Steelcase Inc. $SCS Shares Sold by Northern Trust Corp

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 trimmed its stake in Steelcase Inc. (NYSE:SCS - Free Report) by 3.3% in the first quarter, according to the company in its most recent disclosure with the SEC. The firm owned 977,297 shares of the business services provider's stock after selling 33,847 shares during the quarter. Northern Trust Corp owned about 0.85% of Steelcase worth $10,711,000 as of its most recent filing with the SEC.

A number of other institutional investors have also recently bought and sold shares of SCS. US Bancorp DE grew its holdings in Steelcase by 4,509.8% in the first quarter. US Bancorp DE now owns 4,702 shares of the business services provider's stock valued at $52,000 after purchasing an additional 4,600 shares during the period. GAMMA Investing LLC lifted its position in Steelcase by 1,468.7% during 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 in the last quarter. Virtus Fund Advisers LLC lifted its position in Steelcase by 228.9% during 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 in the last quarter. Kapitalo Investimentos Ltda acquired a new position in Steelcase during the first quarter valued at approximately $121,000. Finally, Mariner LLC acquired a new position in Steelcase during the fourth quarter valued at approximately $139,000. 92.42% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

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

Steelcase Stock Down 0.9%

Shares of NYSE SCS traded down $0.15 during trading on Wednesday, reaching $16.74. 1,726,560 shares of the stock were exchanged, compared to its average volume of 1,718,963. The business's 50-day moving average price is $13.88 and its 200 day moving average price is $11.73. Steelcase Inc. has a twelve month low of $9.31 and a twelve month 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. The company has a market capitalization of $1.92 billion, a price-to-earnings ratio of 16.25, a price-to-earnings-growth ratio of 1.61 and a beta of 1.26.

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

Steelcase Announces Dividend

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

Insider Transactions at Steelcase

In related news, VP Robert G. Krestakos sold 12,000 shares of the company's stock in a transaction 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 sale, the vice president directly owned 127,912 shares of the company's stock, valued at $1,359,704.56. This represents a 8.58% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. 6.75% of the stock is owned by corporate insiders.

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.