Connable Office Inc. Buys Shares of 16,606 Steelcase Inc. (SCS)

Connable Office Inc. bought a new position in Steelcase Inc. (NYSE:SCS) during the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm bought 16,606 shares of the business services provider’s stock, valued at approximately $307,000.

A number of other hedge funds and other institutional investors also recently modified their holdings of SCS. Principal Financial Group Inc. increased its position in Steelcase by 10.1% in the first quarter. Principal Financial Group Inc. now owns 56,516 shares of the business services provider’s stock worth $769,000 after buying an additional 5,192 shares during the period. Guggenheim Capital LLC acquired a new stake in Steelcase in the first quarter worth $230,000. Millennium Management LLC increased its position in Steelcase by 48.9% in the first quarter. Millennium Management LLC now owns 116,974 shares of the business services provider’s stock worth $1,591,000 after buying an additional 38,403 shares during the period. Legal & General Group Plc increased its position in Steelcase by 59.2% in the first quarter. Legal & General Group Plc now owns 74,219 shares of the business services provider’s stock worth $1,009,000 after buying an additional 27,592 shares during the period. Finally, Xact Kapitalforvaltning AB increased its position in Steelcase by 31.7% in the first quarter. Xact Kapitalforvaltning AB now owns 16,618 shares of the business services provider’s stock worth $226,000 after buying an additional 4,000 shares during the period. 64.19% of the stock is currently owned by hedge funds and other institutional investors.

SCS has been the topic of a number of research analyst reports. ValuEngine raised Steelcase from a “sell” rating to a “hold” rating in a report on Monday, August 20th. Raymond James raised their price target on Steelcase from $16.50 to $20.00 and gave the company an “outperform” rating in a report on Monday, September 24th. TheStreet raised Steelcase from a “c+” rating to a “b” rating in a report on Friday, September 21st. Zacks Investment Research raised Steelcase from a “hold” rating to a “buy” rating and set a $21.00 price target on the stock in a report on Wednesday, September 26th. Finally, Seaport Global Securities raised Steelcase from a “neutral” rating to a “buy” rating and set a $20.00 price target on the stock in a report on Friday, October 12th. One investment analyst has rated the stock with a hold rating and three have assigned a buy rating to the company’s stock. The stock presently has an average rating of “Buy” and a consensus price target of $20.33.

In related 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 transaction of $259,560.00. Following the transaction, the vice president now directly owns 31,490 shares of the company’s stock, valued at $583,824.60. The transaction was disclosed in a filing with the SEC, which is available through this hyperlink. Also, Director Robert C. Pew III sold 16,291 shares of Steelcase stock in a transaction dated Wednesday, October 10th. The stock was sold at an average price of $17.51, for a total value of $285,255.41. Following the transaction, the director now directly owns 255,090 shares in the company, valued at $4,466,625.90. The disclosure for this sale can be found here. Insiders have sold 57,791 shares of company stock worth $1,056,215 over the last three months. Corporate insiders own 17.58% of the company’s stock.

Shares of SCS opened at $17.19 on Friday. The firm has a market cap of $2.02 billion, a PE ratio of 18.89 and a beta of 1.31. The company has a current ratio of 1.34, a quick ratio of 0.94 and a debt-to-equity ratio of 0.35. Steelcase Inc. has a one year low of $13.10 and a one year high of $19.35.

Steelcase (NYSE:SCS) last issued its quarterly earnings results on Friday, September 21st. The business services provider reported $0.41 EPS for the quarter, beating analysts’ consensus estimates of $0.29 by $0.12. The company had revenue of $875.80 million for the quarter, compared to analyst estimates of $873.70 million. Steelcase had a return on equity of 13.97% and a net margin of 2.89%. The company’s quarterly revenue was up 12.9% compared to the same quarter last year. During the same period last year, the company earned $0.26 earnings per share. Sell-side analysts anticipate that Steelcase Inc. will post 1.07 EPS for the current year.

The firm also recently declared a quarterly dividend, which was paid on Monday, October 15th. Stockholders of record on Monday, October 1st were issued a dividend of $0.135 per share. This represents a $0.54 dividend on an annualized basis and a dividend yield of 3.14%. The ex-dividend date was Friday, September 28th. Steelcase’s dividend payout ratio (DPR) is 59.34%.

ILLEGAL ACTIVITY WARNING: This news story was first posted by Sports Perspectives and is the property of of Sports Perspectives. If you are accessing this news story on another site, it was copied illegally and reposted in violation of United States and international trademark & copyright laws. The legal version of this news story can be read at https://sportsperspectives.com/2018/11/09/connable-office-inc-buys-shares-of-16606-steelcase-inc-scs.html.

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.

Read More: How to use beta for portfolio diversification

Institutional Ownership by Quarter for Steelcase (NYSE:SCS)

Receive News & Ratings for Steelcase Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Steelcase and related companies with MarketBeat.com's FREE daily email newsletter.

Leave a Reply