Putnam Investments LLC bought a new position in shares of Steelcase Inc. (NYSE:SCS) in the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm bought 117,800 shares of the business services provider’s stock, valued at approximately $1,590,000.

A number of other large investors also recently made changes to their positions in SCS. Russell Investments Group Ltd. raised its position in Steelcase by 111.3% during the 1st quarter. Russell Investments Group Ltd. now owns 1,150,738 shares of the business services provider’s stock worth $15,650,000 after purchasing an additional 606,117 shares during the last quarter. Deprince Race & Zollo Inc. raised its position in shares of Steelcase by 22.6% in the 2nd quarter. Deprince Race & Zollo Inc. now owns 2,925,293 shares of the business services provider’s stock worth $39,491,000 after acquiring an additional 539,088 shares in the last quarter. BlackRock Inc. raised its position in shares of Steelcase by 8.5% in the 2nd quarter. BlackRock Inc. now owns 5,802,959 shares of the business services provider’s stock worth $78,341,000 after acquiring an additional 456,137 shares in the last quarter. Pzena Investment Management LLC raised its position in shares of Steelcase by 14.0% in the 2nd quarter. Pzena Investment Management LLC now owns 3,393,731 shares of the business services provider’s stock worth $45,815,000 after acquiring an additional 416,815 shares in the last quarter. Finally, Dimensional Fund Advisors LP raised its position in shares of Steelcase by 10.1% in the 2nd quarter. Dimensional Fund Advisors LP now owns 4,199,765 shares of the business services provider’s stock worth $56,697,000 after acquiring an additional 386,228 shares in the last quarter. 63.70% of the stock is owned by institutional investors and hedge funds.

In other news, VP Allan W. Smith, Jr. sold 14,000 shares of Steelcase stock in a transaction dated Tuesday, September 25th. The stock was sold at an average price of $18.54, for a total value of $259,560.00. Following the completion of the transaction, the vice president now directly owns 31,490 shares of the company’s stock, valued at approximately $583,824.60. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, Director Jennifer C. Niemann sold 3,400 shares of Steelcase stock in a transaction dated Friday, July 6th. The stock was sold at an average price of $14.17, for a total value of $48,178.00. Following the completion of the transaction, the director now directly owns 3,838 shares of the company’s stock, valued at $54,384.46. The disclosure for this sale can be found here. Company insiders own 17.58% of the company’s stock.

SCS has been the subject of several research analyst reports. Zacks Investment Research raised Steelcase from a “hold” rating to a “buy” rating and set a $16.00 price objective for the company in a research report on Tuesday, June 26th. TheStreet lowered Steelcase from a “b-” rating to a “c+” rating in a research report on Monday, June 25th. ValuEngine raised Steelcase from a “sell” rating to a “hold” rating in a research report on Friday, July 6th. Finally, Raymond James lifted their price objective on Steelcase from $16.50 to $20.00 and gave the stock an “outperform” rating in a research report on Monday. One investment analyst has rated the stock with a hold rating and three have issued a buy rating to the company’s stock. The stock has an average rating of “Buy” and a consensus target price of $20.50.

SCS stock opened at $18.60 on Friday. Steelcase Inc. has a 1-year low of $13.10 and a 1-year high of $19.35. The company has a debt-to-equity ratio of 0.36, a current ratio of 1.61 and a quick ratio of 1.18. The stock has a market capitalization of $2.21 billion, a PE ratio of 19.97 and a beta of 1.33.

Steelcase (NYSE:SCS) last posted its quarterly earnings data on Friday, September 21st. The business services provider reported $0.41 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $0.29 by $0.12. Steelcase had a return on equity of 14.08% and a net margin of 2.89%. The firm had revenue of $875.80 million during the quarter, compared to analyst estimates of $873.70 million. During the same period last year, the company posted $0.26 EPS. The business’s quarterly revenue was up 12.9% on a year-over-year basis. analysts expect that Steelcase Inc. will post 1.08 earnings per share for the current year.

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, October 15th. Stockholders of record on Monday, October 1st will be given a $0.135 dividend. This represents a $0.54 annualized dividend and a dividend yield of 2.90%. The ex-dividend date is Friday, September 28th. Steelcase’s dividend payout ratio (DPR) is presently 59.34%.

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-based furniture systems, storage products, fixed and height-adjustable desks, benches, and tables, as well as other products, including worktools.

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Institutional Ownership by Quarter for Steelcase (NYSE:SCS)

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