Steelcase Inc. (NYSE:SCS) Stake Boosted by Strs Ohio

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Strs Ohio grew its stake in shares of Steelcase Inc. (NYSE:SCS) by 3.5% in the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 55,600 shares of the business services provider’s stock after purchasing an additional 1,900 shares during the quarter. Strs Ohio’s holdings in Steelcase were worth $950,000 as of its most recent SEC filing.

Several other large investors also recently bought and sold shares of the company. Quantitative Systematic Strategies LLC acquired a new position in shares of Steelcase during the first quarter worth approximately $160,000. Geode Capital Management LLC boosted its position in shares of Steelcase by 2.5% during the fourth quarter. Geode Capital Management LLC now owns 1,236,936 shares of the business services provider’s stock worth $18,343,000 after buying an additional 30,369 shares during the period. SG Americas Securities LLC boosted its position in shares of Steelcase by 4.1% during the first quarter. SG Americas Securities LLC now owns 92,037 shares of the business services provider’s stock worth $1,339,000 after buying an additional 3,646 shares during the period. Greenleaf Trust boosted its position in shares of Steelcase by 9.9% during the second quarter. Greenleaf Trust now owns 646,133 shares of the business services provider’s stock worth $11,049,000 after buying an additional 57,940 shares during the period. Finally, Rhumbline Advisers boosted its position in shares of Steelcase by 1.1% during the first quarter. Rhumbline Advisers now owns 129,075 shares of the business services provider’s stock worth $1,878,000 after buying an additional 1,356 shares during the period. 66.61% of the stock is owned by institutional investors.

Several brokerages have recently issued reports on SCS. Seaport Global Securities downgraded Steelcase from a “buy” rating to a “neutral” rating in a research report on Wednesday, July 17th. Zacks Investment Research upgraded Steelcase from a “sell” rating to a “hold” rating in a research report on Thursday, August 8th. Three analysts have rated the stock with a hold rating and one has assigned a strong buy rating to the company’s stock. The company currently has a consensus rating of “Buy” and a consensus target price of $19.00.

Shares of NYSE SCS opened at $16.01 on Wednesday. The company has a debt-to-equity ratio of 0.78, a quick ratio of 1.13 and a current ratio of 1.57. The business’s 50 day simple moving average is $16.79. The firm has a market capitalization of $1.90 billion, a P/E ratio of 13.34 and a beta of 1.33. Steelcase Inc. has a 12-month low of $13.55 and a 12-month high of $19.35.

Steelcase (NYSE:SCS) last issued its quarterly earnings data on Wednesday, June 19th. The business services provider reported $0.15 earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of $0.19 by ($0.04). The business had revenue of $824.30 million for the quarter, compared to analyst estimates of $839.07 million. Steelcase had a return on equity of 16.35% and a net margin of 3.61%. The business’s quarterly revenue was up 9.3% on a year-over-year basis. During the same quarter in the prior year, the firm posted $0.14 earnings per share. As a group, equities research analysts forecast that Steelcase Inc. will post 1.28 earnings per share for the current year.

The company also recently announced a quarterly dividend, which was paid on Tuesday, July 16th. Shareholders of record on Monday, July 1st were given a $0.145 dividend. The ex-dividend date was Friday, June 28th. This represents a $0.58 dividend on an annualized basis and a yield of 3.62%. Steelcase’s dividend payout ratio (DPR) is 48.33%.

In other Steelcase news, CEO James P. Keane sold 100,000 shares of the company’s stock in a transaction that occurred on Friday, July 12th. The stock was sold at an average price of $17.45, for a total value of $1,745,000.00. Following the completion of the sale, the chief executive officer now directly owns 808,927 shares in the company, valued at $14,115,776.15. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, VP Sara E. Armbruster sold 5,000 shares of the company’s stock in a transaction that occurred on Wednesday, July 10th. The stock was sold at an average price of $17.30, for a total value of $86,500.00. Following the completion of the sale, the vice president now owns 54,538 shares of the company’s stock, valued at $943,507.40. The disclosure for this sale can be found here. Insiders sold 147,037 shares of company stock valued at $2,557,519 over the last 90 days. 17.04% of the stock is currently owned by insiders.

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.

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Institutional Ownership by Quarter for Steelcase (NYSE:SCS)

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