Northern Trust Corp Sells 33,847 Shares of Steelcase Inc. $SCS

Key Points

• Northern Trust Corp reduced its holdings in Steelcase Inc. by 3.3%, resulting in ownership of approximately 977,297 shares valued at $10.71 million.
• Multiple institutional investors, including US Bancorp and GAMMA Investing LLC, significantly increased their stakes in Steelcase, reflecting growing interest in the stock.
• Steelcase reported a 20% increase in earnings per share for the last quarter, beating analysts' estimates and indicating positive revenue growth year-over-year.

Northern Trust Corp lessened its position in Steelcase Inc. (NYSE:SCS - Free Report) by 3.3% in the first quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 977,297 shares of the business services provider's stock after selling 33,847 shares during the period. Northern Trust Corp owned 0.85% of Steelcase worth $10,711,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also bought and sold shares of the company. US Bancorp DE increased its holdings in Steelcase by 4,509.8% in the 1st quarter. US Bancorp DE now owns 4,702 shares of the business services provider's stock worth $52,000 after purchasing an additional 4,600 shares in the last quarter. GAMMA Investing LLC increased its stake in shares of Steelcase by 1,468.7% in the first quarter. GAMMA Investing LLC now owns 5,710 shares of the business services provider's stock valued at $63,000 after buying an additional 5,346 shares during the period. Virtus Fund Advisers LLC increased its stake in shares of Steelcase by 228.9% in the fourth quarter. Virtus Fund Advisers LLC now owns 7,893 shares of the business services provider's stock valued at $93,000 after buying an additional 5,493 shares during the period. Kapitalo Investimentos Ltda acquired a new stake in Steelcase during the 1st quarter valued at approximately $121,000. Finally, Mariner LLC acquired a new position in shares of Steelcase in the 4th quarter worth approximately $139,000. Institutional investors and hedge funds own 92.42% of the company's stock.

Analyst Upgrades and Downgrades

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

Insider Buying and Selling at Steelcase

In other news, VP Robert G. Krestakos sold 12,000 shares of the firm'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. This trade represents a 8.58% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. 6.75% of the stock is owned by corporate insiders.

Steelcase Stock Up 0.4%

NYSE:SCS traded up $0.07 on Monday, hitting $17.21. The stock had a trading volume of 878,930 shares, compared to its average volume of 1,132,431. The business's fifty day moving average is $13.52 and its 200 day moving average is $11.63. The company has a market cap of $1.97 billion, a PE ratio of 16.70, a P/E/G ratio of 1.63 and a beta of 1.26. 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 52 week low of $9.31 and a 52 week high of $17.25.

Steelcase (NYSE:SCS - Get Free Report) last announced its quarterly earnings results on Wednesday, June 25th. The business services provider reported $0.20 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.12 by $0.08. The business had revenue of $779.00 million for the quarter, compared to analyst estimates of $759.90 million. Steelcase had a return on equity of 14.49% and a net margin of 3.84%.The company's quarterly revenue was up 7.1% on a year-over-year basis. During the same quarter in the prior year, the company earned $0.16 earnings per share. Steelcase has set its Q2 2026 guidance at 0.360-0.400 EPS. On average, equities research analysts expect that Steelcase Inc. will post 1 EPS for the current fiscal year.

Steelcase Dividend Announcement

The business 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 dividend on an annualized basis and a dividend yield of 2.3%. The ex-dividend date was Monday, July 7th. Steelcase's dividend payout ratio (DPR) 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.