On May 22nd, 2023, Russell Investments Group Ltd. announced that it had trimmed its position in Steelcase Inc. (NYSE:SCS) by 22.3% in the fourth quarter of the previous year. The firm owned 293,759 shares of SCS’s stock after selling 84,130 shares during the period. At the end of Q4, Russell Investments held a whopping $2,077,000 worth of SCS which is a significant decrease compared to their previous holdings.
Steelcase Inc., a business services provider company has been under scrutiny lately with numerous research reports attempting to analyze and provide insights into this organization. TheStreet research report shifted Steelcase’s rating from “b-” to “c+”, whereas StockNews.com provided a buy rating for this company.
Shares for SCS were priced at $6.93 at opening on Monday, May 22nd, with a one-year low of $6.20 and a one-year high of $12.43. Its fifty-day moving average was listed at $7.83 while the two-hundred-day moving average showed as $7.68 with market capitalization at $789.67 million.
A P/E ratio of 23.10 is indicative of Steelcase being overvalued but could be rooted in their price-to-earnings-growth ratio showing promising growth potential with a value of 1:10 and beta also listed as having potential growth (at 1:37). On analyzing their liquidity status we see that it might not be too shabby; holding debt-to-equity ratio to .54 shows that leverage is just about normal alongside listing quick ratios minus any complications or investments (such as inventory) at .94x and current ratios summing up at around 1:47 respectively.
All these numbers can be confusing but overall exhibits another decline within SCS and requires thorough investigations before committing to any buy or sell orders. With all other economic policies and company updates being said, we shall continue monitoring Steelcase’s growth and where it’s headed next.
Steelcase Inc. Attracts Interest from Institutional Investors and Hedge Funds Amid Positive Earnings Report[stock_market_widget type=”chart” template=”basic” color=”#3946CE” assets=”SCS” range=”1mo” interval=”1d” axes=”true” cursor=”true” range_selector=”true” api=”yf”]
Steelcase Inc., a business services provider that specializes in office furniture and space design, has seen an increase in stakeholder interest from institutional investors and hedge funds. Arizona State Retirement System now owns 24,733 shares of Steelcase’s stock valued at $175,000 after purchasing an additional 1,995 shares during the fourth quarter. Similarly, Commonwealth Equity Services LLC lifted its stake in shares of Steelcase by 298.9% during the same period and now owns 277,862 shares of the business services provider’s worth $1,964,000. Pzena Investment Management LLC also raised its stake in Steelcase by 14.6%, holding 10,607,518 shares worth $74,995,000 as of the end of the fourth quarter.
Nisa Investment Advisors LLC recently increased its holdings; increasing its stake in Steelcase by a massive 1,466.3% to own 37,387 shares worth $264,000 as of the end of last year. ProShare Advisors LLC also acquired new stakes in Steelcase last quarter amounting to approximately $79k.
On March 28th and March 30th respectively earlier this year Peter M Wege II – Director at Steelcase Inc- sold some off his holdings amountsing up to over $190k so that he currently directly retains about $1.9m worth of the company’s stock; added to this other insiders who have traded total up to having interests amounting up to roughly twelve percent (12%) ownership interests into the company’s stocks.
Despite these trades and changes among stakeholders within the organization over recent months leading equity research firms such as StockNews.com are encouraging strong commercial growth opportunities through buy directed ratings based on steelcases recent earnings reports which reportedly display an rise on revenue expectations with EPS growing significantly ($0.19 per share rather than analysts’ consensus estimates reporting only $0.06).
Additionally the company has also recently announced to have issued a cash dividend of ten cents ($0.10) per share, which was paid to their shareholders on 14th of April (2017). Whoever owned a share in Steelcase before the ex-dividend date of Tuesday, April 4th were entitled to receive those aforementioned earnings. This year’s dividend payout ratio (DPR) is at2nd percentile as compared to other companies in the industry and Steelcase’s yield which sits at roughly five point eight percent (5.77%). Steelcase Inc.’s earnings report for this year are forecasted by analysts to bring in posts at least $0.63 EPS for this period, based on their previous results it is indicative that this could change overtime.