26,659 Shares in Steelcase Inc. (NYSE:SCS) Acquired by State of Tennessee Treasury Department

State of Tennessee Treasury Department bought a new stake in shares of Steelcase Inc. (NYSE:SCS) during the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm bought 26,659 shares of the business services provider’s stock, valued at approximately $322,000.

A number of other hedge funds and other institutional investors also recently made changes to their positions in SCS. New York State Common Retirement Fund increased its holdings in shares of Steelcase by 0.8% during the first quarter. New York State Common Retirement Fund now owns 1,664,942 shares of the business services provider’s stock valued at $16,433,000 after acquiring an additional 12,799 shares in the last quarter. Pzena Investment Management LLC increased its holdings in Steelcase by 78.3% in the 2nd quarter. Pzena Investment Management LLC now owns 1,495,712 shares of the business services provider’s stock worth $18,038,000 after buying an additional 656,892 shares during the period. Fifth Third Bancorp increased its holdings in Steelcase by 42.0% in the 2nd quarter. Fifth Third Bancorp now owns 1,336,656 shares of the business services provider’s stock worth $16,120,000 after buying an additional 395,469 shares during the period. Nuveen Asset Management LLC increased its holdings in Steelcase by 185.1% in the 1st quarter. Nuveen Asset Management LLC now owns 1,280,965 shares of the business services provider’s stock worth $12,643,000 after buying an additional 831,686 shares during the period. Finally, Frontier Capital Management Co. LLC increased its holdings in Steelcase by 1.8% in the 2nd quarter. Frontier Capital Management Co. LLC now owns 979,438 shares of the business services provider’s stock worth $11,812,000 after buying an additional 17,585 shares during the period. 68.65% of the stock is currently owned by institutional investors and hedge funds.

Shares of NYSE:SCS opened at $10.02 on Wednesday. Steelcase Inc. has a 1 year low of $7.02 and a 1 year high of $23.02. The firm has a market capitalization of $1.15 billion, a price-to-earnings ratio of 8.49 and a beta of 1.58. The company has a debt-to-equity ratio of 0.55, a current ratio of 1.56 and a quick ratio of 1.24. The business’s 50 day moving average price is $10.72 and its 200-day moving average price is $11.13.

Steelcase (NYSE:SCS) last announced its earnings results on Tuesday, June 30th. The business services provider reported ($0.18) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.14) by ($0.04). Steelcase had a net margin of 4.25% and a return on equity of 15.48%. The business had revenue of $482.80 million for the quarter, compared to analysts’ expectations of $530.33 million. During the same quarter last year, the business earned $0.15 EPS. The company’s quarterly revenue was down 41.4% on a year-over-year basis.

Several equities analysts recently weighed in on the stock. Benchmark downgraded shares of Steelcase from a “buy” rating to a “hold” rating in a report on Monday, August 24th. Sidoti upgraded Steelcase from a “neutral” rating to a “buy” rating in a research report on Tuesday. One investment analyst has rated the stock with a sell rating, three have given a hold rating and one has assigned a buy rating to the company. Steelcase currently has an average rating of “Hold” and an average price target of $18.67.

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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