Fintel reports that Earnest Partners has filed a 13G/A form with the SEC disclosing ownership of 7.18MM shares of Steelcase Inc. (SCS). This represents 7.8% of the company.
In their previous filing dated February 10, 2022 they reported 7.77MM shares and 8.90% of the company, a decrease in shares of 7.61% and a decrease in total ownership of 1.10% (calculated as current - previous percent ownership).
Analyst Price Forecast Suggests 20.00% Upside
As of February 12, 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 20.00% from its latest reported closing price of $7.65.
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%.
What is the Fund Sentiment?
There are 413 funds or institutions reporting positions in Steelcase. This is a decrease of 26 owner(s) or 5.92% in the last quarter. Average portfolio weight of all funds dedicated to SCS is 0.08%, a decrease of 28.45%. Total shares owned by institutions decreased in the last three months by 4.90% to 94,845K shares. The put/call ratio of SCS is 0.40, indicating a bullish outlook.
What are large shareholders doing?
Pzena Investment Management holds 10,608K shares representing 9.39% ownership of the company. In it's prior filing, the firm reported owning 9,254K shares, representing an increase of 12.76%. The firm increased its portfolio allocation in SCS by 10.24% over the last quarter.
Fifth Third Bancorp holds 5,247K shares representing 4.64% ownership of the company. In it's prior filing, the firm reported owning 5,275K 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 3,446K shares representing 3.05% ownership of the company. In it's prior filing, the firm reported owning 3,471K shares, representing a decrease of 0.73%. The firm decreased its portfolio allocation in SCS by 1.63% over the last quarter.
Douglas Lane & Associates holds 3,306K shares representing 2.93% ownership of the company. In it's prior filing, the firm reported owning 3,736K shares, representing a decrease of 13.01%. The firm decreased its portfolio allocation in SCS by 13.48% over the last quarter.
VTSMX - Vanguard Total Stock Market Index Fund Investor Shares holds 2,648K shares representing 2.34% ownership of the company. In it's prior filing, the firm reported owning 2,172K shares, representing an increase of 17.97%. The firm decreased its portfolio allocation in SCS by 22.79% over the last quarter.
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.
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