Credit Suisse AG raised its stake in shares of Steelcase Inc. (NYSE:SCS) by 34.5% in the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 115,843 shares of the business services provider’s stock after acquiring an additional 29,724 shares during the period. Credit Suisse AG owned approximately 0.10% of Steelcase worth $2,370,000 as of its most recent SEC filing.
Several other institutional investors and hedge funds also recently made changes to their positions in SCS. First Trust Advisors LP increased its position in shares of Steelcase by 66.5% during the first quarter. First Trust Advisors LP now owns 101,404 shares of the business services provider’s stock valued at $1,475,000 after acquiring an additional 40,490 shares during the last quarter. Amundi Pioneer Asset Management Inc. increased its position in shares of Steelcase by 3.0% during the first quarter. Amundi Pioneer Asset Management Inc. now owns 112,156 shares of the business services provider’s stock valued at $1,632,000 after acquiring an additional 3,302 shares during the last quarter. Tower Research Capital LLC TRC acquired a new stake in shares of Steelcase during the third quarter valued at about $74,000. Virtu Financial LLC acquired a new stake in shares of Steelcase during the third quarter valued at about $360,000. Finally, California State Teachers Retirement System increased its position in shares of Steelcase by 1.2% during the third quarter. California State Teachers Retirement System now owns 135,512 shares of the business services provider’s stock valued at $2,493,000 after acquiring an additional 1,619 shares during the last quarter. Institutional investors and hedge funds own 71.59% of the company’s stock.
Shares of SCS stock opened at $11.55 on Thursday. The company has a debt-to-equity ratio of 0.74, a quick ratio of 1.25 and a current ratio of 1.60. The stock has a market capitalization of $1.11 billion, a P/E ratio of 8.88 and a beta of 1.40. The company has a 50 day moving average price of $15.50 and a 200 day moving average price of $17.81. Steelcase Inc. has a fifty-two week low of $7.02 and a fifty-two week high of $23.02.
Steelcase (NYSE:SCS) last announced its quarterly earnings data on Tuesday, March 24th. The business services provider reported $0.39 earnings per share for the quarter, beating analysts’ consensus estimates of $0.32 by $0.07. The firm had revenue of $946.20 million during the quarter, compared to analysts’ expectations of $914.80 million. Steelcase had a net margin of 4.22% and a return on equity of 19.05%. The business’s quarterly revenue was up 3.7% compared to the same quarter last year. During the same quarter in the previous year, the business posted $0.29 earnings per share. On average, research analysts forecast that Steelcase Inc. will post 1.43 EPS for the current fiscal year.
In other Steelcase news, Director Robert C. Pew III sold 50,000 shares of the business’s stock in a transaction that occurred on Tuesday, January 7th. The shares were sold at an average price of $20.00, for a total transaction of $1,000,000.00. Following the completion of the transaction, the director now owns 300,898 shares in the company, valued at approximately $6,017,960. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Robert C. Pew III sold 28,671 shares of the business’s stock in a transaction that occurred on Thursday, January 9th. The stock was sold at an average price of $19.78, for a total transaction of $567,112.38. Following the transaction, the director now owns 250,898 shares of the company’s stock, valued at approximately $4,962,762.44. The disclosure for this sale can be found here. Insiders sold 121,976 shares of company stock valued at $2,415,024 in the last 90 days. Company insiders own 17.04% of the company’s stock.
A number of brokerages have weighed in on SCS. ValuEngine cut shares of Steelcase from a “hold” rating to a “sell” rating in a research report on Friday, January 31st. Sidoti dropped their price objective on shares of Steelcase from $14.00 to $10.00 and set a “neutral” rating for the company in a report on Wednesday. One analyst has rated the stock with a sell rating and four have assigned a hold rating to the company’s stock. The stock currently has a consensus rating of “Hold” and an average price target of $18.00.
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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