40,871 Shares in Steelcase Inc. (NYSE:SCS) Acquired by Prosperity Consulting Group LLC

Prosperity Consulting Group LLC acquired a new position in shares of Steelcase Inc. (NYSE:SCS) during the first quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm acquired 40,871 shares of the business services provider’s stock, valued at approximately $535,000.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Panagora Asset Management Inc. raised its holdings in Steelcase by 80.9% during the fourth quarter. Panagora Asset Management Inc. now owns 242,690 shares of the business services provider’s stock worth $3,281,000 after purchasing an additional 108,542 shares in the last quarter. Vanguard Group Inc. increased its holdings in shares of Steelcase by 1.7% in the 3rd quarter. Vanguard Group Inc. now owns 9,313,399 shares of the business services provider’s stock valued at $104,031,000 after acquiring an additional 159,813 shares during the period. Arjuna Capital increased its holdings in shares of Steelcase by 344.1% in the 4th quarter. Arjuna Capital now owns 140,290 shares of the business services provider’s stock valued at $1,897,000 after acquiring an additional 108,698 shares during the period. Diversified Trust Co increased its holdings in shares of Steelcase by 75.6% in the 3rd quarter. Diversified Trust Co now owns 46,902 shares of the business services provider’s stock valued at $524,000 after acquiring an additional 20,187 shares during the period. Finally, Allianz Asset Management GmbH increased its holdings in shares of Steelcase by 46.5% in the 4th quarter. Allianz Asset Management GmbH now owns 206,890 shares of the business services provider’s stock valued at $2,797,000 after acquiring an additional 65,636 shares during the period. Institutional investors and hedge funds own 92.42% of the company’s stock.

Analyst Ratings Changes

A number of brokerages have recently commented on SCS. StockNews.com raised shares of Steelcase from a “buy” rating to a “strong-buy” rating in a report on Friday, March 29th. Benchmark lifted their target price on shares of Steelcase from $17.00 to $18.00 and gave the company a “buy” rating in a report on Friday, June 21st.

Insiders Place Their Bets

In other Steelcase news, VP Donna K. Flynn sold 13,310 shares of the business’s stock in a transaction on Monday, June 24th. The shares were sold at an average price of $13.72, for a total transaction of $182,613.20. Following the sale, the vice president now directly owns 78,733 shares in the company, valued at approximately $1,080,216.76. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Insiders own 12.96% of the company’s stock.

Steelcase Stock Performance

NYSE:SCS traded down $0.12 during midday trading on Friday, reaching $12.82. The stock had a trading volume of 448,240 shares, compared to its average volume of 814,612. The firm has a fifty day simple moving average of $12.92 and a two-hundred day simple moving average of $12.86. Steelcase Inc. has a 12-month low of $7.38 and a 12-month high of $14.54. The company has a quick ratio of 1.15, a current ratio of 1.61 and a debt-to-equity ratio of 0.51. The stock has a market cap of $1.46 billion, a P/E ratio of 16.88, a P/E/G ratio of 1.29 and a beta of 1.34.

Steelcase (NYSE:SCS) last posted its quarterly earnings data on Thursday, June 20th. The business services provider reported $0.16 earnings per share for the quarter, beating analysts’ consensus estimates of $0.10 by $0.06. The firm had revenue of $727.30 million for the quarter, compared to analyst estimates of $729.05 million. Steelcase had a net margin of 2.89% and a return on equity of 13.66%. Steelcase’s quarterly revenue was down 3.3% on a year-over-year basis. During the same period last year, the firm posted $0.09 EPS. On average, equities analysts expect that Steelcase Inc. will post 1 EPS for the current year.

Steelcase Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Monday, July 15th. Shareholders of record on Wednesday, July 3rd will be given a dividend of $0.10 per share. The ex-dividend date is Wednesday, July 3rd. This represents a $0.40 annualized dividend and a dividend yield of 3.12%. Steelcase’s payout ratio is currently 52.63%.

Steelcase Profile

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.