Arrowstreet Capital Limited Partnership Raises Holdings in Steelcase Inc. $SCS

Arrowstreet Capital Limited Partnership increased its stake in shares of Steelcase Inc. (NYSE:SCS) by 58.0% in the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 1,905,050 shares of the business services provider’s stock after purchasing an additional 699,683 shares during the period. Arrowstreet Capital Limited Partnership owned 1.66% of Steelcase worth $19,870,000 as of its most recent SEC filing.

A number of other large investors have also recently bought and sold shares of SCS. MTM Investment Management LLC acquired a new position in shares of Steelcase in the second quarter worth $26,000. Jones Financial Companies Lllp raised its stake in Steelcase by 3,634.2% in the 1st quarter. Jones Financial Companies Lllp now owns 2,950 shares of the business services provider’s stock valued at $32,000 after purchasing an additional 2,871 shares during the last quarter. US Bancorp DE raised its stake in Steelcase by 4,509.8% in the 1st quarter. US Bancorp DE now owns 4,702 shares of the business services provider’s stock valued at $52,000 after purchasing an additional 4,600 shares during the last quarter. Virtus Advisers LLC purchased a new position in Steelcase in the 1st quarter valued at about $126,000. Finally, Burney Co. acquired a new stake in shares of Steelcase during the 2nd quarter worth about $141,000. Institutional investors and hedge funds own 92.42% of the company’s stock.

Analyst Upgrades and Downgrades

SCS has been the subject of a number of analyst reports. Weiss Ratings reissued a “hold (c+)” rating on shares of Steelcase in a research report on Friday, October 31st. Zacks Research cut shares of Steelcase from a “strong-buy” rating to a “hold” rating in a research note on Tuesday, November 25th. Four analysts have rated the stock with a Hold rating, According to MarketBeat, the stock has a consensus rating of “Hold”.

Steelcase Price Performance

SCS opened at $16.15 on Monday. Steelcase Inc. has a 1 year low of $9.31 and a 1 year high of $17.40. The company’s 50 day simple moving average is $16.32 and its 200 day simple moving average is $14.27. The stock has a market capitalization of $1.85 billion, a PE ratio of 15.67, a P/E/G ratio of 1.47 and a beta of 1.26. The company has a debt-to-equity ratio of 0.44, a quick ratio of 1.18 and a current ratio of 1.66.

Steelcase (NYSE:SCS) last posted its quarterly earnings results on Friday, June 2nd. The business services provider reported $0.23 earnings per share for the quarter. The company 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%. As a group, sell-side analysts expect that Steelcase Inc. will post 1 EPS for the current year.

Steelcase Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Monday, October 20th. Investors of record on Monday, October 6th were issued a $0.10 dividend. The ex-dividend date was 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 presently 38.83%.

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.