Venator Capital Management Ltd. lifted its holdings in shares of Steelcase Inc. (NYSE:SCS) by 16.6% in the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 177,000 shares of the business services provider’s stock after acquiring an additional 25,205 shares during the quarter. Steelcase makes up about 2.9% of Venator Capital Management Ltd.’s portfolio, making the stock its 16th biggest holding. Venator Capital Management Ltd. owned 0.15% of Steelcase worth $3,027,000 at the end of the most recent quarter.
Several other hedge funds and other institutional investors have also modified their holdings of the company. Geode Capital Management LLC raised its stake in shares of Steelcase by 2.5% during the fourth quarter. Geode Capital Management LLC now owns 1,236,936 shares of the business services provider’s stock valued at $18,343,000 after purchasing an additional 30,369 shares during the period. BNP Paribas Arbitrage SA increased its stake in Steelcase by 64.6% during the first quarter. BNP Paribas Arbitrage SA now owns 27,728 shares of the business services provider’s stock valued at $403,000 after purchasing an additional 10,883 shares during the last quarter. Rhumbline Advisers increased its stake in Steelcase by 1.1% during the first quarter. Rhumbline Advisers now owns 129,075 shares of the business services provider’s stock valued at $1,878,000 after purchasing an additional 1,356 shares during the last quarter. California Public Employees Retirement System increased its stake in Steelcase by 2.8% during the first quarter. California Public Employees Retirement System now owns 240,859 shares of the business services provider’s stock valued at $3,504,000 after purchasing an additional 6,654 shares during the last quarter. Finally, Raymond James Financial Services Advisors Inc. increased its stake in Steelcase by 159.5% during the first quarter. Raymond James Financial Services Advisors Inc. now owns 66,457 shares of the business services provider’s stock valued at $967,000 after purchasing an additional 40,846 shares during the last quarter. Institutional investors own 68.05% of the company’s stock.
SCS has been the subject of several recent research reports. Seaport Global Securities lowered shares of Steelcase from a “buy” rating to a “neutral” rating in a research note on Wednesday, July 17th. Zacks Investment Research downgraded shares of Steelcase from a “hold” rating to a “sell” rating in a report on Wednesday, August 14th. One investment analyst has rated the stock with a sell rating, two have assigned a hold rating and one has issued a strong buy rating to the stock. The company currently has an average rating of “Hold” and an average price target of $19.00.
In related news, CFO David C. Sylvester sold 21,017 shares of the company’s stock in a transaction dated Friday, July 12th. The shares were sold at an average price of $17.43, for a total value of $366,326.31. Following the completion of the sale, the chief financial officer now owns 412,816 shares of the company’s stock, valued at $7,195,382.88. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CAO Lizbeth S. O’shaughnessy sold 20,000 shares of the company’s stock in a transaction dated Tuesday, July 9th. The stock was sold at an average price of $17.11, for a total transaction of $342,200.00. Following the completion of the sale, the chief accounting officer now directly owns 209,840 shares of the company’s stock, valued at approximately $3,590,362.40. The disclosure for this sale can be found here. In the last three months, insiders have sold 147,037 shares of company stock valued at $2,557,519. Corporate insiders own 17.04% of the company’s stock.
Shares of SCS traded down $0.03 during midday trading on Monday, hitting $16.76. 296,278 shares of the stock traded hands, compared to its average volume of 364,869. Steelcase Inc. has a 1-year low of $13.96 and a 1-year high of $19.35. The firm has a market capitalization of $1.95 billion, a PE ratio of 13.97 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 price is $15.98 and its two-hundred day moving average price is $16.53.
Steelcase (NYSE:SCS) last announced its quarterly earnings results on Wednesday, June 19th. The business services provider reported $0.15 earnings per share (EPS) for the quarter, missing the consensus estimate 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 for the quarter, compared to analyst estimates of $839.07 million. During the same period last year, the firm posted $0.14 EPS. The business’s revenue was up 9.3% compared to the same quarter last year. As a group, equities research analysts forecast that Steelcase Inc. will post 1.28 EPS for the current fiscal year.
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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