Steelcase Inc. (SCS) Holdings Increased by First Trust Advisors LP
First Trust Advisors LP increased its position in shares of Steelcase Inc. (NYSE:SCS) by 51.1% during the 3rd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 193,437 shares of the business services provider’s stock after buying an additional 65,416 shares during the period. First Trust Advisors LP owned about 0.17% of Steelcase worth $2,979,000 at the end of the most recent quarter.
Several other institutional investors have also recently made changes to their positions in SCS. BlackRock Inc. increased its stake in shares of Steelcase by 29,527.3% during the first quarter. BlackRock Inc. now owns 5,656,450 shares of the business services provider’s stock valued at $94,745,000 after buying an additional 5,637,358 shares during the period. Alliancebernstein L.P. increased its stake in shares of Steelcase by 2,481.3% during the second quarter. Alliancebernstein L.P. now owns 3,183,486 shares of the business services provider’s stock valued at $44,569,000 after buying an additional 3,060,155 shares during the period. Vanguard Group Inc. increased its stake in shares of Steelcase by 9.5% during the first quarter. Vanguard Group Inc. now owns 7,590,595 shares of the business services provider’s stock valued at $127,143,000 after buying an additional 659,548 shares during the period. Greenleaf Trust purchased a new position in shares of Steelcase during the second quarter valued at $5,637,000. Finally, LSV Asset Management increased its stake in shares of Steelcase by 20.3% during the second quarter. LSV Asset Management now owns 2,003,533 shares of the business services provider’s stock valued at $28,049,000 after buying an additional 337,467 shares during the period. Hedge funds and other institutional investors own 62.68% of the company’s stock.
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Shares of Steelcase Inc. (NYSE:SCS) opened at $14.75 on Wednesday. Steelcase Inc. has a 12-month low of $12.50 and a 12-month high of $18.15. The firm has a market capitalization of $1,694.10, a PE ratio of 14.31 and a beta of 1.22. The company has a debt-to-equity ratio of 0.37, a quick ratio of 1.28 and a current ratio of 1.63.
Steelcase (NYSE:SCS) last issued its quarterly earnings results on Monday, September 18th. The business services provider reported $0.31 earnings per share for the quarter, topping the consensus estimate of $0.23 by $0.08. The business had revenue of $775.60 million during the quarter, compared to the consensus estimate of $759.83 million. Steelcase had a return on equity of 15.72% and a net margin of 3.98%. The company’s quarterly revenue was up 2.3% on a year-over-year basis. During the same quarter last year, the company earned $0.32 earnings per share. equities analysts expect that Steelcase Inc. will post 0.93 EPS for the current year.
Several equities analysts have recently commented on the company. Sidoti lowered Steelcase from a “buy” rating to a “neutral” rating and set a $16.00 price target on the stock. in a research note on Wednesday, September 20th. ValuEngine downgraded Steelcase from a “buy” rating to a “hold” rating in a research report on Friday, September 1st. TheStreet raised Steelcase from a “c+” rating to a “b-” rating in a research report on Tuesday, October 3rd. Finally, Zacks Investment Research raised Steelcase from a “sell” rating to a “hold” rating in a research report on Thursday, August 24th. One investment analyst has rated the stock with a sell rating, three have given a hold rating and two have assigned a buy rating to the company’s stock. Steelcase presently has a consensus rating of “Hold” and an average target price of $16.00.
Steelcase Inc provides an integrated portfolio of furniture settings, user-centered technologies and interior architectural products. The Company’s segments include Americas, EMEA and Other Category. The Company’s furniture portfolio includes panel-based and freestanding furniture systems and complementary products, such as storage, tables and ergonomic worktools.
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