Prudential Financial Inc. Buys 79,650 Shares of Steelcase Inc. (SCS)

Prudential Financial Inc. lifted its stake in Steelcase Inc. (NYSE:SCS) by 6.3% during the third quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund owned 1,351,918 shares of the business services provider’s stock after buying an additional 79,650 shares during the quarter. Prudential Financial Inc. owned approximately 1.17% of Steelcase worth $20,819,000 as of its most recent SEC filing.

Other institutional investors and hedge funds also recently modified their holdings of the company. New York State Teachers Retirement System boosted its stake in shares of Steelcase by 4.2% in the first quarter. New York State Teachers Retirement System now owns 7,500 shares of the business services provider’s stock worth $126,000 after buying an additional 300 shares during the last quarter. Chevy Chase Trust Holdings Inc. purchased a new stake in shares of Steelcase in the second quarter worth about $147,000. Public Employees Retirement System of Ohio raised its holdings in Steelcase by 9.6% in the 2nd quarter. Public Employees Retirement System of Ohio now owns 10,833 shares of the business services provider’s stock worth $152,000 after purchasing an additional 947 shares during the period. Amalgamated Bank raised its holdings in Steelcase by 3.4% in the 2nd quarter. Amalgamated Bank now owns 10,913 shares of the business services provider’s stock worth $153,000 after purchasing an additional 358 shares during the period. Finally, AXA acquired a new position in Steelcase in the 2nd quarter worth about $169,000. Hedge funds and other institutional investors own 60.00% of the company’s stock.

Steelcase Inc. (NYSE:SCS) opened at $14.45 on Friday. The firm has a market capitalization of $1,612.87, a PE ratio of 13.63 and a beta of 1.22. Steelcase Inc. has a fifty-two week low of $12.50 and a fifty-two week high of $18.15. The company has a quick ratio of 1.28, a current ratio of 1.63 and a debt-to-equity ratio of 0.37.

Steelcase (NYSE:SCS) last released its quarterly earnings results on Monday, September 18th. The business services provider reported $0.31 earnings per share for the quarter, topping analysts’ consensus estimates of $0.23 by $0.08. Steelcase had a return on equity of 15.72% and a net margin of 3.98%. The company had revenue of $775.60 million during the quarter, compared to analysts’ expectations of $759.83 million. During the same quarter in the prior year, the firm posted $0.32 EPS. Steelcase’s quarterly revenue was up 2.3% compared to the same quarter last year. analysts forecast that Steelcase Inc. will post 0.93 earnings per share for the current fiscal year.

A number of equities analysts recently weighed in on the company. Sidoti cut Steelcase from a “buy” rating to a “neutral” rating and set a $16.00 price target for the company. in a report on Wednesday, September 20th. ValuEngine cut Steelcase from a “buy” rating to a “hold” rating in a report on Friday, September 1st. Zacks Investment Research raised Steelcase from a “sell” rating to a “hold” rating in a report on Thursday, August 24th. TheStreet raised Steelcase from a “c+” rating to a “b-” rating in a report on Tuesday, October 3rd. Finally, BidaskClub cut Steelcase from a “sell” rating to a “strong sell” rating in a report on Monday, July 24th. One investment analyst has rated the stock with a sell rating, three have assigned a hold rating and two have issued a buy rating to the stock. The company has an average rating of “Hold” and a consensus price target of $16.00.

COPYRIGHT VIOLATION WARNING: “Prudential Financial Inc. Buys 79,650 Shares of Steelcase Inc. (SCS)” was posted by Transcript Daily and is owned by of Transcript Daily. If you are accessing this piece of content on another publication, it was copied illegally and republished in violation of US and international trademark and copyright laws. The legal version of this piece of content can be viewed at https://transcriptdaily.com/2017/11/18/prudential-financial-inc-buys-79650-shares-of-steelcase-inc-scs.html.

About Steelcase

Steelcase Inc provides an integrated portfolio of furniture settings, user-centered technologies and interior architectural products. The Company’s segments include Americas, EMEA and Other Category. The Company’s furniture portfolio includes panel-based and freestanding furniture systems and complementary products, such as storage, tables and ergonomic worktools.

Want to see what other hedge funds are holding SCS? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Steelcase Inc. (NYSE:SCS).

Institutional Ownership by Quarter for Steelcase (NYSE:SCS)

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

Leave a Reply