Tudor Investment Corp Et Al Buys 8,153 Shares of Steelcase Inc. (NYSE:SCS)

Posted by Defense World Staff on Mar 11th, 2023

Tudor Investment Corp Et Al increased its stake in Steelcase Inc. (NYSE:SCS – Get Rating) by 32.2% in the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 33,486 shares of the business services provider’s stock after acquiring an additional 8,153 shares during the period. Tudor Investment Corp Et Al’s holdings in Steelcase were worth $218,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors also recently modified their holdings of the stock. Point72 Hong Kong Ltd bought a new stake in shares of Steelcase in the 3rd quarter valued at about $49,000. Cubist Systematic Strategies LLC boosted its stake in Steelcase by 153.8% during the 3rd quarter. Cubist Systematic Strategies LLC now owns 175,944 shares of the business services provider’s stock valued at $1,147,000 after purchasing an additional 106,617 shares during the last quarter. Verition Fund Management LLC bought a new position in shares of Steelcase during the 3rd quarter valued at $159,000. Boothbay Fund Management LLC bought a new position in Steelcase in the 3rd quarter worth $159,000. Finally, AXA S.A. bought a new stake in Steelcase during the third quarter valued at about $296,000. Institutional investors own 74.01% of the company’s stock.

Analyst Upgrades and Downgrades

Separately, Benchmark downgraded shares of Steelcase from a “buy” rating to a “hold” rating in a research note on Tuesday, November 29th.

Steelcase Price Performance

Shares of SCS opened at $7.50 on Friday. The firm has a market capitalization of $845.85 million, a PE ratio of 50.00, a price-to-earnings-growth ratio of 1.41 and a beta of 1.36. The company has a debt-to-equity ratio of 0.55, a current ratio of 1.35 and a quick ratio of 0.79. Steelcase Inc. has a 1-year low of $6.20 and a 1-year high of $12.57. The company’s fifty day moving average price is $7.64 and its 200-day moving average price is $8.01.

Steelcase (NYSE:SCS – Get Rating) last posted its earnings results on Monday, December 19th. The business services provider reported $0.20 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.19 by $0.01. The company had revenue of $826.90 million during the quarter. Steelcase had a net margin of 0.55% and a return on equity of 4.85%. On average, equities research analysts predict that Steelcase Inc. will post 0.42 EPS for the current year.

Steelcase Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Friday, January 13th. Stockholders of record on Tuesday, January 3rd were paid a $0.10 dividend. The ex-dividend date was Friday, December 30th. This represents a $0.40 annualized dividend and a dividend yield of 5.33%. Steelcase’s dividend payout ratio (DPR) is 266.67%.

Steelcase Profile

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Steelcase Inc manufactures and sells integrated furniture settings, user-centered technologies, and interior architectural products. It operates through the Americas, EMEA, and Other Category segments. The firm’s furniture portfolio includes panel, fence and beam-based furniture systems, storage products, fixed and height-adjustable desks, benches, and tables, as well as complementary products, including work tools and screens.