Acorn Financial Advisory Services Inc. ADV Takes $385,000 Position in Steelcase Inc. $SCS

Acorn Financial Advisory Services Inc. ADV bought a new stake in Steelcase Inc. (NYSE:SCS) in the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor bought 36,960 shares of the business services provider’s stock, valued at approximately $385,000.

Other large investors have also recently bought and sold shares of the company. Jones Financial Companies Lllp boosted its stake in Steelcase by 3,634.2% during the 1st quarter. Jones Financial Companies Lllp now owns 2,950 shares of the business services provider’s stock worth $32,000 after purchasing an additional 2,871 shares during the period. US Bancorp DE boosted its stake in Steelcase by 4,509.8% during the 1st quarter. US Bancorp DE now owns 4,702 shares of the business services provider’s stock worth $52,000 after purchasing an additional 4,600 shares during the period. GAMMA Investing LLC boosted its stake in Steelcase by 1,468.7% during the 1st quarter. GAMMA Investing LLC now owns 5,710 shares of the business services provider’s stock worth $63,000 after purchasing an additional 5,346 shares during the period. Kapitalo Investimentos Ltda acquired a new stake in Steelcase during the 1st quarter worth $121,000. Finally, Virtus Advisers LLC acquired a new stake in Steelcase during the 1st quarter worth $126,000. Institutional investors and hedge funds own 92.42% of the company’s stock.

Steelcase Stock Up 1.2%

Shares of Steelcase stock opened at $16.49 on Tuesday. The company has a market cap of $1.89 billion, a P/E ratio of 16.01, a PEG ratio of 1.49 and a beta of 1.26. The company has a debt-to-equity ratio of 0.44, a quick ratio of 1.18 and a current ratio of 1.66. Steelcase Inc. has a one year low of $9.31 and a one year high of $17.40. The firm has a fifty day moving average of $16.66 and a two-hundred day moving average of $12.62.

Steelcase (NYSE:SCS) last announced its quarterly earnings data on Friday, June 2nd. The business services provider reported $0.23 EPS for the quarter. The company had revenue of $724.80 million during the quarter. Steelcase had a net margin of 2.92% and a return on equity of 13.00%. On average, analysts forecast that Steelcase Inc. will post 1 earnings per share for the current year.

Steelcase Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Monday, October 20th. Stockholders of record on Monday, October 6th will be issued a $0.10 dividend. This represents a $0.40 dividend on an annualized basis and a dividend yield of 2.4%. The ex-dividend date is Monday, October 6th. Steelcase’s dividend payout ratio (DPR) is currently 38.83%.

Wall Street Analysts Forecast Growth

A number of analysts recently weighed in on the stock. Noble Financial cut shares of Steelcase from a “strong-buy” rating to a “hold” rating in a research note on Tuesday, August 5th. Zacks Research upgraded shares of Steelcase from a “hold” rating to a “strong-buy” rating in a research note on Monday, October 6th. Wall Street Zen cut shares of Steelcase from a “buy” rating to a “hold” rating in a research note on Saturday, August 9th. Finally, Weiss Ratings cut shares of Steelcase from a “buy (b-)” rating to a “hold (c)” rating in a research note on Wednesday, October 8th. One equities research analyst has rated the stock with a Strong Buy rating and three have assigned a Hold rating to the company. According to data from MarketBeat.com, Steelcase currently has a consensus rating of “Moderate Buy”.

About Steelcase

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.