Fintel reports that Pew Robert C Iii has filed a 13G/A form with the SEC disclosing ownership of 5.13MM shares of Steelcase Inc. (SCS). This represents 5.3% of the company.
In their previous filing dated January 24, 2022 they reported 5.11MM shares and 5.60% of the company, an increase in shares of 0.29% and a decrease in total ownership of 0.30% (calculated as current - previous percent ownership).
Analyst Price Forecast Suggests 23.55% Upside
As of January 29, 2023, the average one-year price target for Steelcase is $9.18. The forecasts range from a low of $7.07 to a high of $11.55. The average price target represents an increase of 23.55% from its latest reported closing price of $7.43.
The projected annual revenue for Steelcase is $3,263MM, an increase of 2.48%. The projected annual EPS is $0.47, an increase of 218.16%.
Fund Sentiment
There are 414 funds or institutions reporting positions in Steelcase. This is a decrease of 29 owner(s) or 6.55%.
Average portfolio weight of all funds dedicated to US:SCS is 0.0885%, a decrease of 21.8453%. Total shares owned by institutions decreased in the last three months by 2.44% to 96,504K shares.
What are large shareholders doing?
Pzena Investment Management holds 9,254,046 shares representing 8.19% ownership of the company. In it's prior filing, the firm reported owning 9,307,779 shares, representing a decrease of 0.58%. The firm decreased its portfolio allocation in SCS by 33.25% over the last quarter.
Earnest Partners holds 7,381,202 shares representing 6.53% ownership of the company. In it's prior filing, the firm reported owning 7,470,325 shares, representing a decrease of 1.21%. The firm decreased its portfolio allocation in SCS by 39.46% over the last quarter.
Fifth Third Bancorp holds 5,246,943 shares representing 4.64% ownership of the company. In it's prior filing, the firm reported owning 5,275,190 shares, representing a decrease of 0.54%. The firm decreased its portfolio allocation in SCS by 0.81% over the last quarter.
Cooke & Bieler holds 3,470,511 shares representing 3.07% ownership of the company. In it's prior filing, the firm reported owning 3,540,006 shares, representing a decrease of 2.00%. The firm decreased its portfolio allocation in SCS by 56.64% over the last quarter.
Douglas Lane & Associates holds 3,305,638 shares representing 2.93% ownership of the company. In it's prior filing, the firm reported owning 3,735,696 shares, representing a decrease of 13.01%. The firm decreased its portfolio allocation in SCS by 13.48% over the last quarter.
Steelcase Declares $0.10 Dividend
Steelcase said on September 22, 2022 that its board of directors declared a regular quarterly dividend of $0.10 per share ($0.40 annualized). Shareholders of record as of October 4, 2022 received the payment on October 17, 2022. Previously, the company paid $0.14 per share.
At the most recent share price of $7.43 / share, the stock's dividend yield was 5.38%. Additionally, the company's dividend payout ratio is 3.18, indicating it is retaining a high percentage of its earnings to reinvest in growth opportunities.
The company's 3-Year dividend growth rate is -0.16%.
Steelcase Background Information
(This description is provided by the company.)
For over 108 years, Steelcase Inc. has helped create great experiences for the world's leading organizations, across industries. The Company demonstrates this through our family of brands - including Steelcase®, Coalesse®, Designtex®, Turnstone®, Smith System®, Orangebox® and AMQ®. Together, they offer a comprehensive portfolio of architecture, furniture and technology products and services designed to unlock human promise and support social, economic and environmental sustainability. The Company is globally accessible through a network of channels, including approximately 800 Steelcase dealer locations. Steelcase is a global, industry-leading and publicly traded company with fiscal 2020 revenue of $3.7 billion.
This story originally appeared on Fintel.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
