Eqis Capital Management Inc. increased its stake in Steelcase Inc. (NYSE:SCS) by 35.4% during the third quarter, Holdings Channel.com reports. The institutional investor owned 42,975 shares of the business services provider’s stock after buying an additional 11,224 shares during the period. Eqis Capital Management Inc.’s holdings in Steelcase were worth $434,000 as of its most recent filing with the SEC.
Other large investors also recently modified their holdings of the company. NEXT Financial Group Inc purchased a new position in shares of Steelcase in the 3rd quarter worth about $33,000. Meeder Asset Management Inc. boosted its holdings in shares of Steelcase by 23.2% in the 3rd quarter. Meeder Asset Management Inc. now owns 7,790 shares of the business services provider’s stock worth $78,000 after buying an additional 1,467 shares during the last quarter. First Bank & Trust boosted its holdings in shares of Steelcase by 48.7% in the 2nd quarter. First Bank & Trust now owns 7,917 shares of the business services provider’s stock worth $95,000 after buying an additional 2,594 shares during the last quarter. Point72 Hong Kong Ltd boosted its holdings in shares of Steelcase by 128.9% in the 2nd quarter. Point72 Hong Kong Ltd now owns 8,093 shares of the business services provider’s stock worth $98,000 after buying an additional 4,558 shares during the last quarter. Finally, LPL Financial LLC purchased a new position in shares of Steelcase in the 3rd quarter worth about $106,000. 68.65% of the stock is currently owned by institutional investors.
In related news, VP Eddy F. Schmitt purchased 30,000 shares of Steelcase stock in a transaction dated Monday, September 28th. The stock was purchased at an average cost of $10.04 per share, for a total transaction of $301,200.00. Following the completion of the acquisition, the vice president now directly owns 89,161 shares of the company’s stock, valued at $895,176.44. The acquisition was disclosed in a legal filing with the SEC, which is available at this link. Also, Director Jennifer C. Niemann sold 4,000 shares of the firm’s stock in a transaction on Monday, October 19th. The shares were sold at an average price of $12.29, for a total value of $49,160.00. Following the transaction, the director now owns 8,728 shares of the company’s stock, valued at $107,267.12. The disclosure for this sale can be found here. 12.97% of the stock is currently owned by corporate insiders.
Shares of SCS opened at $12.53 on Friday. The firm has a market cap of $1.44 billion, a P/E ratio of 10.90 and a beta of 1.59. The stock has a 50 day simple moving average of $11.59 and a two-hundred day simple moving average of $11.19. The company has a debt-to-equity ratio of 0.51, a current ratio of 1.83 and a quick ratio of 1.48. Steelcase Inc. has a 1 year low of $7.02 and a 1 year high of $23.02.
Steelcase (NYSE:SCS) last released its quarterly earnings data on Tuesday, September 22nd. The business services provider reported $0.55 earnings per share for the quarter, beating analysts’ consensus estimates of $0.37 by $0.18. Steelcase had a return on equity of 15.72% and a net margin of 4.33%. The firm had revenue of $818.80 million during the quarter, compared to analyst estimates of $782.67 million. During the same quarter in the prior year, the firm posted $0.50 earnings per share. The business’s quarterly revenue was down 18.0% compared to the same quarter last year.
Several research firms have commented on SCS. Sidoti raised shares of Steelcase from a “neutral” rating to a “buy” rating in a report on Tuesday, September 15th. Benchmark lowered Steelcase from a “buy” rating to a “hold” rating in a research note on Monday, August 24th.
Steelcase Company Profile
Steelcase Inc manufactures and sells integrated furniture settings, user-centered technologies, and interior architectural products. It operates through Americas, EMEA, and Other segments. The company's furniture portfolio includes panels, fence and beam-based furniture systems, storage products, fixed and height-adjustable desks, benches, and tables, as well as complementary products, including worktools and screens.
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