Cooke & Bieler LP Grows Holdings in Steelcase Inc. (SCS)
Cooke & Bieler LP grew its position in shares of Steelcase Inc. (NYSE:SCS) by 13.6% during the fourth quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 4,255,419 shares of the business services provider’s stock after purchasing an additional 509,585 shares during the period. Cooke & Bieler LP’s holdings in Steelcase were worth $64,682,000 as of its most recent SEC filing.
A number of other large investors have also recently added to or reduced their stakes in the business. New York State Teachers Retirement System purchased a new stake in shares of Steelcase during the third quarter worth $117,000. Public Employees Retirement System of Ohio increased its position in shares of Steelcase by 9.6% during the second quarter. Public Employees Retirement System of Ohio now owns 10,833 shares of the business services provider’s stock worth $152,000 after acquiring an additional 947 shares during the period. Amalgamated Bank increased its position in shares of Steelcase by 3.4% during the second quarter. Amalgamated Bank now owns 10,913 shares of the business services provider’s stock worth $153,000 after acquiring an additional 358 shares during the period. Acadian Asset Management LLC purchased a new stake in shares of Steelcase during the fourth quarter worth $184,000. Finally, Bredin Investment LLC purchased a new stake in shares of Steelcase during the fourth quarter worth $240,000. Institutional investors own 62.79% of the company’s stock.
Separately, Zacks Investment Research lowered Steelcase from a “hold” rating to a “sell” rating in a research report on Tuesday, December 12th. Two research analysts have rated the stock with a sell rating, two have assigned a hold rating and two have assigned a buy rating to the stock. Steelcase has an average rating of “Hold” and an average target price of $16.00.
Steelcase (NYSE:SCS) last posted its quarterly earnings data on Tuesday, December 19th. The business services provider reported $0.22 earnings per share for the quarter, hitting analysts’ consensus estimates of $0.22. Steelcase had a return on equity of 13.62% and a net margin of 3.49%. The business had revenue of $772.10 million for the quarter, compared to analyst estimates of $762.37 million. During the same quarter in the prior year, the company earned $0.30 earnings per share. The company’s revenue was down 1.8% on a year-over-year basis. research analysts forecast that Steelcase Inc. will post 0.81 EPS for the current fiscal year.
The business also recently disclosed a quarterly dividend, which was paid on Monday, January 15th. Stockholders of record on Friday, December 29th were given a dividend of $0.1275 per share. This represents a $0.51 dividend on an annualized basis and a dividend yield of 3.67%. The ex-dividend date was Thursday, December 28th. Steelcase’s dividend payout ratio is currently 57.30%.
In related news, Director Peter M. Wege II sold 13,300 shares of the stock in a transaction on Thursday, January 4th. The stock was sold at an average price of $15.14, for a total value of $201,362.00. Following the transaction, the director now owns 254,244 shares of the company’s stock, valued at $3,849,254.16. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, VP Sara E. Armbruster sold 3,000 shares of the stock in a transaction on Friday, December 22nd. The shares were sold at an average price of $14.80, for a total value of $44,400.00. Following the completion of the transaction, the vice president now directly owns 69,870 shares in the company, valued at approximately $1,034,076. The disclosure for this sale can be found here. 18.87% of the stock is currently owned by corporate insiders.
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Steelcase Inc provides an integrated portfolio of furniture settings, user-centered technologies and interior architectural products. The Company’s segments include Americas, EMEA and Other Category. The Company’s furniture portfolio includes panel-based and freestanding furniture systems and complementary products, such as storage, tables and ergonomic worktools.
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