AQR Capital Management LLC Sells 128,153 Shares of Steelcase Inc. $SCS

Key Points

• AQR Capital Management LLC reduced its stake in Steelcase Inc. by 20.1%, now holding 509,576 shares valued at approximately $5.6 million.
• Several institutional investors have increased their holdings, with Avantax Advisory Services Inc. raising its stake by 54.6% in the same quarter.
• Wall Street analysts have downgraded Steelcase from "buy" to "hold," indicating a consensus price target of $16.00 for the stock.

AQR Capital Management LLC trimmed its position in Steelcase Inc. (NYSE:SCS - Free Report) by 20.1% in the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 509,576 shares of the business services provider's stock after selling 128,153 shares during the quarter. AQR Capital Management LLC owned approximately 0.44% of Steelcase worth $5,585,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors have also made changes to their positions in the company. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. lifted its holdings in shares of Steelcase by 3.4% in the fourth quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 52,596 shares of the business services provider's stock valued at $622,000 after buying an additional 1,741 shares during the period. State of Wyoming raised its position in shares of Steelcase by 9.3% during the fourth quarter. State of Wyoming now owns 20,668 shares of the business services provider's stock worth $244,000 after purchasing an additional 1,762 shares during the period. Diversified Trust Co raised its position in shares of Steelcase by 7.9% during the first quarter. Diversified Trust Co now owns 34,300 shares of the business services provider's stock worth $376,000 after purchasing an additional 2,499 shares during the period. US Bancorp DE raised its position in Steelcase by 4,509.8% during the first quarter. US Bancorp DE now owns 4,702 shares of the business services provider's stock valued at $52,000 after buying an additional 4,600 shares during the period. Finally, GAMMA Investing LLC raised 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 during the period. 92.42% of the stock is currently owned by institutional investors.

Steelcase Price Performance

SCS stock traded up $0.24 during midday trading on Thursday, reaching $16.97. 1,973,373 shares of the company's stock traded hands, compared to its average volume of 1,607,400. The company has a market cap of $1.95 billion, a price-to-earnings ratio of 16.47, a PEG ratio of 1.59 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. The company has a 50-day simple moving average of $14.58 and a two-hundred day simple moving average of $11.92. Steelcase Inc. has a 1-year low of $9.31 and a 1-year high of $17.25.

Steelcase (NYSE:SCS - Get Free Report) last announced its quarterly earnings data on Wednesday, June 25th. The business services provider reported $0.20 EPS for the quarter, beating 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 for the quarter, compared to analyst estimates of $759.90 million. During the same period last year, the company earned $0.16 EPS. The business's quarterly revenue was up 7.1% compared to the same quarter last year. Steelcase has set its Q2 2026 guidance at 0.360-0.400 EPS. On average, analysts anticipate that Steelcase Inc. will post 1 earnings per share for the current year.

Steelcase Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Monday, July 21st. Investors of record on Monday, July 7th were issued a dividend of $0.10 per share. The ex-dividend date was Monday, July 7th. This represents a $0.40 dividend on an annualized basis and a yield of 2.4%. Steelcase's dividend payout ratio (DPR) is presently 38.83%.

Insider Activity

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 transaction of $127,560.00. Following the completion of the sale, 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 ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. 6.75% of the stock is currently owned by corporate insiders.

Analysts Set New Price Targets

SCS has been the topic of a number of recent research reports. Noble Financial downgraded 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 investment analysts have rated the stock with a Hold rating, According to data from MarketBeat.com, the stock presently has a consensus rating of "Hold" and an average target price of $16.00.

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.