Cooke & Bieler LP Trims Stake in Steelcase Inc. $SCS

Cooke & Bieler LP trimmed its stake in Steelcase Inc. (NYSE:SCS) by 1.4% in the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 3,598,587 shares of the business services provider’s stock after selling 52,640 shares during the period. Cooke & Bieler LP’s holdings in Steelcase were worth $37,533,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. Jones Financial Companies Lllp increased its stake in shares of 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 worth $32,000 after purchasing an additional 2,871 shares in the last quarter. US Bancorp DE increased its stake in shares of Steelcase by 4,509.8% in the 1st quarter. US Bancorp DE now owns 4,702 shares of the business services provider’s stock worth $52,000 after purchasing an additional 4,600 shares in the last quarter. Kapitalo Investimentos Ltda purchased a new stake in shares of Steelcase in the 1st quarter worth $121,000. Virtus Advisers LLC purchased a new stake in shares of Steelcase in the 1st quarter worth $126,000. Finally, DekaBank Deutsche Girozentrale increased its stake in shares of Steelcase by 44.1% in the 2nd quarter. DekaBank Deutsche Girozentrale now owns 16,028 shares of the business services provider’s stock worth $167,000 after purchasing an additional 4,908 shares in the last quarter. 92.42% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

Several equities research analysts have recently commented on the company. Noble Financial lowered Steelcase from a “strong-buy” rating to a “hold” rating in a research note on Tuesday, August 5th. Zacks Research upgraded Steelcase from a “hold” rating to a “strong-buy” rating in a research note on Monday, October 6th. Weiss Ratings reaffirmed a “hold (c+)” rating on shares of Steelcase in a report on Friday. Finally, Wall Street Zen downgraded shares of Steelcase from a “buy” rating to a “hold” rating in a report on Saturday, August 9th. One equities research analyst has rated the stock with a Strong Buy rating and three have given a Hold rating to the company. According to MarketBeat.com, Steelcase currently has a consensus rating of “Moderate Buy”.

Steelcase Trading Up 0.2%

Shares of Steelcase stock opened at $15.99 on Friday. The company has a market capitalization of $1.83 billion, a P/E ratio of 15.52, a P/E/G ratio of 1.46 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. The company has a fifty day moving average of $16.76 and a 200 day moving average of $13.19. Steelcase Inc. has a fifty-two week low of $9.31 and a fifty-two week high of $17.40.

Steelcase (NYSE:SCS) last issued its 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 during the quarter. Steelcase had a net margin of 2.92% and a return on equity of 13.00%. On average, sell-side analysts anticipate that Steelcase Inc. will post 1 earnings per share for the current fiscal year.

Steelcase Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Monday, October 20th. Shareholders of record on Monday, October 6th were issued a dividend of $0.10 per share. This represents a $0.40 annualized dividend and a dividend yield of 2.5%. The ex-dividend date of this dividend was Monday, October 6th. Steelcase’s dividend payout ratio is 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.