Hennion & Walsh Asset Management Inc. increases stock holdings in Steelcase Inc. (NYSE:SCS)

VaselineAugust 24, 2024

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Hennion & Walsh Asset Management Inc. increased its stake in Steelcase Inc. (NYSE:SCS – Free Report) by 45.5% during the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 22,350 shares of the business services provider’s stock after acquiring an additional 6,984 shares during the period. Holdings of Hennion & Walsh Asset Management Inc. holdings in Steelcase were worth $290,000 at the end of the most recent reporting period.

A number of other hedge funds have added to or reduced their stakes in SCS. USA Financial Formulas bought a new stake in shares of Steelcase during the fourth quarter valued at about $28,000. FinTrust Capital Advisors LLC purchased a new position in shares of Steelcase in the fourth quarter valued at about $44,000. Quest Partners LLC bought a new position in shares of Steelcase in the fourth quarter valued at approximately $71,000. SpiderRock Advisors LLC bought a new position in shares of Steelcase in the first quarter worth about $135,000. Finally, DekaBank Deutsche Girozentrale bought a new stake in shares of Steelcase in the first quarter valued at about $141,000. 92.42% of shares are held by hedge funds and other institutional investors.

Insider buying and selling

In related news, VP Donna K. Flynn sold 13,310 shares of the stock in a transaction dated Monday, June 24th. The shares were sold at an average price of $13.72, for a total transaction of $182,613.20. Following the sale, the vice president now directly owns 78,733 shares of the company’s stock, valued at approximately $1,080,216.76. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC’s website. In related news, CFO David C. Sylvester sold 73,184 shares of the business’s stock in a transaction that occurred on Wednesday, July 24th. The shares were sold at an average price of $13.84, for a total value of $1,012,866.56. Following the completion of the transaction, the chief financial officer now directly owns 551,592 shares in the company, valued at approximately $7,634,033.28. The sale was disclosed in a filing with the SEC, which is available via this hyperlink. Also, VP Donna K. Flynn sold 13,310 shares of the business’s stock in a transaction on Monday, June 24th. The shares were sold at an average price of $13.72, for a total value of $182,613.20. Following the transaction, the vice president now directly owns 78,733 shares in the company, valued at $1,080,216.76. The disclosure for this sale can be found here. Insiders sold a total of 174,187 shares of company stock valued at $2,410,861 over the last quarter. Corporate insiders own 12.96% of the company’s shares.

Analyst upgrades and downgrades

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Separately, Benchmark boosted their price objective on Steelcase from $17.00 to $18.00 and gave the stock a “buy” rating in a report on Friday, June 21st.

See the latest stock analysis on Steelcase

Steelcase trading down 1.2%

NYSE:SCS opened at $13.45 on Friday. The firm has a market cap of $1.54 billion, a P/E ratio of 17.70, a PEG ratio of 1.31 and a beta of 1.34. The company has a debt-to-equity ratio of 0.51, a current ratio of 1.61, and a quick ratio of 1.15. Steelcase Inc. it has a one year low of $8.37 and a one year high of $14.74. The company’s 50-day simple moving average is $13.17, and its 200-day simple moving average is $12.93.

Steelcase (NYSE:SCS – Get Your Free Report ) last posted its quarterly earnings results on Thursday, June 20th. The business services provider reported $0.16 EPS for the quarter, topping analysts’ consensus estimates of $0.10 by $0.06. Steelcase had a return on equity of 13.66% and a net margin of 2.89%. The firm had revenue of $727.30 million for the quarter, compared to analysts’ expectations of $729.05 million. During the same period in the previous year, the firm posted EPS of $0.09. The company’s revenue for the quarter was down 3.3% compared to the same quarter last year. As a group, analysts estimate that Steelcase Inc. will show 1 EPS for the current fiscal year.

Steelcase Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Monday, July 15th. Stockholders of record on Wednesday, July 3rd were given a $0.10 dividend. This represents an annualized dividend of $0.40 and a dividend yield of 2.97%. The ex-dividend date was Wednesday, July 3. Steelcase’s dividend payout ratio is currently 52.63%.

Steelcase Company Profile

(Free report)

Steelcase Inc offers a portfolio of furniture and architectural products and services in the United States and internationally. It operates through the Americas and International segments. The company’s furniture portfolio includes furniture systems, chairs, storage, fixed and height-adjustable desks, benches and tables, as well as complementary products such as work accessories, lighting, mobile power and screens.