Providence Capital Advisors LLC Boosts Stock Position in Steelcase Inc. (NYSE:SCS)

Providence Capital Advisors LLC boosted its position in Steelcase Inc. (NYSE:SCS) by 2.8% in the second quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 81,109 shares of the business services provider’s stock after purchasing an additional 2,239 shares during the quarter. Providence Capital Advisors LLC owned approximately 0.07% of Steelcase worth $1,387,000 at the end of the most recent reporting period.

Other hedge funds have also recently added to or reduced their stakes in the company. NEXT Financial Group Inc raised its position in shares of Steelcase by 22.2% in the 2nd quarter. NEXT Financial Group Inc now owns 4,400 shares of the business services provider’s stock valued at $75,000 after purchasing an additional 800 shares during the last quarter. Advisor Group Inc. increased its stake in shares of Steelcase by 25.3% in the second quarter. Advisor Group Inc. now owns 6,313 shares of the business services provider’s stock worth $108,000 after acquiring an additional 1,276 shares during the period. O Shaughnessy Asset Management LLC purchased a new position in shares of Steelcase during the first quarter worth $169,000. AdvisorNet Financial Inc acquired a new position in Steelcase during the second quarter valued at $180,000. Finally, Connable Office Inc. acquired a new position in Steelcase during the first quarter valued at $181,000. 68.04% of the stock is owned by institutional investors and hedge funds.

SCS has been the topic of several analyst reports. Seaport Global Securities downgraded 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 report on Wednesday, August 14th. One research analyst has rated the stock with a sell rating, two have given a hold rating and one has assigned a strong buy rating to the company. Steelcase has a consensus rating of “Hold” and an average target price of $19.00.

In related news, CEO James P. Keane sold 100,000 shares of the business’s stock in a transaction dated Friday, July 12th. The shares were sold at an average price of $17.45, for a total transaction of $1,745,000.00. Following the transaction, the chief executive officer now directly owns 808,927 shares in the company, valued at $14,115,776.15. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, VP Sara E. Armbruster sold 5,000 shares of the company’s stock in a transaction dated Wednesday, July 10th. The shares were sold at an average price of $17.30, for a total transaction of $86,500.00. Following the sale, the vice president now directly owns 54,538 shares of the company’s stock, valued at approximately $943,507.40. The disclosure for this sale can be found here. In the last 90 days, insiders sold 147,037 shares of company stock worth $2,557,519. Company insiders own 17.04% of the company’s stock.

NYSE SCS traded up $0.23 during mid-day trading on Wednesday, reaching $16.60. 25,999 shares of the stock were exchanged, compared to its average volume of 374,151. The company has a market capitalization of $1.90 billion, a P/E ratio of 13.76 and a beta of 1.35. The company has a debt-to-equity ratio of 0.78, a quick ratio of 1.13 and a current ratio of 1.57. The business’s 50 day moving average is $15.99 and its 200-day moving average is $16.53. Steelcase Inc. has a 1 year low of $13.96 and a 1 year high of $19.35.

Steelcase (NYSE:SCS) last released its quarterly earnings data on Wednesday, June 19th. The business services provider reported $0.15 earnings per share for the quarter, missing analysts’ consensus estimates of $0.19 by ($0.04). Steelcase had a net margin of 3.61% and a return on equity of 16.35%. The firm had revenue of $824.30 million during the quarter, compared to analysts’ expectations of $839.07 million. During the same period in the previous year, the firm posted $0.14 EPS. The firm’s quarterly revenue was up 9.3% on a year-over-year basis. Equities analysts predict that Steelcase Inc. will post 1.28 earnings per share for the current fiscal year.

Steelcase 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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