Douglas Lane & Associates LLC Cuts Stake in Steelcase Inc. $SCS

Key Points

• Douglas Lane & Associates LLC reduced its stake in Steelcase Inc. by 36.7% during the 2nd quarter, now holding approximately $16.05 million in stock.
• Steelcase reported a $0.20 earnings per share for its last quarter, surpassing analysts' expectations of $0.12, with a revenue increase of 7.1% year-over-year.
• The company recently declared a quarterly dividend of $0.10, resulting in an annual yield of 2.4% as it maintains a 38.83% payout ratio.

Douglas Lane & Associates LLC decreased its holdings in Steelcase Inc. (NYSE:SCS - Free Report) by 36.7% in the second quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 1,538,733 shares of the business services provider's stock after selling 893,109 shares during the quarter. Douglas Lane & Associates LLC owned about 1.34% of Steelcase worth $16,049,000 as of its most recent SEC filing.

A number of other institutional investors have also modified their holdings of the stock. Northern Trust Corp lifted its holdings in Steelcase by 6.1% in the fourth quarter. Northern Trust Corp now owns 1,011,144 shares of the business services provider's stock valued at $11,952,000 after acquiring an additional 58,079 shares during the last quarter. Ameriprise Financial Inc. grew its holdings in shares of Steelcase by 6.5% during the fourth quarter. Ameriprise Financial Inc. now owns 493,838 shares of the business services provider's stock worth $5,837,000 after purchasing an additional 30,125 shares during the last quarter. Deutsche Bank AG grew its holdings in shares of Steelcase by 57.0% during the fourth quarter. Deutsche Bank AG now owns 80,787 shares of the business services provider's stock worth $955,000 after buying an additional 29,325 shares during the last quarter. Gotham Asset Management LLC lifted its position in shares of Steelcase by 23.0% during the 4th quarter. Gotham Asset Management LLC now owns 70,303 shares of the business services provider's stock valued at $831,000 after acquiring an additional 13,168 shares during the period. Finally, Lazard Asset Management LLC increased its stake in shares of Steelcase by 36.0% during the 4th quarter. Lazard Asset Management LLC now owns 214,176 shares of the business services provider's stock worth $2,530,000 after purchasing an additional 56,691 shares in the last quarter. Hedge funds and other institutional investors own 92.42% of the company's stock.

Analyst Upgrades and Downgrades

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

Steelcase Stock Performance

Shares of SCS stock traded up $0.01 during trading hours on Friday, hitting $16.99. 557,254 shares of the company were exchanged, compared to its average volume of 1,150,292. Steelcase Inc. has a 52-week low of $9.31 and a 52-week high of $17.25. The stock has a market capitalization of $1.95 billion, a price-to-earnings ratio of 16.49, a P/E/G ratio of 1.59 and a beta of 1.26. 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 fifty day simple moving average of $14.58 and a 200 day simple moving average of $11.92.

Steelcase (NYSE:SCS - Get Free Report) last announced 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. Steelcase had a net margin of 3.84% and a return on equity of 14.49%. The company had revenue of $779.00 million during the quarter, compared to analysts' expectations of $759.90 million. During the same quarter in the prior year, the company earned $0.16 EPS. The firm's revenue was up 7.1% on a year-over-year basis. Steelcase has set its Q2 2026 guidance at 0.360-0.400 EPS. Research analysts predict that Steelcase Inc. will post 1 earnings per share for the current fiscal year.

Steelcase Dividend Announcement

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

Insider Buying and Selling at Steelcase

In related news, VP Robert G. Krestakos sold 12,000 shares of the company's stock in a transaction dated Friday, July 11th. The shares were sold at an average price of $10.63, for a total transaction of $127,560.00. Following the transaction, 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 document filed with the SEC, which is accessible through this hyperlink. 6.75% of the stock is currently owned by company 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.