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 purchased a new stake in shares of Steelcase Inc. (NYSE:SCS - Free Report) during the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund purchased 56,800 shares of the business services provider's stock, valued at approximately $623,000.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in SCS. Pacer Advisors Inc. bought a new position in Steelcase during the first quarter valued at about $11,642,000. Victory Capital Management Inc. increased its stake in Steelcase by 208.4% during 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 acquiring an additional 955,431 shares during the period. Hotchkis & Wiley Capital Management LLC increased its stake in Steelcase by 72.7% during the first quarter. Hotchkis & Wiley Capital Management LLC now owns 917,430 shares of the business services provider's stock valued at $10,055,000 after acquiring an additional 386,290 shares during the period. Millennium Management LLC increased its stake in Steelcase by 93.6% during the fourth quarter. Millennium Management LLC now owns 694,625 shares of the business services provider's stock valued at $8,210,000 after acquiring an additional 335,889 shares during the period. Finally, Earnest Partners LLC increased its stake in Steelcase by 36.1% during the first quarter. Earnest Partners LLC now owns 1,037,664 shares of the business services provider's stock valued at $11,373,000 after acquiring an additional 275,436 shares during the period. 92.42% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

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

Steelcase Price Performance

Shares of SCS stock traded up $0.07 during trading hours on Monday, hitting $17.21. The company had a trading volume of 878,930 shares, compared to its average volume of 1,876,842. Steelcase Inc. has a 12 month low of $9.31 and a 12 month high of $17.25. The firm has a market capitalization of $1.97 billion, a price-to-earnings ratio of 16.70, a PEG ratio of 1.63 and a beta of 1.26. The firm's fifty day moving average is $13.65 and its 200 day moving average is $11.66. The company has a debt-to-equity ratio of 0.46, a quick ratio of 1.15 and a current ratio of 1.65.

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 for the quarter, beating the consensus estimate of $0.12 by $0.08. Steelcase had a return on equity of 14.49% and a net margin of 3.84%.The company had revenue of $779.00 million for the quarter, compared to analyst estimates of $759.90 million. During the same period in the prior year, the company posted $0.16 EPS. The company's 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. On average, sell-side analysts predict that Steelcase Inc. will post 1 EPS for the current fiscal year.

Steelcase Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Monday, July 21st. Stockholders of record on Monday, July 7th were issued a $0.10 dividend. This represents a $0.40 annualized dividend and a dividend yield of 2.3%. The ex-dividend date of this dividend was Monday, July 7th. Steelcase's payout ratio is presently 38.83%.

Insider Activity at Steelcase

In other news, VP Robert G. Krestakos sold 12,000 shares of the business's stock in a transaction that occurred on Friday, July 11th. The stock was sold at an average price of $10.63, for a total value of $127,560.00. Following the transaction, the vice president directly owned 127,912 shares of the company's stock, valued at $1,359,704.56. The trade was a 8.58% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. 6.75% of the stock is owned by insiders.

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.