Almanack Investment Partners LLC. Invests $343,000 in Steelcase Inc. $SCS

Key Points

• Almanack Investment Partners LLC invested approximately $343,000 in Steelcase Inc. during the 2nd quarter, acquiring 32,923 shares of the company.
• Steelcase has seen multiple institutional investors increasing their holdings, with 92.42% of shares currently owned by institutional investors and hedge funds.
• The company recently announced a quarterly dividend of $0.10 per share, reflecting an annualized dividend yield of 2.4%.

Almanack Investment Partners LLC. purchased a new position in shares of Steelcase Inc. (NYSE:SCS - Free Report) in the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor purchased 32,923 shares of the business services provider's stock, valued at approximately $343,000.

A number of other institutional investors and hedge funds have also bought and sold shares of the stock. Vanguard Group Inc. increased its holdings in Steelcase by 0.6% in the first quarter. Vanguard Group Inc. now owns 10,406,316 shares of the business services provider's stock valued at $114,053,000 after purchasing an additional 65,179 shares during the period. Fifth Third Bancorp increased its holdings in Steelcase by 0.8% in the second quarter. Fifth Third Bancorp now owns 3,831,334 shares of the business services provider's stock valued at $39,961,000 after purchasing an additional 28,676 shares during the period. American Century Companies Inc. increased its holdings in Steelcase by 7.0% in the first quarter. American Century Companies Inc. now owns 3,235,986 shares of the business services provider's stock valued at $35,466,000 after purchasing an additional 211,158 shares during the period. Victory Capital Management Inc. increased its holdings in Steelcase by 208.4% in the first quarter. Victory Capital Management Inc. now owns 1,413,845 shares of the business services provider's stock valued at $15,496,000 after purchasing an additional 955,431 shares during the period. Finally, Bridgeway Capital Management LLC increased its holdings in Steelcase by 3.4% in the first quarter. Bridgeway Capital Management LLC now owns 1,118,141 shares of the business services provider's stock valued at $12,255,000 after purchasing an additional 36,787 shares during the period. 92.42% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

A number of research firms recently weighed in on SCS. Weiss Ratings downgraded Steelcase from a "buy (b-)" rating to a "hold (c)" rating in a report on Wednesday, October 8th. Noble Financial downgraded Steelcase from a "strong-buy" rating to a "hold" rating in a report on Tuesday, August 5th. Zacks Research upgraded Steelcase from a "hold" rating to a "strong-buy" rating in a report on Monday, October 6th. Finally, Wall Street Zen downgraded 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's stock. According to MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy".

Steelcase Stock Performance

Shares of Steelcase stock opened at $16.49 on Tuesday. The company has a current ratio of 1.66, a quick ratio of 1.18 and a debt-to-equity ratio of 0.44. The business has a 50-day moving average price of $16.66 and a two-hundred day moving average price of $12.62. Steelcase Inc. has a 1-year low of $9.31 and a 1-year high of $17.40. The company has a market cap of $1.89 billion, a P/E ratio of 16.01, a PEG ratio of 1.49 and a beta of 1.26.

Steelcase (NYSE:SCS - Get Free Report) last released its quarterly earnings data on Friday, June 2nd. The business services provider reported $0.23 earnings per share (EPS) 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, analysts anticipate that Steelcase Inc. will post 1 EPS for the current year.

Steelcase Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Monday, October 20th. Stockholders of record on Monday, October 6th will be given a dividend of $0.10 per share. This represents a $0.40 dividend on an annualized basis and a dividend yield of 2.4%. The ex-dividend date of this dividend is Monday, October 6th. Steelcase's dividend payout ratio is 38.83%.

Steelcase 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.

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