Providence Capital Advisors LLC grew its stake in Steelcase Inc. (NYSE:SCS) by 2.8% during the second quarter, HoldingsChannel reports. The firm owned 81,109 shares of the business services provider’s stock after buying an additional 2,239 shares during the quarter. Providence Capital Advisors LLC’s holdings in Steelcase were worth $1,387,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds also recently bought and sold shares of the company. Wells Fargo & Company MN boosted its stake in shares of Steelcase by 32.7% during the second quarter. Wells Fargo & Company MN now owns 2,435,585 shares of the business services provider’s stock valued at $41,648,000 after purchasing an additional 600,417 shares in the last quarter. Frontier Capital Management Co. LLC boosted its position in Steelcase by 44.7% during the first quarter. Frontier Capital Management Co. LLC now owns 1,284,415 shares of the business services provider’s stock valued at $18,688,000 after acquiring an additional 396,486 shares during the last quarter. Barrow Hanley Mewhinney & Strauss LLC grew its holdings in Steelcase by 490.8% during the 2nd quarter. Barrow Hanley Mewhinney & Strauss LLC now owns 280,698 shares of the business services provider’s stock worth $4,800,000 after acquiring an additional 233,188 shares during the period. Spark Investment Management LLC grew its holdings in Steelcase by 317.8% during the 1st quarter. Spark Investment Management LLC now owns 272,400 shares of the business services provider’s stock worth $3,963,000 after acquiring an additional 207,200 shares during the period. Finally, Alambic Investment Management L.P. raised its position in shares of Steelcase by 853.8% in the 1st quarter. Alambic Investment Management L.P. now owns 214,711 shares of the business services provider’s stock worth $3,124,000 after acquiring an additional 192,200 shares in the last quarter. Institutional investors own 68.04% of the company’s stock.

Shares of NYSE:SCS traded up $0.23 during mid-day trading on Wednesday, hitting $16.60. The company had a trading volume of 25,999 shares, compared to its average volume of 374,151. The firm has a fifty day moving average price of $15.99 and a 200 day moving average price of $16.53. The company has a market capitalization of $1.90 billion, a PE ratio of 13.76 and a beta of 1.35. The company has a debt-to-equity ratio of 0.78, a current ratio of 1.57 and a quick ratio of 1.13. Steelcase Inc. has a one year low of $13.96 and a one year high of $19.35.

Steelcase (NYSE:SCS) last issued its earnings results on Wednesday, June 19th. The business services provider reported $0.15 earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of $0.19 by ($0.04). The company had revenue of $824.30 million for the quarter, compared to the consensus estimate of $839.07 million. Steelcase had a return on equity of 16.35% and a net margin of 3.61%. The firm’s revenue was up 9.3% compared to the same quarter last year. During the same period in the prior year, the company earned $0.14 earnings per share. Research analysts expect that Steelcase Inc. will post 1.28 earnings per share for the current fiscal year.

In other Steelcase news, CAO Lizbeth S. O’shaughnessy sold 20,000 shares of the firm’s stock in a transaction that occurred on Tuesday, July 9th. The stock was sold at an average price of $17.11, for a total value of $342,200.00. Following the completion of the sale, the chief accounting officer now owns 209,840 shares of the company’s stock, valued at $3,590,362.40. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, VP Sara E. Armbruster sold 5,000 shares of the business’s stock in a transaction that occurred on Wednesday, July 10th. The shares were sold at an average price of $17.30, for a total value of $86,500.00. Following the sale, the vice president now owns 54,538 shares of the company’s stock, valued at approximately $943,507.40. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 147,037 shares of company stock valued at $2,557,519. Insiders own 17.04% of the company’s stock.

SCS has been the topic of several research analyst reports. Seaport Global Securities lowered Steelcase from a “buy” rating to a “neutral” rating in a research report on Wednesday, July 17th. Zacks Investment Research cut Steelcase from a “hold” rating to a “sell” rating in a research note on Wednesday, August 14th. One analyst has rated the stock with a sell rating, two have assigned a hold rating and one has assigned a strong buy rating to the company’s stock. The company has a consensus rating of “Hold” and a consensus target price of $19.00.

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 Category segments. The company's furniture portfolio includes panel, fence and beam-based furniture systems, storage products, fixed and height-adjustable desks, benches, and tables, as well as complementary products, including worktools.

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Institutional Ownership by Quarter for Steelcase (NYSE:SCS)

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