Published on August 26, 2023, Cornercap Investment Counsel Inc. has revealed significant growth in its holdings of Steelcase Inc. (NYSE:SCS) during the first quarter. According to the firm’s recent filing with the Securities and Exchange Commission, Cornercap Investment Counsel Inc.’s ownership of shares in the business services provider increased by 119.6%. The institutional investor now holds 144,613 shares of Steelcase’s stock, having purchased an additional 78,753 shares during the quarter. At the end of the reporting period, Cornercap Investment Counsel Inc.’s stake in Steelcase was valued at $1,218,000.
Steelcase (NYSE:SCS) recently released its quarterly earnings data on Thursday, June 22nd. The company reported earnings per share (EPS) of $0.09 for the quarter, surpassing analysts’ consensus estimates by $0.08. Steelcase generated revenue of $751.90 million during the quarter, exceeding the consensus estimate of $719.23 million.
The business services provider boasted a net margin of 1.49% and a return on equity of 9.95%. Steelcase’s quarterly revenue demonstrated a growth rate of 1.5% compared to the previous year’s figures. In contrast, during the same period last year, the company recorded earnings per share ($0.05). Analysts predict that Steelcase Inc. will achieve earnings per share of 0.57 for this fiscal year.
Steelcase is a well-established player in providing innovative office furniture solutions and space management services worldwide. The company offers an extensive range of products designed to enhance workplaces and promote collaboration among employees.
Cornercap Investment Counsel Inc.’s significant increase in its holdings reflects its confidence in Steelcase’s potential for growth and profitability in today’s evolving office landscape.
As offices continue to adapt to new work models and changing workforce dynamics brought about by technological advancements and the COVID-19 pandemic, innovative solutions to enhance productivity and employee satisfaction are increasingly valued. Steelcase’s commitment to creating more efficient and inspiring work environments positions it well to benefit from these market trends.
Steelcase’s ability to exceed analysts’ expectations for its most recent quarter indicates that the company is effectively navigating the challenges posed by a rapidly changing business landscape. With a focus on providing ergonomic and flexible office solutions, Steelcase remains positioned as a leader in the industry.
Investors like Cornercap Investment Counsel Inc. recognize Steelcase’s potential for long-term success in an ever-evolving market, fueling their investment in the company’s stock. As businesses continue to invest in improving their workplace environments for employees, Steelcase is well-positioned to capture this demand and drive growth.
In conclusion, Cornercap Investment Counsel Inc.’s increased holdings reflect its confidence in Steelcase’s ability to achieve solid financial performance amidst shifting market dynamics. With a track record of exceeding expectations and an expansive range of innovative office solutions, Steelcase stands poised for continued success in the business services industry.
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Institutional Investors Show Interest in Steelcase as Research Firms Assess Performance
Institutional investors have shown interest in Steelcase, a business services provider, by making changes to their positions in the company. Point72 Hong Kong Ltd recently acquired a new stake in Steelcase during the first quarter, valued at approximately $33,000. Captrust Financial Advisors also increased its position in Steelcase by 179.6% during the same period, now owning 4,141 shares worth $49,000. Tower Research Capital LLC TRC saw a significant increase of 208.9% in its position in Steelcase during the first quarter, holding 6,091 shares valued at $51,000. Point72 Middle East FZE purchased a new stake in Steelcase in the fourth quarter with a value of $65,000, while Two Sigma Investments LP bought a new stake worth about $72,000 in the same period. Institutional investors collectively own 67.66% of the company’s stock.
On Friday, August 26th, Steelcase stock traded at $8.45 during midday trading with a volume of 92,326 shares exchanged. This is compared to its average volume of 846,497 shares. The company has a debt-to-equity ratio of 0.54 and a current ratio of 1.53 with a market cap of $963.30 million and PE ratio of 20.46. Moreover, Steelcase’s beta is recorded as 1.42 while it holds a P/E/G ratio of 1.51.
Steelcase Inc.’s recent announcement includes the quarterly dividend distribution that was paid on Monday, July 17th to shareholders who were recorded on Thursday, July 6th and issued a dividend totaling $0.10 per share. The ex-dividend date for this distribution was Wednesday, July 5th resulting in an annualized dividend payout ratio of 97%. As for yield percentages, this represents a yield of 4.73%.
Research firms have also been assessing Steelcase’s performance. StockNews.com recently initiated coverage on the company, providing a “buy” rating on the stock. However, TheStreet downgraded Steelcase’s rating from “b-” to “c+” in a research report on Friday, May 12th. Additionally, Sidoti decreased their price target for Steelcase from $12.00 to $11.00 in a research note published on Thursday, June 22nd.
Overall, institutional investors continue to show interest and make changes to their positions in Steelcase Inc., reflecting their confidence in the company’s future prospects. While there have been mixed reviews from various research firms, it will be interesting to see how Steelcase performs in the coming months and whether it can meet the expectations of its stakeholders.
