Prosperity Consulting Group LLC Acquires New Holdings in Steelcase Inc. (NYSE:SCS)

Prosperity Consulting Group LLC acquired a new stake in shares of Steelcase Inc. (NYSE:SCS) during the first quarter, HoldingsChannel reports. The firm acquired 40,871 shares of the business services provider’s stock, valued at approximately $535,000.

A number of other hedge funds and other institutional investors have also modified their holdings of the stock. Vanguard Group Inc. raised its stake in shares of Steelcase by 4.9% during the fourth quarter. Vanguard Group Inc. now owns 9,765,893 shares of the business services provider’s stock valued at $132,035,000 after purchasing an additional 452,494 shares in the last quarter. Dimensional Fund Advisors LP raised its stake in shares of Steelcase by 8.0% during the fourth quarter. Dimensional Fund Advisors LP now owns 4,752,105 shares of the business services provider’s stock valued at $64,249,000 after purchasing an additional 352,078 shares in the last quarter. Jacobs Levy Equity Management Inc. raised its position in Steelcase by 24.7% in the third quarter. Jacobs Levy Equity Management Inc. now owns 966,499 shares of the business services provider’s stock worth $10,796,000 after acquiring an additional 191,361 shares in the last quarter. Earnest Partners LLC raised its position in Steelcase by 3.3% in the third quarter. Earnest Partners LLC now owns 883,007 shares of the business services provider’s stock worth $9,863,000 after acquiring an additional 28,294 shares in the last quarter. Finally, AQR Capital Management LLC raised its position in Steelcase by 33.9% in the third quarter. AQR Capital Management LLC now owns 838,339 shares of the business services provider’s stock worth $9,364,000 after acquiring an additional 212,345 shares in the last quarter. 92.42% of the stock is currently owned by institutional investors.

Steelcase Price Performance

Steelcase stock traded down $0.12 during midday trading on Friday, hitting $12.82. The company’s stock had a trading volume of 448,240 shares, compared to its average volume of 814,612. The stock’s 50-day moving average price is $12.92 and its 200-day moving average price is $12.86. The company has a market capitalization of $1.46 billion, a PE ratio of 16.88, a price-to-earnings-growth ratio of 1.29 and a beta of 1.34. Steelcase Inc. has a 12 month low of $7.38 and a 12 month high of $14.54. The company has a quick ratio of 1.15, a current ratio of 1.61 and a debt-to-equity ratio of 0.51.

Steelcase (NYSE:SCS) last issued its quarterly earnings results on Thursday, June 20th. The business services provider reported $0.16 earnings per share for the quarter, topping analysts’ consensus estimates of $0.10 by $0.06. The firm had revenue of $727.30 million for the quarter, compared to analysts’ expectations of $729.05 million. Steelcase had a return on equity of 13.66% and a net margin of 2.89%. Steelcase’s revenue was down 3.3% on a year-over-year basis. During the same quarter last year, the business posted $0.09 EPS. Analysts anticipate that Steelcase Inc. will post 1 earnings per share for the current fiscal year.

Steelcase Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Monday, July 15th. Investors of record on Wednesday, July 3rd will be paid a $0.10 dividend. The ex-dividend date is Wednesday, July 3rd. This represents a $0.40 dividend on an annualized basis and a yield of 3.12%. Steelcase’s dividend payout ratio is currently 52.63%.

Insider Buying and Selling

In related news, VP Donna K. Flynn sold 13,310 shares of Steelcase stock in a transaction dated Monday, June 24th. The stock was sold at an average price of $13.72, for a total value of $182,613.20. Following the transaction, the vice president now owns 78,733 shares of the company’s stock, valued at approximately $1,080,216.76. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. 12.96% of the stock is currently owned by company insiders.

Wall Street Analysts Forecast Growth

SCS has been the topic of several research reports. Benchmark boosted their price target on shares of Steelcase from $17.00 to $18.00 and gave the stock a “buy” rating in a research report on Friday, June 21st. StockNews.com upgraded shares of Steelcase from a “buy” rating to a “strong-buy” rating in a research report on Friday, March 29th.

Steelcase Profile

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.