Hancock Whitney Corp Takes Position in Steelcase Inc. (SCS)

Hancock Whitney Corp purchased a new stake in shares of Steelcase Inc. (NYSE:SCS) in the 4th quarter, according to its most recent filing with the Securities & Exchange Commission. The firm purchased 15,624 shares of the business services provider’s stock, valued at approximately $232,000.

A number of other hedge funds also recently made changes to their positions in the stock. Harel Insurance Investments & Financial Services Ltd. acquired a new position in shares of Steelcase in the 4th quarter valued at $25,000. Cutler Group LP lifted its stake in Steelcase by 157.3% during the 4th quarter. Cutler Group LP now owns 2,006 shares of the business services provider’s stock worth $29,000 after acquiring an additional 5,506 shares in the last quarter. Advisor Group Inc. lifted its stake in Steelcase by 33.3% during the 4th quarter. Advisor Group Inc. now owns 4,285 shares of the business services provider’s stock worth $63,000 after acquiring an additional 1,071 shares in the last quarter. Point72 Hong Kong Ltd acquired a new position in Steelcase during the 3rd quarter worth about $108,000. Finally, New York State Teachers Retirement System acquired a new position in Steelcase during the 4th quarter worth about $111,000. Institutional investors own 69.16% of the company’s stock.

Shares of SCS traded up $0.32 during mid-day trading on Wednesday, reaching $16.80. The company’s stock had a trading volume of 421,300 shares, compared to its average volume of 662,592. Steelcase Inc. has a 12-month low of $13.10 and a 12-month high of $19.35. The company has a market cap of $1.90 billion, a P/E ratio of 14.00 and a beta of 1.26. The company has a debt-to-equity ratio of 0.57, a quick ratio of 0.86 and a current ratio of 1.59.

Steelcase (NYSE:SCS) last released its quarterly earnings data on Tuesday, March 19th. The business services provider reported $0.29 EPS for the quarter, beating analysts’ consensus estimates of $0.26 by $0.03. The business had revenue of $912.00 million for the quarter, compared to the consensus estimate of $870.60 million. Steelcase had a return on equity of 16.47% and a net margin of 3.66%. The business’s revenue for the quarter was up 18.0% on a year-over-year basis. During the same quarter in the prior year, the business posted $0.24 EPS. As a group, analysts predict that Steelcase Inc. will post 1.3 earnings per share for the current fiscal year.

The company also recently announced a quarterly dividend, which was paid on Friday, April 12th. Investors of record on Friday, March 29th were given a $0.145 dividend. The ex-dividend date was Thursday, March 28th. This is a boost from Steelcase’s previous quarterly dividend of $0.14. This represents a $0.58 dividend on an annualized basis and a dividend yield of 3.45%. Steelcase’s dividend payout ratio is 48.33%.

Several research firms recently issued reports on SCS. Zacks Investment Research raised Steelcase from a “sell” rating to a “hold” rating in a research note on Thursday, April 18th. Raymond James upgraded Steelcase from an “outperform” rating to a “strong-buy” rating and upped their price target for the stock from $20.00 to $21.00 in a report on Thursday, March 21st. Two investment analysts have rated the stock with a hold rating, one has issued a buy rating and one has issued a strong buy rating to the stock. The company currently has an average rating of “Buy” and a consensus price target of $19.00.

In related news, Director Robert C. Pew III sold 40,230 shares of the company’s stock in a transaction dated Tuesday, February 19th. The stock was sold at an average price of $17.52, for a total value of $704,829.60. Following the completion of the sale, the director now directly owns 217,890 shares of the company’s stock, valued at approximately $3,817,432.80. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, VP Sara E. Armbruster sold 7,500 shares of the stock in a transaction that occurred on Tuesday, March 26th. The stock was sold at an average price of $15.00, for a total value of $112,500.00. Following the sale, the vice president now directly owns 48,038 shares of the company’s stock, valued at $720,570. The disclosure for this sale can be found here. Over the last three months, insiders sold 117,696 shares of company stock valued at $2,037,949. Insiders own 17.58% of the company’s stock.

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Steelcase Profile

Steelcase Inc manufactures and sells integrated furniture settings, user-centered technologies, and interior architectural products. It operates through Americas, EMEA, and Other Category segments. The company's furniture portfolio includes panel-based furniture systems, storage products, fixed and height-adjustable desks, benches, and tables, as well as other products, including worktools.

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Institutional Ownership by Quarter for Steelcase (NYSE:SCS)

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