Commonwealth Equity Services LLC Increases Position in Steelcase Inc. (NYSE:SCS)

Commonwealth Equity Services LLC raised its holdings in shares of Steelcase Inc. (NYSE:SCS) by 3.1% in the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 424,802 shares of the business services provider’s stock after buying an additional 12,846 shares during the period. Commonwealth Equity Services LLC owned about 0.37% of Steelcase worth $5,021,000 at the end of the most recent reporting period.

Several other large investors have also modified their holdings of SCS. Hotchkis & Wiley Capital Management LLC purchased a new position in shares of Steelcase during the third quarter valued at approximately $6,167,000. BNP Paribas Financial Markets boosted its holdings in shares of Steelcase by 322.3% in the third quarter. BNP Paribas Financial Markets now owns 572,269 shares of the business services provider’s stock valued at $7,720,000 after purchasing an additional 436,754 shares during the period. Fifth Third Bancorp boosted its holdings in shares of Steelcase by 7.4% in the fourth quarter. Fifth Third Bancorp now owns 3,579,117 shares of the business services provider’s stock valued at $42,305,000 after purchasing an additional 245,981 shares during the period. Segall Bryant & Hamill LLC purchased a new stake in shares of Steelcase in the third quarter valued at approximately $2,273,000. Finally, Pzena Investment Management LLC boosted its holdings in shares of Steelcase by 2.6% in the fourth quarter. Pzena Investment Management LLC now owns 5,373,342 shares of the business services provider’s stock valued at $63,513,000 after purchasing an additional 133,893 shares during the period. Hedge funds and other institutional investors own 92.42% of the company’s stock.

Steelcase Stock Down 4.0 %

Shares of NYSE SCS opened at $10.55 on Friday. The company has a debt-to-equity ratio of 0.48, a quick ratio of 1.21 and a current ratio of 1.57. The firm has a market capitalization of $1.20 billion, a price-to-earnings ratio of 10.98, a PEG ratio of 1.25 and a beta of 1.33. The stock has a 50 day moving average price of $11.65 and a 200 day moving average price of $12.43. Steelcase Inc. has a 52-week low of $10.51 and a 52-week high of $14.74.

Steelcase (NYSE:SCS) last announced its quarterly earnings results on Wednesday, December 18th. The business services provider reported $0.30 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.23 by $0.07. The firm had revenue of $794.90 million during the quarter, compared to analyst estimates of $796.58 million. Steelcase had a return on equity of 14.20% and a net margin of 3.63%. Steelcase’s quarterly revenue was up 2.2% on a year-over-year basis. During the same quarter in the previous year, the business earned $0.30 earnings per share. Sell-side analysts expect that Steelcase Inc. will post 1 earnings per share for the current year.

Insiders Place Their Bets

In other Steelcase news, VP Robert G. Krestakos sold 5,000 shares of the company’s stock in a transaction on Wednesday, January 22nd. The stock was sold at an average price of $11.74, for a total transaction of $58,700.00. Following the completion of the sale, the vice president now owns 114,481 shares in the company, valued at $1,344,006.94. This represents a 4.18 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. 12.96% of the stock is owned by company insiders.

About Steelcase

Steelcase Inc provides a portfolio of furniture and architectural products and services in the United States and internationally. It operates through Americas and International segments. The company's furniture portfolio includes furniture systems, seating, storage, fixed and height-adjustable desks, benches, and tables, as well as complementary products, such as work accessories, lighting, mobile power, and screens.