Prudential Financial Inc. Increases Stake in Steelcase Inc. (NYSE:SCS)

Prudential Financial Inc. boosted its position in shares of Steelcase Inc. (NYSE:SCS) by 2.5% during the 2nd quarter, HoldingsChannel.com reports. 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.’s holdings in Steelcase were worth $4,942,000 as of its most recent SEC filing.

Other institutional investors and hedge funds also recently bought and sold shares of the company. Wells Fargo & Company MN lifted its position 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 worth $41,648,000 after buying an additional 600,417 shares during the last quarter. Frontier Capital Management Co. LLC grew its holdings 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 purchasing an additional 396,486 shares during the period. Spark Investment Management LLC lifted its stake in Steelcase by 317.8% during the 1st quarter. Spark Investment Management LLC now owns 272,400 shares of the business services provider’s stock worth $3,963,000 after acquiring an additional 207,200 shares in the last quarter. Alambic Investment Management L.P. lifted its stake in Steelcase by 853.8% during the 1st quarter. Alambic Investment Management L.P. now owns 214,711 shares of the business services provider’s stock worth $3,124,000 after acquiring an additional 192,200 shares in the last quarter. Finally, Allianz Asset Management GmbH lifted its stake in Steelcase by 67.2% during the 2nd quarter. Allianz Asset Management GmbH now owns 424,276 shares of the business services provider’s stock worth $7,255,000 after acquiring an additional 170,447 shares in the last quarter. Institutional investors and hedge funds own 68.04% of the company’s stock.

Several equities research analysts have recently weighed in on SCS shares. Zacks Investment Research lowered 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 report on Wednesday, July 17th. One research analyst has rated the stock with a sell rating, two have assigned a hold rating and one has given a strong buy rating to the company’s stock. The company currently has a consensus rating of “Hold” and an average target price of $19.00.

In other Steelcase news, CAO Lizbeth S. O’shaughnessy sold 20,000 shares of the stock in a transaction on Tuesday, July 9th. The stock was sold at an average price of $17.11, for a total transaction of $342,200.00. Following the completion of the transaction, the chief accounting officer now directly owns 209,840 shares of the company’s stock, valued at approximately $3,590,362.40. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, VP Sara E. Armbruster sold 5,000 shares of the stock in a transaction on Wednesday, July 10th. The shares were sold at an average price of $17.30, for a total value of $86,500.00. Following the transaction, the vice president now directly owns 54,538 shares of the company’s stock, valued at $943,507.40. The disclosure for this sale can be found here. Insiders have sold 147,037 shares of company stock worth $2,557,519 in the last 90 days. 17.58% of the stock is currently owned by insiders.

SCS stock traded up $0.10 during trading on Friday, reaching $16.74. 6,932 shares of the stock traded hands, compared to its average volume of 377,275. The business’s 50 day moving average price is $15.98 and its 200-day moving average price is $16.53. Steelcase Inc. has a 52-week low of $13.96 and a 52-week high of $19.35. The company has a debt-to-equity ratio of 0.78, a current ratio of 1.57 and a quick ratio of 1.13. The firm has a market capitalization of $1.92 billion, a PE ratio of 13.93 and a beta of 1.35.

Steelcase (NYSE:SCS) last issued its earnings results on Wednesday, June 19th. The business services provider reported $0.15 earnings per share for the quarter, missing the Thomson Reuters’ 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 analysts’ expectations of $839.07 million. During the same period in the previous year, the company earned $0.14 EPS. Steelcase’s quarterly revenue was up 9.3% on a year-over-year basis. On average, equities research 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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