Allianz Asset Management GmbH Grows Stake in Steelcase Inc. $SCS

Key Points

• Allianz Asset Management GmbH increased its stake in Steelcase Inc. by 49.4%, holding approximately 1.86% of the company worth about $22.2 million as of its latest SEC filing.
• Despite strong institutional interest, including significant increases from other funds, Steelcase has received mixed ratings from analysts, with a recent downgrade from "buy" to "hold" by Wall Street Zen.
• Steelcase announced a quarterly dividend of $0.10 per share, reflecting an annual yield of 2.4%, with the ex-dividend date set for October 6th.

Allianz Asset Management GmbH increased its stake in Steelcase Inc. (NYSE:SCS - Free Report) by 49.4% in the second quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 2,128,137 shares of the business services provider's stock after buying an additional 703,974 shares during the quarter. Allianz Asset Management GmbH owned about 1.86% of Steelcase worth $22,196,000 as of its most recent SEC filing.

Other institutional investors and hedge funds also recently bought and sold shares of the company. Jones Financial Companies Lllp lifted its stake in shares of Steelcase by 3,634.2% during the 1st quarter. Jones Financial Companies Lllp now owns 2,950 shares of the business services provider's stock worth $32,000 after acquiring an additional 2,871 shares during the last quarter. US Bancorp DE grew its position 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 acquiring an additional 4,600 shares during the last quarter. GAMMA Investing LLC increased its stake in Steelcase by 1,468.7% in the first quarter. GAMMA Investing LLC now owns 5,710 shares of the business services provider's stock worth $63,000 after purchasing an additional 5,346 shares during the period. Kapitalo Investimentos Ltda bought a new stake in shares of Steelcase during the first quarter worth $121,000. Finally, Virtus Advisers LLC bought a new stake in shares of Steelcase during the first quarter worth $126,000. 92.42% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

SCS has been the topic of a number of recent research reports. Wall Street Zen downgraded Steelcase from a "buy" rating to a "hold" rating in a research report on Saturday, August 9th. Zacks Research raised shares of Steelcase from a "hold" rating to a "strong-buy" rating in a research note on Monday, October 6th. Weiss Ratings cut shares of Steelcase from a "buy (b-)" rating to a "hold (c)" rating in a report on Wednesday, October 8th. Finally, Noble Financial lowered shares of Steelcase from a "strong-buy" rating to a "hold" rating in a report on Tuesday, August 5th. One equities research analyst has rated the stock with a Strong Buy rating and three have assigned a Hold rating to the stock. According to MarketBeat.com, the stock has an average rating of "Moderate Buy".

Steelcase Stock Down 0.2%

NYSE:SCS opened at $16.53 on Monday. The company's fifty day moving average price is $16.70 and its 200-day moving average price is $12.77. The firm has a market capitalization of $1.90 billion, a P/E ratio of 16.05, a PEG ratio of 1.51 and a beta of 1.26. Steelcase Inc. has a 1-year low of $9.31 and a 1-year high of $17.40. 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 - Get Free Report) last posted its earnings results on Friday, June 2nd. The business services provider reported $0.23 earnings per share for the quarter. Steelcase had a net margin of 2.92% and a return on equity of 13.00%. The firm had revenue of $724.80 million during the quarter. As a group, equities research analysts anticipate that Steelcase Inc. will post 1 EPS for the current year.

Steelcase Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Monday, October 20th. Shareholders of record on Monday, October 6th will be issued a $0.10 dividend. This represents a $0.40 annualized dividend and a yield of 2.4%. The ex-dividend date is Monday, October 6th. Steelcase's dividend payout ratio is presently 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.

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