Sanctuary Advisors LLC Makes New $678,000 Investment in Steelcase Inc. (NYSE:SCS)

Sanctuary Advisors LLC purchased a new position in Steelcase Inc. (NYSE:SCS - Free Report) in the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund purchased 56,146 shares of the business services provider's stock, valued at approximately $678,000.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in SCS. Jupiter Asset Management Ltd. increased its stake in Steelcase by 370.7% in the first quarter. Jupiter Asset Management Ltd. now owns 337,839 shares of the business services provider's stock valued at $4,419,000 after purchasing an additional 266,070 shares during the last quarter. O Shaughnessy Asset Management LLC grew its stake in Steelcase by 177.4% during the 1st quarter. O Shaughnessy Asset Management LLC now owns 234,202 shares of the business services provider's stock worth $3,063,000 after buying an additional 149,776 shares during the last quarter. Caxton Associates LP increased its position in Steelcase by 273.3% during the first quarter. Caxton Associates LP now owns 74,266 shares of the business services provider's stock worth $971,000 after buying an additional 54,369 shares during the period. Vanguard Group Inc. lifted its stake in Steelcase by 4.0% in the first quarter. Vanguard Group Inc. now owns 10,153,754 shares of the business services provider's stock valued at $132,811,000 after buying an additional 387,861 shares during the last quarter. Finally, Kingsview Wealth Management LLC acquired a new stake in shares of Steelcase in the first quarter valued at approximately $2,427,000. Institutional investors and hedge funds own 92.42% of the company's stock.

Analyst Upgrades and Downgrades

A number of equities analysts have recently commented on the stock. Noble Financial initiated coverage on shares of Steelcase in a report on Wednesday, October 9th. They issued an "outperform" rating and a $16.00 target price on the stock. Benchmark increased their target price on shares of Steelcase from $17.00 to $18.00 and gave the stock a "buy" rating in a research note on Friday, June 21st.

Steelcase Stock Performance

Shares of Steelcase stock traded up $0.08 during trading hours on Monday, hitting $12.99. 467,121 shares of the company were exchanged, compared to its average volume of 705,053. The business has a 50-day moving average of $13.25 and a 200-day moving average of $13.07. Steelcase Inc. has a 1 year low of $10.29 and a 1 year high of $14.74. The company has a current ratio of 1.62, a quick ratio of 1.23 and a debt-to-equity ratio of 0.48. The stock has a market capitalization of $1.48 billion, a price-to-earnings ratio of 12.25, a P/E/G ratio of 1.24 and a beta of 1.32.

Steelcase (NYSE:SCS - Get Free Report) last announced its quarterly earnings data on Wednesday, September 18th. The business services provider reported $0.39 EPS for the quarter, topping analysts' consensus estimates of $0.37 by $0.02. The company had revenue of $855.80 million during the quarter, compared to the consensus estimate of $864.17 million. Steelcase had a net margin of 4.02% and a return on equity of 14.41%. Steelcase's quarterly revenue was up .1% on a year-over-year basis. During the same quarter in the prior year, the firm earned $0.31 EPS. As a group, analysts expect that Steelcase Inc. will post 1.02 EPS for the current fiscal year.

Steelcase Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, October 15th. Shareholders of record on Monday, September 30th will be issued a $0.10 dividend. This represents a $0.40 dividend on an annualized basis and a yield of 3.08%. The ex-dividend date of this dividend is Monday, September 30th. Steelcase's dividend payout ratio is presently 37.74%.

Insiders Place Their Bets

In other news, CAO Nicole Cherie Mcgrath sold 15,749 shares of the firm's stock in a transaction that occurred on Tuesday, July 23rd. The stock was sold at an average price of $13.94, for a total value of $219,541.06. Following the completion of the sale, the chief accounting officer now directly owns 18,453 shares of the company's stock, valued at $257,234.82. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. In related news, SVP Allan W. Smith, Jr. sold 70,444 shares of the business's stock in a transaction dated Monday, July 22nd. The shares were sold at an average price of $13.84, for a total transaction of $974,944.96. Following the sale, the senior vice president now owns 184,743 shares of the company's stock, valued at approximately $2,556,843.12. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, CAO Nicole Cherie Mcgrath sold 15,749 shares of the company's stock in a transaction dated Tuesday, July 23rd. The stock was sold at an average price of $13.94, for a total transaction of $219,541.06. Following the transaction, the chief accounting officer now owns 18,453 shares in the company, valued at $257,234.82. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 160,877 shares of company stock worth $2,228,248. Company insiders own 12.96% of the company's stock.

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.