Aigen Investment Management LP Grows Stake in Steelcase Inc. (NYSE:SCS)

27 May 2020, 12:06 by Tristan Rich

Aigen Investment Management LP increased its stake in Steelcase Inc. (NYSE:SCS) by 13.8% in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 21,831 shares of the business services provider’s stock after acquiring an additional 2,639 shares during the period. Aigen Investment Management LP’s holdings in Steelcase were worth $215,000 as of its most recent SEC filing.

Several other large investors have also made changes to their positions in the business. Earnest Partners LLC boosted its position in shares of Steelcase by 5.8% during the fourth quarter. Earnest Partners LLC now owns 7,383,188 shares of the business services provider’s stock valued at $151,060,000 after buying an additional 404,185 shares during the period. LSV Asset Management boosted its position in shares of Steelcase by 15.8% during the fourth quarter. LSV Asset Management now owns 2,997,075 shares of the business services provider’s stock valued at $61,320,000 after buying an additional 408,157 shares during the period. Prudential Financial Inc. boosted its position in shares of Steelcase by 325.9% during the fourth quarter. Prudential Financial Inc. now owns 2,422,002 shares of the business services provider’s stock valued at $49,554,000 after buying an additional 1,853,326 shares during the period. Norges Bank purchased a new position in shares of Steelcase during the fourth quarter valued at approximately $46,605,000. Finally, State Street Corp boosted its position in shares of Steelcase by 2.3% during the fourth quarter. State Street Corp now owns 1,919,564 shares of the business services provider’s stock valued at $39,555,000 after buying an additional 43,740 shares during the period. Institutional investors and hedge funds own 68.67% of the company’s stock.

Several analysts have recently weighed in on SCS shares. Benchmark started coverage on shares of Steelcase in a research note on Friday, May 22nd. They set a “buy” rating for the company. Sidoti decreased their price target on shares of Steelcase from $14.00 to $10.00 and set a “neutral” rating for the company in a research note on Wednesday, March 25th. Finally, ValuEngine downgraded shares of Steelcase from a “hold” rating to a “sell” rating in a research note on Friday, January 31st. One equities research analyst has rated the stock with a sell rating, four have assigned a hold rating and one has issued a buy rating to the company’s stock. Steelcase presently has a consensus rating of “Hold” and a consensus price target of $18.00.

Steelcase stock opened at $11.51 on Wednesday. The company has a 50 day moving average price of $10.16 and a 200-day moving average price of $15.57. The company has a debt-to-equity ratio of 0.72, a quick ratio of 1.41 and a current ratio of 1.72. Steelcase Inc. has a fifty-two week low of $7.02 and a fifty-two week high of $23.02. The company has a market capitalization of $1.32 billion, a PE ratio of 7.67 and a beta of 1.61.

Steelcase (NYSE:SCS) last issued its quarterly earnings data on Wednesday, March 25th. The business services provider reported $0.39 EPS for the quarter, topping analysts’ consensus estimates of $0.32 by $0.07. The company had revenue of $946.20 million during the quarter, compared to the consensus estimate of $914.80 million. Steelcase had a net margin of 5.36% and a return on equity of 19.81%. Steelcase’s revenue for the quarter was up 3.7% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $0.29 earnings per share.

Steelcase Company 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, fence and beam-based furniture systems, storage products, fixed and height-adjustable desks, benches, and tables, as well as complementary products, including worktools.