Connable Office Inc. Invests $181,000 in Steelcase Inc. (SCS)

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Connable Office Inc. bought a new stake in Steelcase Inc. (NYSE:SCS) in the first quarter, according to the company in its most recent Form 13F filing with the SEC. The fund bought 12,471 shares of the business services provider’s stock, valued at approximately $181,000.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Spark Investment Management LLC boosted its stake in Steelcase by 317.8% during the 1st quarter. Spark Investment Management LLC now owns 272,400 shares of the business services provider’s stock valued at $3,963,000 after purchasing an additional 207,200 shares during the last quarter. Frontier Capital Management Co. LLC boosted its stake in Steelcase by 44.7% during the 1st quarter. Frontier Capital Management Co. LLC now owns 1,284,415 shares of the business services provider’s stock valued at $18,688,000 after purchasing an additional 396,486 shares during the last quarter. Raymond James Financial Services Advisors Inc. boosted its stake in Steelcase by 159.5% during the 1st quarter. Raymond James Financial Services Advisors Inc. now owns 66,457 shares of the business services provider’s stock valued at $967,000 after purchasing an additional 40,846 shares during the last quarter. California Public Employees Retirement System boosted its stake in Steelcase by 2.8% during the 1st quarter. California Public Employees Retirement System now owns 240,859 shares of the business services provider’s stock valued at $3,504,000 after purchasing an additional 6,654 shares during the last quarter. Finally, D L Carlson Investment Group Inc. boosted its stake in Steelcase by 3.5% during the 1st quarter. D L Carlson Investment Group Inc. now owns 144,385 shares of the business services provider’s stock valued at $2,101,000 after purchasing an additional 4,930 shares during the last quarter. 67.40% of the stock is owned by institutional investors.

Several analysts have commented on the company. Zacks Investment Research upgraded Steelcase from a “sell” rating to a “hold” rating in a research note on Friday, May 10th. Raymond James upgraded Steelcase from an “outperform” rating to a “strong-buy” rating and increased their target price for the company from $20.00 to $21.00 in a research note on Thursday, March 21st. Two research analysts have rated the stock with a hold rating, one has assigned a buy rating and one has assigned a strong buy rating to the company. Steelcase currently has an average rating of “Buy” and an average price target of $19.00.

Shares of SCS opened at $16.92 on Friday. The company has a current ratio of 1.59, a quick ratio of 1.22 and a debt-to-equity ratio of 0.57. Steelcase Inc. has a 12 month low of $13.10 and a 12 month high of $19.35. The firm has a market cap of $2.03 billion, a price-to-earnings ratio of 14.10 and a beta of 1.33.

Steelcase (NYSE:SCS) last issued its earnings results on Tuesday, March 19th. The business services provider reported $0.29 EPS for the quarter, beating the consensus estimate of $0.26 by $0.03. Steelcase had a return on equity of 16.47% and a net margin of 3.66%. The business had revenue of $912.00 million for the quarter, compared to the consensus estimate of $870.60 million. During the same period last year, the business posted $0.24 EPS. The company’s revenue was up 18.0% compared to the same quarter last year. On average, equities research analysts expect that Steelcase Inc. will post 1.3 earnings per share for the current year.

In other news, Director Robert C. Pew III sold 40,230 shares of the stock in a transaction on Tuesday, February 19th. The stock was sold at an average price of $17.52, for a total transaction of $704,829.60. Following the transaction, the director now directly owns 217,890 shares of the company’s stock, valued at approximately $3,817,432.80. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Also, Director Jennifer C. Niemann sold 1,832 shares of the stock in a transaction on Friday, March 29th. The shares were sold at an average price of $14.69, for a total value of $26,912.08. Following the transaction, the director now directly owns 7,746 shares in the company, valued at $113,788.74. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 329,929 shares of company stock worth $5,665,745. Company insiders own 17.58% of the company’s stock.

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About Steelcase

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.

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Institutional Ownership by Quarter for Steelcase (NYSE:SCS)

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