Mirae Asset Global Investments Co. Ltd. Acquires New Stake in Steelcase Inc. $SCS

Mirae Asset Global Investments Co. Ltd. acquired a new stake in shares of Steelcase Inc. (NYSE:SCS) in the second quarter, according to the company in its most recent 13F filing with the SEC. The fund acquired 129,169 shares of the business services provider’s stock, valued at approximately $1,347,000. Mirae Asset Global Investments Co. Ltd. owned 0.11% of Steelcase as of its most recent SEC filing.

Several other hedge funds have also made changes to their positions in the company. Harbor Capital Advisors Inc. lifted its holdings in shares of Steelcase by 7.6% in the 2nd quarter. Harbor Capital Advisors Inc. now owns 22,707 shares of the business services provider’s stock worth $237,000 after buying an additional 1,601 shares during the period. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. lifted its holdings in shares of Steelcase by 4.6% in the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 54,999 shares of the business services provider’s stock worth $603,000 after buying an additional 2,403 shares during the period. Diversified Trust Co lifted its holdings in shares of Steelcase by 7.9% in the 1st quarter. Diversified Trust Co now owns 34,300 shares of the business services provider’s stock worth $376,000 after buying an additional 2,499 shares during the period. Jones Financial Companies Lllp lifted its holdings in shares of Steelcase by 3,634.2% in the 1st quarter. Jones Financial Companies Lllp now owns 2,950 shares of the business services provider’s stock worth $32,000 after buying an additional 2,871 shares during the period. Finally, US Bancorp DE lifted its holdings in shares of Steelcase by 4,509.8% in the 1st quarter. US Bancorp DE now owns 4,702 shares of the business services provider’s stock worth $52,000 after buying an additional 4,600 shares during the period. 92.42% of the stock is currently owned by hedge funds and other institutional investors.

Steelcase Trading Down 1.6%

Shares of NYSE:SCS opened at $16.52 on Friday. The business’s 50-day moving average is $16.54 and its 200 day moving average is $12.52. Steelcase Inc. has a 1 year low of $9.31 and a 1 year high of $17.40. The firm has a market capitalization of $1.90 billion, a P/E ratio of 16.04, a P/E/G ratio of 1.53 and a beta of 1.26. The company has a debt-to-equity ratio of 0.44, a current ratio of 1.66 and a quick ratio of 1.18.

Steelcase (NYSE:SCS) last announced its earnings results on Wednesday, September 24th. The business services provider reported $0.45 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.37 by $0.08. The company had revenue of $897.10 million for the quarter, compared to analyst estimates of $878.73 million. Steelcase had a return on equity of 13.00% and a net margin of 2.92%.The firm’s quarterly revenue was up 4.8% compared to the same quarter last year. During the same period in the prior year, the company posted $0.39 EPS. On average, research analysts predict that Steelcase Inc. will post 1 earnings per share for the current fiscal year.

Steelcase Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Monday, October 20th. Stockholders of record on Monday, October 6th will be issued a $0.10 dividend. The ex-dividend date of this dividend is Monday, October 6th. This represents a $0.40 dividend on an annualized basis and a dividend yield of 2.4%. Steelcase’s dividend payout ratio is currently 38.83%.

Wall Street Analysts Forecast Growth

Several equities research analysts have weighed in on the company. Zacks Research upgraded Steelcase from a “hold” rating to a “strong-buy” rating in a report on Monday. Wall Street Zen cut Steelcase from a “buy” rating to a “hold” rating in a report on Saturday, August 9th. Noble Financial cut Steelcase from a “strong-buy” rating to a “hold” rating in a report on Tuesday, August 5th. Finally, Weiss Ratings lowered Steelcase from a “buy (b-)” rating to a “hold (c)” rating in a research report on Wednesday. One 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 currently has a consensus rating of “Moderate Buy”.

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.