Freedom Investment Management Inc. Cuts Holdings in Steelcase Inc. $SCS

Freedom Investment Management Inc. decreased its stake in shares of Steelcase Inc. (NYSE:SCS) by 6.7% during the 2nd quarter, Holdings Channel.com reports. The firm owned 34,421 shares of the business services provider’s stock after selling 2,479 shares during the period. Freedom Investment Management Inc.’s holdings in Steelcase were worth $359,000 as of its most recent SEC filing.

Several other large investors also recently bought and sold shares of SCS. Robeco Institutional Asset Management B.V. increased its holdings in Steelcase by 5.8% during the 1st quarter. Robeco Institutional Asset Management B.V. now owns 483,251 shares of the business services provider’s stock worth $5,296,000 after purchasing an additional 26,531 shares during the period. Diversified Trust Co increased its holdings in Steelcase by 7.9% during the 1st quarter. Diversified Trust Co now owns 34,300 shares of the business services provider’s stock worth $376,000 after purchasing an additional 2,499 shares during the period. Envestnet Asset Management Inc. increased its holdings in Steelcase by 40.4% during the 1st quarter. Envestnet Asset Management Inc. now owns 556,520 shares of the business services provider’s stock worth $6,099,000 after purchasing an additional 160,030 shares during the period. Xponance Inc. purchased a new stake in Steelcase during the 1st quarter worth about $269,000. Finally, MQS Management LLC purchased a new stake in Steelcase during the 1st quarter worth about $195,000. Hedge funds and other institutional investors own 92.42% of the company’s stock.

Wall Street Analyst Weigh In

Several research firms have recently issued reports on SCS. Noble Financial cut Steelcase from a “strong-buy” rating to a “hold” rating in a research report on Tuesday, August 5th. Zacks Research raised Steelcase from a “hold” rating to a “strong-buy” rating in a research report on Monday, October 6th. Weiss Ratings cut Steelcase from a “buy (b-)” rating to a “hold (c)” rating in a research report on Wednesday, October 8th. Finally, Wall Street Zen cut Steelcase from a “buy” rating to a “hold” rating in a research report on Saturday, August 9th. One equities research analyst has rated the stock with a Strong Buy rating and three have issued a Hold rating to the company. Based on data from MarketBeat, the stock has an average rating of “Moderate Buy”.

Steelcase Stock Up 0.1%

Steelcase stock opened at $16.77 on Monday. Steelcase Inc. has a twelve month low of $9.31 and a twelve month high of $17.40. The stock has a 50 day moving average of $16.75 and a two-hundred day moving average of $13.00. The company has a current ratio of 1.66, a quick ratio of 1.18 and a debt-to-equity ratio of 0.44. The stock has a market capitalization of $1.92 billion, a price-to-earnings ratio of 16.28, a PEG ratio of 1.53 and a beta of 1.26.

Steelcase (NYSE:SCS) last posted its quarterly earnings data on Friday, June 2nd. The business services provider reported $0.23 earnings per share for the quarter. Steelcase had a return on equity of 13.00% and a net margin of 2.92%.The company had revenue of $724.80 million during the quarter. As a group, research analysts expect that Steelcase Inc. will post 1 earnings per share for the current year.

Steelcase Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Monday, October 20th. Stockholders of record on Monday, October 6th were paid a dividend of $0.10 per share. This represents a $0.40 dividend on an annualized basis and a dividend yield of 2.4%. The ex-dividend date of this dividend was Monday, October 6th. Steelcase’s dividend payout ratio is 38.83%.

Steelcase Profile

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.