Ancora Advisors LLC Invests $623,000 in Steelcase Inc. $SCS

Key Points

• Ancora Advisors LLC acquired a new stake in Steelcase Inc. worth approximately $623,000, purchasing 56,800 shares during the first quarter.
• Steelcase announced a quarterly dividend of $0.10 per share, representing a yield of 2.3%, with a payout ratio of 38.83%.
• The company's stock has shown significant growth in revenue, with a reported increase of 7.1% year-over-year during the last quarter.

Ancora Advisors LLC acquired a new position in Steelcase Inc. (NYSE:SCS - Free Report) in the first quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor acquired 56,800 shares of the business services provider's stock, valued at approximately $623,000.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Avantax Advisory Services Inc. lifted its stake in shares of Steelcase by 54.6% in the first quarter. Avantax Advisory Services Inc. now owns 102,699 shares of the business services provider's stock worth $1,126,000 after buying an additional 36,273 shares in the last quarter. Northern Trust Corp raised its stake in Steelcase by 6.1% during the 4th quarter. Northern Trust Corp now owns 1,011,144 shares of the business services provider's stock worth $11,952,000 after acquiring an additional 58,079 shares during the period. Millennium Management LLC lifted its stake in shares of Steelcase by 93.6% during the 4th quarter. Millennium Management LLC now owns 694,625 shares of the business services provider's stock valued at $8,210,000 after buying an additional 335,889 shares in the last quarter. Deutsche Bank AG boosted its stake in shares of Steelcase by 57.0% in the fourth quarter. Deutsche Bank AG now owns 80,787 shares of the business services provider's stock worth $955,000 after acquiring an additional 29,325 shares during the period. Finally, SG Americas Securities LLC boosted its stake in Steelcase by 42.0% in the 1st quarter. SG Americas Securities LLC now owns 45,528 shares of the business services provider's stock worth $499,000 after purchasing an additional 13,476 shares during the period. Institutional investors own 92.42% of the company's stock.

Steelcase Stock Up 1.8%

Shares of Steelcase stock traded up $0.30 during trading on Thursday, hitting $17.02. 775,407 shares of the stock traded hands, compared to its average volume of 1,667,073. Steelcase Inc. has a 52-week low of $9.31 and a 52-week high of $17.25. The company has a current ratio of 1.65, a quick ratio of 1.15 and a debt-to-equity ratio of 0.46. The firm has a market cap of $1.95 billion, a P/E ratio of 16.52, a price-to-earnings-growth ratio of 1.59 and a beta of 1.26. The stock's fifty day simple moving average is $13.99 and its 200 day simple moving average is $11.76.

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

Steelcase Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Monday, July 21st. Stockholders of record on Monday, July 7th were given a $0.10 dividend. The ex-dividend date of this dividend was Monday, July 7th. This represents a $0.40 dividend on an annualized basis and a dividend yield of 2.4%. Steelcase's payout ratio is presently 38.83%.

Wall Street Analysts Forecast Growth

A number of research firms recently commented on SCS. Noble Financial downgraded Steelcase from a "strong-buy" rating to a "hold" rating in a research report on Tuesday, August 5th. Wall Street Zen lowered Steelcase from a "buy" rating to a "hold" rating in a research note on Saturday, August 9th. Two equities research analysts have rated the stock with a Hold rating, Based on data from MarketBeat, the company currently has an average rating of "Hold" and a consensus price target of $16.00.

Insider Activity

In other news, VP Robert G. Krestakos sold 12,000 shares of the stock in a transaction on Friday, July 11th. The stock was sold at an average price of $10.63, for a total transaction of $127,560.00. Following the completion of the sale, the vice president 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 document filed with the SEC, which is accessible through this hyperlink. Insiders own 6.75% of the company's stock.

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.