Goldman Sachs Group Inc. Sells 184,911 Shares of Steelcase Inc. $SCS

Key Points

• Goldman Sachs reduced its stake in Steelcase Inc. by 24.8%, now holding approximately 561,643 shares worth about $6.16 million.
• Several hedge funds significantly increased their holdings in Steelcase, with Jones Financial Companies boosting its position by 3,634.2% in the same quarter.
• Analysts have recently downgraded Steelcase's rating from "strong-buy" to "hold," with an average target price of $16.00.

Goldman Sachs Group Inc. lowered its holdings in Steelcase Inc. (NYSE:SCS - Free Report) by 24.8% during the first quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor owned 561,643 shares of the business services provider's stock after selling 184,911 shares during the quarter. Goldman Sachs Group Inc. owned about 0.49% of Steelcase worth $6,156,000 as of its most recent filing with the SEC.

Other institutional investors and hedge funds also recently bought and sold shares of the company. Avantax Advisory Services Inc. boosted its stake in 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 purchasing an additional 36,273 shares in the last quarter. Millennium Management LLC boosted its stake in Steelcase by 93.6% in the fourth quarter. Millennium Management LLC now owns 694,625 shares of the business services provider's stock worth $8,210,000 after purchasing an additional 335,889 shares in the last quarter. Deutsche Bank AG boosted its stake in 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 purchasing an additional 29,325 shares in the last quarter. SG Americas Securities LLC boosted its stake in Steelcase by 42.0% in the first 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 in the last quarter. Finally, Envestnet Asset Management Inc. boosted its stake in Steelcase by 40.4% in the first quarter. Envestnet Asset Management Inc. now owns 556,520 shares of the business services provider's stock worth $6,099,000 after purchasing an additional 160,030 shares in the last quarter. Institutional investors and hedge funds own 92.42% of the company's stock.

Analysts Set New Price Targets

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

Insider Buying and Selling

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 owned 127,912 shares in the company, valued at $1,359,704.56. The trade was a 8.58% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Corporate insiders own 6.75% of the company's stock.

Steelcase Price Performance

Shares of SCS traded down $0.08 during midday trading on Friday, hitting $16.90. The company's stock had a trading volume of 3,188,630 shares, compared to its average volume of 1,569,725. 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 Inc. has a one year low of $9.31 and a one year high of $17.25. The stock has a market capitalization of $1.94 billion, a price-to-earnings ratio of 16.41, a price-to-earnings-growth ratio of 1.62 and a beta of 1.26. The company's fifty day simple moving average is $14.70 and its two-hundred day simple moving average is $11.96.

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 the consensus estimate of $759.90 million. During the same quarter last year, the business posted $0.16 EPS. Steelcase's revenue for the quarter was up 7.1% on a year-over-year basis. Steelcase has set its Q2 2026 guidance at 0.360-0.400 EPS. As a group, equities analysts expect that Steelcase Inc. will post 1 earnings per share for the current fiscal year.

Steelcase Dividend Announcement

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

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.