Lazard Asset Management LLC Makes New $105,000 Investment in Steelcase Inc. (NYSE:SCS)

Lazard Asset Management LLC purchased a new position in Steelcase Inc. (NYSE:SCSGet Rating) in the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor purchased 9,870 shares of the business services provider’s stock, valued at approximately $105,000.

A number of other institutional investors have also bought and sold shares of the business. Pzena Investment Management LLC increased its stake in Steelcase by 17.2% in the 2nd quarter. Pzena Investment Management LLC now owns 9,307,779 shares of the business services provider’s stock worth $99,872,000 after buying an additional 1,368,986 shares in the last quarter. BlackRock Inc. grew its position in shares of Steelcase by 3.6% during the first quarter. BlackRock Inc. now owns 7,932,474 shares of the business services provider’s stock valued at $94,794,000 after purchasing an additional 277,505 shares in the last quarter. Fifth Third Bancorp grew its position in shares of Steelcase by 227.8% during the second quarter. Fifth Third Bancorp now owns 5,436,720 shares of the business services provider’s stock valued at $58,336,000 after purchasing an additional 3,778,016 shares in the last quarter. Dimensional Fund Advisors LP grew its position in shares of Steelcase by 1.4% during the first quarter. Dimensional Fund Advisors LP now owns 4,159,041 shares of the business services provider’s stock valued at $49,701,000 after purchasing an additional 56,728 shares in the last quarter. Finally, Douglas Lane & Associates LLC grew its position in shares of Steelcase by 1,752.8% during the second quarter. Douglas Lane & Associates LLC now owns 3,525,380 shares of the business services provider’s stock valued at $37,827,000 after purchasing an additional 3,335,112 shares in the last quarter. Hedge funds and other institutional investors own 76.11% of the company’s stock.

Steelcase Stock Up 1.1 %

Shares of NYSE:SCS opened at $8.44 on Wednesday. The company has a current ratio of 1.31, a quick ratio of 0.77 and a debt-to-equity ratio of 0.56. Steelcase Inc. has a 12 month low of $6.52 and a 12 month high of $12.93. The company has a 50-day moving average price of $7.70 and a 200 day moving average price of $10.08. The company has a market cap of $951.90 million, a price-to-earnings ratio of 64.93 and a beta of 1.38.

Steelcase (NYSE:SCSGet Rating) last announced its quarterly earnings results on Wednesday, September 21st. The business services provider reported $0.21 EPS for the quarter, beating analysts’ consensus estimates of $0.13 by $0.08. Steelcase had a net margin of 0.50% and a return on equity of 3.15%. The firm had revenue of $863.30 million during the quarter, compared to the consensus estimate of $882.70 million. During the same quarter last year, the firm earned $0.21 EPS. The firm’s revenue for the quarter was up 19.1% compared to the same quarter last year.

Steelcase Cuts Dividend

The firm also recently declared a quarterly dividend, which was paid on Monday, October 17th. Investors of record on Wednesday, October 5th were issued a $0.10 dividend. This represents a $0.40 dividend on an annualized basis and a dividend yield of 4.74%. The ex-dividend date was Tuesday, October 4th. Steelcase’s payout ratio is 307.72%.

Analysts Set New Price Targets

A number of research analysts have recently weighed in on SCS shares. StockNews.com started coverage on Steelcase in a research report on Wednesday, October 12th. They set a “hold” rating for the company. Sidoti upgraded Steelcase from a “neutral” rating to a “buy” rating and set a $11.00 price objective for the company in a research report on Tuesday, October 4th. Finally, Benchmark cut their price objective on Steelcase from $16.00 to $12.00 and set a “buy” rating for the company in a research report on Friday, September 23rd.

Insider Activity at Steelcase

In other news, CEO Sara E. Armbruster acquired 5,735 shares of the firm’s stock in a transaction on Wednesday, September 28th. The stock was acquired at an average price of $6.83 per share, with a total value of $39,170.05. Following the completion of the purchase, the chief executive officer now directly owns 498,511 shares in the company, valued at $3,404,830.13. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. 12.77% of the stock is owned by insiders.

Steelcase Profile

(Get Rating)

Steelcase Inc provides a portfolio of furniture and architectural products in the United States and internationally. It operates through Americas, EMEA, and Other 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, and mobile power and screens.

Read More

Want to see what other hedge funds are holding SCS? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Steelcase Inc. (NYSE:SCSGet Rating).

Institutional Ownership by Quarter for Steelcase (NYSE:SCS)

Receive News & Ratings for Steelcase Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Steelcase and related companies with MarketBeat.com's FREE daily email newsletter.