Charles Schwab Investment Management Inc. Decreases Holdings in Steelcase Inc. (NYSE:SCS)

Charles Schwab Investment Management Inc. lessened its stake in shares of Steelcase Inc. (NYSE:SCS) by 1.2% in the third quarter, according to its most recent Form 13F filing with the SEC. The fund owned 2,077,679 shares of the business services provider’s stock after selling 25,826 shares during the period. Charles Schwab Investment Management Inc. owned about 1.82% of Steelcase worth $28,028,000 as of its most recent SEC filing.

Several other large investors have also recently modified their holdings of the business. Pzena Investment Management LLC increased its stake in shares of Steelcase by 0.5% in the second quarter. Pzena Investment Management LLC now owns 7,092,675 shares of the business services provider’s stock worth $91,921,000 after purchasing an additional 33,024 shares in the last quarter. Dimensional Fund Advisors LP lifted its position in Steelcase by 4.2% during the second quarter. Dimensional Fund Advisors LP now owns 5,297,183 shares of the business services provider’s stock valued at $68,652,000 after purchasing an additional 215,729 shares during the last quarter. Cooke & Bieler LP lifted its holdings in shares of Steelcase by 4.9% in the 2nd quarter. Cooke & Bieler LP now owns 4,002,442 shares of the business services provider’s stock worth $51,872,000 after acquiring an additional 186,596 shares during the last quarter. American Century Companies Inc. lifted its holdings in shares of Steelcase by 13.5% in the 2nd quarter. American Century Companies Inc. now owns 2,450,799 shares of the business services provider’s stock worth $31,762,000 after acquiring an additional 291,070 shares during the last quarter. Finally, Bank of New York Mellon Corp lifted its holdings in shares of Steelcase by 6.5% in the 2nd quarter. Bank of New York Mellon Corp now owns 995,083 shares of the business services provider’s stock worth $12,896,000 after acquiring an additional 60,951 shares during the last quarter. Hedge funds and other institutional investors own 92.42% of the company’s stock.

Analyst Upgrades and Downgrades

Separately, Noble Financial assumed coverage on shares of Steelcase in a report on Wednesday, October 9th. They set an “outperform” rating and a $16.00 price target for the company.

Steelcase Stock Up 0.7 %

Shares of Steelcase stock opened at $13.62 on Thursday. The company has a current ratio of 1.62, a quick ratio of 1.23 and a debt-to-equity ratio of 0.48. The company’s fifty day simple moving average is $13.00 and its two-hundred day simple moving average is $13.17. The company has a market cap of $1.55 billion, a P/E ratio of 12.75, a PEG ratio of 1.37 and a beta of 1.35. Steelcase Inc. has a 12-month low of $11.50 and a 12-month high of $14.74.

Steelcase (NYSE:SCS) last issued its quarterly earnings data on Wednesday, September 18th. The business services provider reported $0.39 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.37 by $0.02. The business had revenue of $855.80 million for the quarter, compared to the consensus estimate of $864.17 million. Steelcase had a net margin of 4.02% and a return on equity of 14.41%. The company’s quarterly revenue was up .1% compared to the same quarter last year. During the same period in the previous year, the firm earned $0.31 EPS. Research analysts anticipate that Steelcase Inc. will post 1 EPS for the current year.

Steelcase Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Tuesday, October 15th. Shareholders of record on Monday, September 30th were given a dividend of $0.10 per share. This represents a $0.40 dividend on an annualized basis and a yield of 2.94%. The ex-dividend date was Monday, September 30th. Steelcase’s payout ratio is currently 37.74%.

Insider Buying and Selling at Steelcase

In other news, VP Robert G. Krestakos sold 4,000 shares of the company’s stock in a transaction dated Tuesday, October 15th. The shares were sold at an average price of $13.11, for a total value of $52,440.00. Following the sale, the vice president now directly owns 119,481 shares of the company’s stock, valued at $1,566,395.91. This represents a 3.24 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Insiders own 12.96% of the company’s stock.

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.