Empowered Funds LLC Reduces Holdings in Steelcase Inc. $SCS

Key Points

• Empowered Funds LLC reduced its stake in Steelcase Inc. by 14.7% during the 1st quarter, now holding 500,141 shares valued at $5.48 million.
• Several institutional investors have made significant adjustments to their holdings in Steelcase, with Jones Financial Companies increasing their stake by an impressive 3,634.2%.
• Steelcase Inc. has been downgraded to a "hold" rating by multiple analysts, with a consensus target price of $16.00 per share after reporting better than expected quarterly earnings.

Empowered Funds LLC cut its stake in shares of Steelcase Inc. (NYSE:SCS - Free Report) by 14.7% during the first quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 500,141 shares of the business services provider's stock after selling 86,213 shares during the quarter. Empowered Funds LLC owned about 0.44% of Steelcase worth $5,482,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also recently made changes to their positions in the stock. Jones Financial Companies Lllp increased its stake in Steelcase by 3,634.2% in the 1st quarter. Jones Financial Companies Lllp now owns 2,950 shares of the business services provider's stock valued at $32,000 after purchasing an additional 2,871 shares in the last quarter. Dynamic Technology Lab Private Ltd acquired a new position in shares of Steelcase during the 1st quarter worth $259,000. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. raised its position in Steelcase by 4.6% during the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 54,999 shares of the business services provider's stock worth $603,000 after acquiring an additional 2,403 shares during the last quarter. Bridgeway Capital Management LLC grew its holdings in Steelcase by 3.4% during the 1st quarter. Bridgeway Capital Management LLC now owns 1,118,141 shares of the business services provider's stock valued at $12,255,000 after buying an additional 36,787 shares during the last quarter. Finally, Ancora Advisors LLC purchased a new stake in Steelcase during the 1st quarter worth about $623,000. Institutional investors and hedge funds own 92.42% of the company's stock.

Steelcase Trading Up 0.4%

Shares of NYSE SCS traded up $0.08 during midday trading on Wednesday, hitting $16.96. The stock had a trading volume of 244,644 shares, compared to its average volume of 1,140,220. The company has a fifty day moving average price of $14.34 and a 200 day moving average price of $11.85. The company has a market capitalization of $1.94 billion, a price-to-earnings ratio of 16.46, a PEG ratio of 1.61 and a beta of 1.26. Steelcase Inc. has a 1-year low of $9.31 and a 1-year high of $17.25. The company has a quick ratio of 1.15, a current ratio of 1.65 and a debt-to-equity ratio of 0.46.

Steelcase (NYSE:SCS - Get Free Report) last posted its quarterly earnings results on Wednesday, June 25th. The business services provider reported $0.20 EPS for the quarter, beating the consensus estimate of $0.12 by $0.08. Steelcase had a net margin of 3.84% and a return on equity of 14.49%. The firm had revenue of $779.00 million for the quarter, compared to analyst estimates of $759.90 million. During the same quarter last year, the firm posted $0.16 earnings per share. Steelcase's revenue for the quarter 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, analysts predict that Steelcase Inc. will post 1 earnings per share for the current year.

Steelcase Dividend Announcement

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

Insiders Place Their Bets

In related 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 value of $127,560.00. Following the completion of 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 document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Company insiders own 6.75% of the company's stock.

Wall Street Analyst Weigh In

A number of equities analysts have recently weighed in on SCS shares. Noble Financial lowered shares of 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 research analysts have rated the stock with a Hold rating, Based on data from MarketBeat, the company has an average rating of "Hold" and an average price target of $16.00.

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.