American Century Companies Inc. Boosts Holdings in Steelcase Inc. $SCS

Key Points

• American Century Companies Inc. increased its holdings in Steelcase Inc. by 7.0%, now owning approximately 3.24 million shares worth around $35.47 million as of the end of Q1.
• Steelcase's stock has recently received a downgrade to a "hold" rating from both Noble Financial and Wall Street Zen, reflecting a cautious outlook among analysts.
• The company reported a 7.1% increase in quarterly revenue year-over-year, with an EPS of $0.20, surpassing analyst expectations of $0.12.

American Century Companies Inc. lifted its holdings in shares of Steelcase Inc. (NYSE:SCS - Free Report) by 7.0% during the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 3,235,986 shares of the business services provider's stock after purchasing an additional 211,158 shares during the quarter. American Century Companies Inc. owned 2.82% of Steelcase worth $35,466,000 as of its most recent SEC filing.

A number of other hedge funds have also added to or reduced their stakes in the company. Nuveen LLC bought a new position in Steelcase in the first quarter valued at approximately $2,282,000. Entropy Technologies LP acquired a new position in shares of Steelcase during the first quarter worth $173,000. Vanguard Group Inc. lifted 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 buying an additional 65,179 shares during the period. US Bancorp DE lifted its holdings in Steelcase by 4,509.8% in the first quarter. US Bancorp DE now owns 4,702 shares of the business services provider's stock valued at $52,000 after buying an additional 4,600 shares during the period. Finally, Vestcor Inc raised its holdings in shares of Steelcase by 19.2% during the first quarter. Vestcor Inc now owns 83,847 shares of the business services provider's stock valued at $919,000 after purchasing an additional 13,500 shares during the period. 92.42% of the stock is owned by institutional investors.

Analysts Set New Price Targets

Several equities analysts have recently weighed in on the stock. Wall Street Zen lowered shares of Steelcase from a "buy" rating to a "hold" rating in a report on Saturday, August 9th. Noble Financial lowered shares of Steelcase from a "strong-buy" rating to a "hold" rating in a report on Tuesday, August 5th. Two investment analysts have rated the stock with a Hold rating, According to data from MarketBeat.com, the company has an average rating of "Hold" and a consensus target price of $16.00.

Steelcase Stock Up 1.6%

SCS stock traded up $0.27 during trading on Tuesday, reaching $16.66. The stock had a trading volume of 922,367 shares, compared to its average volume of 1,108,106. Steelcase Inc. has a one year low of $9.31 and a one year high of $17.13. The company has a quick ratio of 1.15, a current ratio of 1.65 and a debt-to-equity ratio of 0.46. The company's 50 day moving average is $12.38 and its two-hundred day moving average is $11.34. The company has a market capitalization of $1.91 billion, a price-to-earnings ratio of 16.18, a P/E/G ratio of 1.57 and a beta of 1.18.

Steelcase (NYSE:SCS - Get Free Report) last issued its quarterly earnings data on Wednesday, June 25th. The business services provider reported $0.20 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.12 by $0.08. Steelcase had a net margin of 3.84% and a return on equity of 14.49%. The business had revenue of $779.00 million during the quarter, compared to the consensus estimate of $759.90 million. During the same period in the prior year, the firm posted $0.16 EPS. The firm's quarterly revenue was up 7.1% compared to the same quarter last year. Steelcase has set its Q2 2026 guidance at 0.360-0.400 EPS. Equities research analysts forecast that Steelcase Inc. will post 1 EPS for the current year.

Steelcase Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Monday, July 21st. Investors of record on Monday, July 7th were paid 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 was Monday, July 7th. Steelcase's dividend payout ratio is presently 38.83%.

Insider Activity at Steelcase

In related news, VP Robert G. Krestakos sold 12,000 shares of the company's stock in a transaction that occurred on Friday, July 11th. The shares were sold at an average price of $10.63, for a total transaction of $127,560.00. Following the sale, the vice president directly owned 127,912 shares in the company, valued at approximately $1,359,704.56. This represents a 8.58% decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Insiders own 6.75% of the company's stock.

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.