Magnetar Financial LLC Purchases New Position in Steelcase Inc. $SCS

Key Points

• Magnetar Financial LLC has acquired a new stake in Steelcase Inc., purchasing 20,670 shares valued at approximately $227,000 in the first quarter.
• Analysts have recently downgraded Steelcase, with Noble Financial and Wall Street Zen both lowering their ratings to "hold," while the stock has an average price target of $16.00.
• Steelcase reported earnings per share of $0.20 for the last quarter, exceeding analyst expectations, and announced a quarterly dividend of $0.10 per share.

Magnetar Financial LLC acquired a new stake in shares of Steelcase Inc. (NYSE:SCS - Free Report) during the first quarter, according to its most recent filing with the SEC. The fund acquired 20,670 shares of the business services provider's stock, valued at approximately $227,000.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. US Bancorp DE increased its holdings in Steelcase by 4,509.8% during the 1st quarter. US Bancorp DE now owns 4,702 shares of the business services provider's stock worth $52,000 after acquiring an additional 4,600 shares during the period. GAMMA Investing LLC increased its holdings in Steelcase by 1,468.7% during the 1st quarter. GAMMA Investing LLC now owns 5,710 shares of the business services provider's stock worth $63,000 after acquiring an additional 5,346 shares during the period. Virtus Fund Advisers LLC increased its holdings in Steelcase by 228.9% during the 4th quarter. Virtus Fund Advisers LLC now owns 7,893 shares of the business services provider's stock worth $93,000 after acquiring an additional 5,493 shares during the period. Kapitalo Investimentos Ltda bought a new stake in Steelcase during the 1st quarter worth approximately $121,000. Finally, Virtus Advisers LLC bought a new stake in Steelcase during the 1st quarter worth approximately $126,000. 92.42% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

A number of analysts recently weighed in on SCS shares. 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 lowered shares of Steelcase from a "buy" rating to a "hold" rating in a report on Saturday, August 9th. Two research analysts have rated the stock with a Hold rating, According to data from MarketBeat.com, the company currently has a consensus rating of "Hold" and an average price target of $16.00.

Steelcase Price Performance

SCS opened at $16.77 on Wednesday. The stock has a 50-day moving average price of $13.14 and a 200-day moving average price of $11.53. Steelcase Inc. has a 12-month low of $9.31 and a 12-month high of $17.13. 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 stock has a market capitalization of $1.92 billion, a P/E ratio of 16.28, a PEG ratio of 1.59 and a beta of 1.26.

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

Steelcase Dividend Announcement

The firm also recently disclosed 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 dividend on an annualized basis and a dividend yield of 2.4%. The ex-dividend date was Monday, July 7th. Steelcase's payout ratio is presently 38.83%.

Insider Buying and Selling 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 shares were 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. The trade was a 8.58% decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Insiders own 6.75% of the company's stock.

About Steelcase

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.

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