Pzena Investment Management LLC Boosts Holdings in Steelcase Inc. $SCS

Key Points

• Pzena Investment Management LLC increased its stake in Steelcase Inc. by 7.3%, holding over 5.75 million shares worth approximately $60 million after acquiring additional shares in the second quarter.
• Steelcase has received mixed ratings from analysts, with Zacks Research upgrading the stock to a "strong-buy" while others have downgraded it to a "hold," resulting in an average rating of "Moderate Buy."
• The company announced a quarterly dividend of $0.10 per share, reflecting a dividend yield of 2.5%, with the payout ratio currently at 38.83%.

Pzena Investment Management LLC grew its position in Steelcase Inc. (NYSE:SCS - Free Report) by 7.3% in the second quarter, according to the company in its most recent disclosure with the SEC. The firm owned 5,754,832 shares of the business services provider's stock after acquiring an additional 389,912 shares during the period. Pzena Investment Management LLC owned about 5.02% of Steelcase worth $60,023,000 at the end of the most recent quarter.

A number of other large investors have also modified their holdings of the company. Harbor Capital Advisors Inc. raised its position in shares of Steelcase by 7.6% in the second quarter. Harbor Capital Advisors Inc. now owns 22,707 shares of the business services provider's stock worth $237,000 after acquiring an additional 1,601 shares during the period. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. raised its position in shares of Steelcase by 4.6% in 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 period. Diversified Trust Co raised its position in shares of Steelcase by 7.9% in the first quarter. Diversified Trust Co now owns 34,300 shares of the business services provider's stock worth $376,000 after acquiring an additional 2,499 shares during the period. Jones Financial Companies Lllp raised its position in shares of Steelcase by 3,634.2% in the first quarter. Jones Financial Companies Lllp now owns 2,950 shares of the business services provider's stock worth $32,000 after acquiring an additional 2,871 shares during the period. Finally, US Bancorp DE raised its position in shares of Steelcase by 4,509.8% in the first 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. Institutional investors and hedge funds own 92.42% of the company's stock.

Analyst Upgrades and Downgrades

A number of research analysts have weighed in on SCS shares. Weiss Ratings downgraded shares of Steelcase from a "buy (b-)" rating to a "hold (c)" rating in a research report on Wednesday, October 8th. Zacks Research upgraded shares of Steelcase from a "hold" rating to a "strong-buy" rating in a research report on Monday, October 6th. Wall Street Zen downgraded shares of Steelcase from a "buy" rating to a "hold" rating in a research report on Saturday, August 9th. Finally, Noble Financial downgraded shares of Steelcase from a "strong-buy" rating to a "hold" rating in a research report on Tuesday, August 5th. One analyst has rated the stock with a Strong Buy rating and three have issued a Hold rating to the stock. Based on data from MarketBeat, Steelcase presently has an average rating of "Moderate Buy".

Steelcase Stock Down 1.5%

SCS stock opened at $16.28 on Monday. The company has a market cap of $1.87 billion, a price-to-earnings ratio of 15.81, a PEG ratio of 1.49 and a beta of 1.26. The company has a current ratio of 1.66, a quick ratio of 1.18 and a debt-to-equity ratio of 0.44. Steelcase Inc. has a 12 month low of $9.31 and a 12 month high of $17.40. The firm has a 50-day moving average of $16.66 and a two-hundred day moving average of $12.58.

Steelcase (NYSE:SCS - Get Free Report) last released its quarterly earnings data on Friday, June 2nd. The business services provider reported $0.23 EPS for the quarter. The company had revenue of $724.80 million during the quarter. Steelcase had a net margin of 2.92% and a return on equity of 13.00%. As a group, analysts forecast that Steelcase Inc. will post 1 earnings per share for the current fiscal year.

Steelcase Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, October 20th. Shareholders of record on Monday, October 6th will be issued a $0.10 dividend. The ex-dividend date is Monday, October 6th. This represents a $0.40 dividend on an annualized basis and a yield of 2.5%. Steelcase's dividend payout ratio is presently 38.83%.

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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