Fintel reports that BlackRock has filed a 13G/A form with the SEC disclosing ownership of 7.44MM shares of Steelcase Inc. (SCS). This represents 8.0% of the company.
In their previous filing dated February 1, 2022 they reported 7.65MM shares and 8.80% of the company, a decrease in shares of 2.84% and a decrease in total ownership of 0.80% (calculated as current - previous percent ownership).
Analyst Price Forecast Suggests 17.99% Upside
As of February 2, 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 17.99% from its latest reported closing price of $7.78.
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 28 owner(s) or 6.33%.
Average portfolio weight of all funds dedicated to US:SCS is 0.0819%, a decrease of 27.7763%. Total shares owned by institutions decreased in the last three months by 2.35% to 96,620K shares.
What are large shareholders doing?
Pzena Investment Management holds 10,607,518 shares representing 9.39% ownership of the company. In it's prior filing, the firm reported owning 9,254,046 shares, representing an increase of 12.76%. The firm increased its portfolio allocation in SCS by 10.63% 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 current share price of $7.78 / share, the stock's dividend yield is 5.14%. Looking back five years and taking a sample every week, the average dividend yield has been 3.83%, the lowest has been 2.01%, and the highest has been 6.66%. The standard deviation of yields is 0.94 (n=236).
The current dividend yield is 1.40 standard deviations above the historical average.
Additionally, the company's dividend payout ratio is 3.18. The payout ratio tells us how much of a company's income is paid out in dividends. A payout ratio of one (1.0) means 100% of the company's income is paid in a dividend. A payout ratio greater than one means the company is dipping into savings in order to maintain its dividend - not a healthy situation. Companies with few growth prospects are expected to pay out most of their income in dividends, which typically means a payout ratio between 0.5 and 1.0. Companies with good growth prospects are expected to retain some earnings in order to invest in those growth prospects, which translates to a payout ratio of zero to 0.5.
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.
