Steelcase Inc. $SCS Shares Sold by AQR Capital Management LLC

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 lessened its stake in Steelcase Inc. (NYSE:SCS - Free Report) by 20.1% in the 1st quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 509,576 shares of the business services provider's stock after selling 128,153 shares during the quarter. AQR Capital Management LLC owned 0.44% of Steelcase worth $5,585,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also modified their holdings of the company. Avantax Advisory Services Inc. lifted its holdings in shares of Steelcase by 54.6% in the 1st quarter. Avantax Advisory Services Inc. now owns 102,699 shares of the business services provider's stock valued at $1,126,000 after buying an additional 36,273 shares during the period. Northern Trust Corp lifted its holdings in shares of Steelcase by 6.1% in the 4th quarter. Northern Trust Corp now owns 1,011,144 shares of the business services provider's stock valued at $11,952,000 after buying an additional 58,079 shares during the period. Millennium Management LLC lifted its holdings in shares of Steelcase by 93.6% in the 4th quarter. Millennium Management LLC now owns 694,625 shares of the business services provider's stock valued at $8,210,000 after buying an additional 335,889 shares during the period. Deutsche Bank AG raised its holdings in Steelcase by 57.0% in the 4th quarter. Deutsche Bank AG now owns 80,787 shares of the business services provider's stock worth $955,000 after purchasing an additional 29,325 shares during the period. Finally, SG Americas Securities LLC boosted its position in Steelcase by 42.0% during the first quarter. SG Americas Securities LLC now owns 45,528 shares of the business services provider's stock worth $499,000 after purchasing an additional 13,476 shares in the last quarter. Institutional investors and hedge funds own 92.42% of the company's stock.

Insider Buying and Selling

In related news, VP Robert G. Krestakos sold 12,000 shares of Steelcase 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 transaction, the vice president owned 127,912 shares in the company, valued at approximately $1,359,704.56. This trade represents a 8.58% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Insiders own 6.75% of the company's stock.

Wall Street Analysts Forecast Growth

A number of equities analysts have issued reports on the company. Wall Street Zen downgraded Steelcase from a "buy" rating to a "hold" rating in a research report on Saturday, August 9th. Noble Financial downgraded Steelcase from a "strong-buy" rating to a "hold" rating in a research report on Tuesday, August 5th. Two equities research analysts have rated the stock with a Hold rating, According to MarketBeat, the company presently has a consensus rating of "Hold" and a consensus price target of $16.00.

Steelcase Price Performance

Shares of Steelcase stock opened at $16.81 on Friday. The business has a 50 day simple moving average of $14.09 and a two-hundred day simple moving average of $11.79. Steelcase Inc. has a 12 month low of $9.31 and a 12 month high of $17.25. The stock has a market capitalization of $1.93 billion, a P/E ratio of 16.32, a PEG ratio of 1.62 and a beta of 1.26. The company has a debt-to-equity ratio of 0.46, a current ratio of 1.65 and a quick ratio of 1.15.

Steelcase (NYSE:SCS - Get Free Report) last announced its earnings results 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 business had revenue of $779.00 million during the quarter, compared to analysts' expectations of $759.90 million. During the same quarter in the prior year, the firm earned $0.16 earnings per share. The business's 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. As a group, analysts predict that Steelcase Inc. will post 1 EPS for the current fiscal year.

Steelcase Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Monday, July 21st. Investors of record on Monday, July 7th were given 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%.

Steelcase Company 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.

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