Earnest Partners LLC boosted its position in Steelcase Inc. (NYSE:SCS) by 69.5% in the second quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 5,543,166 shares of the business services provider’s stock after buying an additional 2,273,553 shares during the quarter. Earnest Partners LLC’s holdings in Steelcase were worth $94,788,000 as of its most recent filing with the Securities and Exchange Commission (SEC).
Other large investors have also recently added to or reduced their stakes in the company. NEXT Financial Group Inc increased its position in Steelcase by 22.2% in the second quarter. NEXT Financial Group Inc now owns 4,400 shares of the business services provider’s stock worth $75,000 after buying an additional 800 shares during the last quarter. Advisor Group Inc. increased its position in Steelcase by 25.3% in the second quarter. Advisor Group Inc. now owns 6,313 shares of the business services provider’s stock worth $108,000 after buying an additional 1,276 shares during the last quarter. AdvisorNet Financial Inc purchased a new stake in Steelcase in the second quarter worth $180,000. O Shaughnessy Asset Management LLC purchased a new stake in Steelcase in the first quarter worth $169,000. Finally, Connable Office Inc. purchased a new stake in Steelcase in the first quarter worth $181,000. 68.04% of the stock is owned by institutional investors and hedge funds.
Several equities analysts have recently weighed in on SCS shares. Zacks Investment Research cut Steelcase from a “hold” rating to a “sell” rating in a research report on Wednesday, August 14th. Seaport Global Securities cut Steelcase from a “buy” rating to a “neutral” rating in a research report on Wednesday, July 17th. One analyst has rated the stock with a sell rating, two have issued a hold rating and one has given a strong buy rating to the company. The company has a consensus rating of “Hold” and a consensus price target of $19.00.
NYSE:SCS opened at $16.79 on Friday. The firm has a market capitalization of $1.92 billion, a price-to-earnings ratio of 13.99 and a beta of 1.35. Steelcase Inc. has a 52-week low of $13.96 and a 52-week high of $19.35. The stock has a fifty day moving average of $15.98 and a 200 day moving average of $16.53. The company has a debt-to-equity ratio of 0.78, a quick ratio of 1.13 and a current ratio of 1.57.
Steelcase (NYSE:SCS) last posted 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 the consensus estimate of $839.07 million. Steelcase had a net margin of 3.61% and a return on equity of 16.35%. Steelcase’s quarterly revenue was up 9.3% on a year-over-year basis. During the same period in the prior year, the business posted $0.14 EPS. Equities analysts forecast that Steelcase Inc. will post 1.28 earnings per share for the current fiscal year.
In other Steelcase news, CEO James P. Keane sold 100,000 shares of Steelcase stock in a transaction dated Friday, July 12th. The stock was sold at an average price of $17.45, for a total transaction of $1,745,000.00. Following the completion of the sale, the chief executive officer now owns 808,927 shares of the company’s stock, valued at $14,115,776.15. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, CAO Lizbeth S. O’shaughnessy sold 20,000 shares of Steelcase stock in a transaction dated Tuesday, July 9th. The stock was sold at an average price of $17.11, for a total value of $342,200.00. Following the sale, the chief accounting officer now directly owns 209,840 shares of the company’s stock, valued at approximately $3,590,362.40. The disclosure for this sale can be found here. Insiders have sold 147,037 shares of company stock valued at $2,557,519 in the last three months. 17.58% of the stock is owned by corporate insiders.
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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