Steelcase Inc. (NYSE:SCS) Stock Holdings Lifted by Clifford Capital Partners LLC

Clifford Capital Partners LLC grew its holdings in shares of Steelcase Inc. (NYSE:SCS) by 15.6% during the second quarter, Holdings Channel reports. The firm owned 36,415 shares of the business services provider’s stock after purchasing an additional 4,921 shares during the period. Clifford Capital Partners LLC’s holdings in Steelcase were worth $472,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also modified their holdings of SCS. Sanctuary Advisors LLC bought a new stake in Steelcase during the second quarter worth approximately $678,000. The Manufacturers Life Insurance Company lifted its position in shares of Steelcase by 3.0% in the 2nd quarter. The Manufacturers Life Insurance Company now owns 48,292 shares of the business services provider’s stock worth $626,000 after acquiring an additional 1,426 shares during the period. Marshall Wace LLP acquired a new position in shares of Steelcase in the second quarter valued at $1,527,000. Sei Investments Co. lifted its holdings in shares of Steelcase by 1.5% during the 2nd quarter. Sei Investments Co. now owns 243,614 shares of the business services provider’s stock worth $3,157,000 after acquiring an additional 3,610 shares during the period. Finally, Renaissance Technologies LLC boosted its position in shares of Steelcase by 380.2% during the 2nd quarter. Renaissance Technologies LLC now owns 133,500 shares of the business services provider’s stock valued at $1,730,000 after acquiring an additional 105,700 shares in the last quarter. Institutional investors and hedge funds own 92.42% of the company’s stock.

Steelcase Stock Performance

Shares of NYSE:SCS opened at $13.20 on Wednesday. The stock has a market capitalization of $1.50 billion, a price-to-earnings ratio of 17.37, a price-to-earnings-growth ratio of 1.30 and a beta of 1.33. The company has a debt-to-equity ratio of 0.48, a current ratio of 1.62 and a quick ratio of 1.15. The business’s fifty day moving average price is $13.44 and its two-hundred day moving average price is $13.05. Steelcase Inc. has a fifty-two week low of $10.29 and a fifty-two week high of $14.74.

Steelcase (NYSE:SCS) last announced its earnings results on Wednesday, September 18th. The business services provider reported $0.39 EPS for the quarter, topping the consensus estimate of $0.37 by $0.02. Steelcase had a return on equity of 14.41% and a net margin of 4.02%. The company had revenue of $855.80 million for the quarter, compared to analysts’ expectations of $864.17 million. During the same quarter in the prior year, the business earned $0.31 earnings per share. The business’s revenue for the quarter was up .1% on a year-over-year basis. As a group, analysts predict that Steelcase Inc. will post 1.02 EPS for the current fiscal year.

Steelcase Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Tuesday, October 15th. Stockholders of record on Monday, September 30th will be given a dividend of $0.10 per share. The ex-dividend date is Monday, September 30th. This represents a $0.40 dividend on an annualized basis and a dividend yield of 3.03%. Steelcase’s payout ratio is 52.63%.

Insider Activity

In related news, CAO Nicole Cherie Mcgrath sold 15,749 shares of the business’s stock in a transaction that occurred on Tuesday, July 23rd. The shares were sold at an average price of $13.94, for a total value of $219,541.06. Following the completion of the transaction, the chief accounting officer now owns 18,453 shares in the company, valued at approximately $257,234.82. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. In related news, SVP Allan W. Smith, Jr. sold 70,444 shares of the business’s stock in a transaction that occurred on Monday, July 22nd. The shares were sold at an average price of $13.84, for a total transaction of $974,944.96. Following the completion of the sale, the senior vice president now directly owns 184,743 shares of the company’s stock, valued at $2,556,843.12. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, CAO Nicole Cherie Mcgrath sold 15,749 shares of the firm’s stock in a transaction that occurred on Tuesday, July 23rd. The shares were sold at an average price of $13.94, for a total transaction of $219,541.06. Following the completion of the transaction, the chief accounting officer now directly owns 18,453 shares in the company, valued at $257,234.82. The disclosure for this sale can be found here. Insiders have sold 160,877 shares of company stock valued at $2,228,248 over the last three months. 12.96% of the stock is owned by insiders.

Analyst Ratings Changes

Separately, Benchmark raised their price target on shares of Steelcase from $17.00 to $18.00 and gave the stock a “buy” rating in a research note on Friday, June 21st.

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.