in SCS. GAMMA Investing LLC raised its stake in shares of Steelcase by 1,468.7% in the first quarter. GAMMA Investing LLC now owns 5,710 shares of the business services provider’s stock valued at $63,000 after acquiring an additional 5,346 shares during the period. SG Americas Securities LLC grew its holdings in shares of Steelcase by 42.0% in the first quarter. SG Americas Securities LLC now owns 45,528 shares of the business services provider’s stock worth $499,000 after purchasing an additional 13,476 shares during the last quarter. Moran Wealth Management LLC bought a new position in shares of Steelcase in the first quarter worth about $2,910,000. Robeco Institutional Asset Management B.V. grew its holdings in shares of Steelcase by 5.8% in the first quarter. Robeco Institutional Asset Management B.V. now owns 483,251 shares of the business services provider’s stock worth $5,296,000 after purchasing an additional 26,531 shares during the last quarter. Finally, Diversified Trust Co grew its holdings in shares of Steelcase by 7.9% in the first quarter. Diversified Trust Co now owns 34,300 shares of the business services provider’s stock worth $376,000 after purchasing an additional 2,499 shares during the last quarter. Hedge funds and other institutional investors own 92.42% of the company’s stock.

Analyst Ratings Changes

Several brokerages have issued reports on SCS. Noble Financial cut shares of Steelcase from a “strong-buy” rating to a “hold” rating in a report on Tuesday, August 5th. Weiss Ratings lowered shares of Steelcase from a “buy (b-)” rating to a “hold (c)” rating in a research report on Wednesday, October 8th. Wall Street Zen lowered shares of Steelcase from a “buy” rating to a “hold” rating in a research report on Saturday, August 9th. Finally, Zacks Research raised shares of Steelcase from a “hold” rating to a “strong-buy” rating in a research report on Monday, October 6th. One analyst has rated the stock with a Strong Buy rating and three have given a Hold rating to the stock. According to data from MarketBeat.com, the company currently has an average rating of “Moderate Buy”.

Steelcase Price Performance

Shares of NYSE SCS opened at $16.28 on Monday. The stock has a market capitalization of $1.87 billion, a price-to-earnings ratio of 15.81, a PEG ratio of 1.49 and a beta of 1.26. Steelcase Inc. has a 12 month low of $9.31 and a 12 month high of $17.40. The firm’s 50 day simple moving average is $16.66 and its 200-day simple moving average is $12.58. The company has a debt-to-equity ratio of 0.44, a current ratio of 1.66 and a quick ratio of 1.18.

Steelcase (NYSE:SCS) last issued its quarterly earnings data on Friday, June 2nd. The business services provider reported $0.23 EPS for the quarter. The business had revenue of $724.80 million for the quarter. Steelcase had a net margin of 2.92% and a return on equity of 13.00%. Analysts expect that Steelcase Inc. will post 1 EPS for the current year.

Steelcase Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Monday, October 20th. Investors of record on Monday, October 6th will be paid a $0.10 dividend. The ex-dividend date of this dividend is Monday, October 6th. This represents a $0.40 dividend on an annualized basis and a yield of 2.5%. Steelcase’s dividend payout ratio (DPR) is currently 38.83%.

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.