Prudential Financial Inc. Buys 7,140 Shares of Steelcase Inc. (NYSE:SCS)

Prudential Financial Inc. boosted its holdings in shares of Steelcase Inc. (NYSE:SCS) by 2.5% in the second quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 288,968 shares of the business services provider’s stock after purchasing an additional 7,140 shares during the period. Prudential Financial Inc. owned about 0.25% of Steelcase worth $4,942,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also made changes to their positions in SCS. LSV Asset Management increased its stake in shares of Steelcase by 0.9% during the 2nd quarter. LSV Asset Management now owns 2,535,024 shares of the business services provider’s stock worth $43,348,000 after purchasing an additional 23,462 shares during the last quarter. Wells Fargo & Company MN lifted its holdings in Steelcase by 32.7% in the second quarter. Wells Fargo & Company MN now owns 2,435,585 shares of the business services provider’s stock valued at $41,648,000 after acquiring an additional 600,417 shares during the period. Frontier Capital Management Co. LLC raised its stake in shares of Steelcase by 44.7% during the 1st quarter. Frontier Capital Management Co. LLC now owns 1,284,415 shares of the business services provider’s stock worth $18,688,000 after buying an additional 396,486 shares during the period. Geode Capital Management LLC raised its stake in shares of Steelcase by 2.5% during the 4th quarter. Geode Capital Management LLC now owns 1,236,936 shares of the business services provider’s stock worth $18,343,000 after buying an additional 30,369 shares during the period. Finally, Greenleaf Trust raised its stake in shares of Steelcase by 9.9% during the 2nd quarter. Greenleaf Trust now owns 646,133 shares of the business services provider’s stock worth $11,049,000 after buying an additional 57,940 shares during the period. Hedge funds and other institutional investors own 68.04% of the company’s stock.

Several research analysts have weighed in on SCS shares. Zacks Investment Research downgraded Steelcase from a “hold” rating to a “sell” rating in a research note on Wednesday, August 14th. Seaport Global Securities downgraded Steelcase from a “buy” rating to a “neutral” rating in a research report on Wednesday, July 17th. One equities research analyst has rated the stock with a sell rating, two have assigned a hold rating and one has assigned a strong buy rating to the company. The stock has a consensus rating of “Hold” and a consensus price target of $19.00.



In other Steelcase news, CEO James P. Keane sold 100,000 shares of Steelcase stock in a transaction dated Friday, July 12th. The shares were sold at an average price of $17.45, for a total value of $1,745,000.00. Following 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 legal filing with the SEC, which is accessible through this hyperlink. Also, VP Sara E. Armbruster sold 5,000 shares of Steelcase stock in a transaction dated Wednesday, July 10th. The stock was sold at an average price of $17.30, for a total transaction of $86,500.00. Following the completion of the transaction, the vice president now owns 54,538 shares of the company’s stock, valued at approximately $943,507.40. The disclosure for this sale can be found here. Insiders sold 147,037 shares of company stock worth $2,557,519 over the last ninety days. Insiders own 17.58% of the company’s stock.

Shares of SCS traded up $0.10 during mid-day trading on Friday, reaching $16.74. The company’s stock had a trading volume of 6,932 shares, compared to its average volume of 377,275. The business has a fifty day moving average of $15.98 and a 200 day moving average of $16.53. The company has a market cap of $1.92 billion, a price-to-earnings ratio of 13.93 and a beta of 1.35. Steelcase Inc. has a 1 year low of $13.96 and a 1 year high of $19.35. The company has a quick ratio of 1.13, a current ratio of 1.57 and a debt-to-equity ratio of 0.78.

Steelcase (NYSE:SCS) last posted its quarterly earnings results on Wednesday, June 19th. The business services provider reported $0.15 earnings per share for the quarter, missing the Zacks’ consensus estimate of $0.19 by ($0.04). Steelcase had a return on equity of 16.35% and a net margin of 3.61%. The company had revenue of $824.30 million during the quarter, compared to analyst estimates of $839.07 million. During the same period last year, the company posted $0.14 earnings per share. The company’s revenue was up 9.3% compared to the same quarter last year. On average, analysts predict that Steelcase Inc. will post 1.28 earnings per share for the current year.

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, 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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