Acorn Financial Advisory Services Inc. ADV Takes $385,000 Position in Steelcase Inc. $SCS

Key Points

• Acorn Financial Advisory Services Inc. has acquired a $385,000 position in Steelcase Inc., purchasing 36,960 shares during the second quarter.
• Steelcase recently declared a quarterly dividend of $0.10 per share, set to be paid on October 20th, with an annualized yield of 2.4%.
• Zacks Research upgraded Steelcase’s rating from "hold" to "strong-buy," while several others have issued hold ratings, contributing to an overall average rating of "Moderate Buy."

Acorn Financial Advisory Services Inc. ADV bought a new position in shares of Steelcase Inc. (NYSE:SCS - Free Report) during the 2nd quarter, according to its most recent disclosure with the SEC. The institutional investor bought 36,960 shares of the business services provider's stock, valued at approximately $385,000.

Several other large investors have also recently added to or reduced their stakes in the business. Vanguard Group Inc. increased its stake in Steelcase by 0.6% during the 1st quarter. Vanguard Group Inc. now owns 10,406,316 shares of the business services provider's stock worth $114,053,000 after buying an additional 65,179 shares during the period. Pzena Investment Management LLC increased its stake in Steelcase by 7.3% during the 2nd quarter. Pzena Investment Management LLC now owns 5,754,832 shares of the business services provider's stock worth $60,023,000 after buying an additional 389,912 shares during the period. Fifth Third Bancorp increased its stake in Steelcase by 0.8% during the 2nd quarter. Fifth Third Bancorp now owns 3,831,334 shares of the business services provider's stock worth $39,961,000 after buying an additional 28,676 shares during the period. American Century Companies Inc. increased its stake in Steelcase by 7.0% during the 1st quarter. American Century Companies Inc. now owns 3,235,986 shares of the business services provider's stock worth $35,466,000 after buying an additional 211,158 shares during the period. Finally, Victory Capital Management Inc. increased its stake in Steelcase by 208.4% during the 1st quarter. Victory Capital Management Inc. now owns 1,413,845 shares of the business services provider's stock worth $15,496,000 after buying an additional 955,431 shares during the period. 92.42% of the stock is owned by hedge funds and other institutional investors.

Steelcase Trading Up 1.2%

NYSE SCS opened at $16.49 on Tuesday. The company has a quick ratio of 1.18, a current ratio of 1.66 and a debt-to-equity ratio of 0.44. Steelcase Inc. has a 52 week low of $9.31 and a 52 week high of $17.40. The stock has a market capitalization of $1.89 billion, a PE ratio of 16.01, a price-to-earnings-growth ratio of 1.49 and a beta of 1.26. The firm has a 50 day moving average of $16.66 and a two-hundred day moving average of $12.62.

Steelcase (NYSE:SCS - Get Free Report) last posted its quarterly earnings results on Friday, June 2nd. The business services provider reported $0.23 EPS for the quarter. Steelcase had a net margin of 2.92% and a return on equity of 13.00%. The company had revenue of $724.80 million during the quarter. As a group, research analysts expect that Steelcase Inc. will post 1 EPS for the current fiscal year.

Steelcase Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Monday, October 20th. Stockholders of record on Monday, October 6th will be issued a $0.10 dividend. The ex-dividend date is Monday, October 6th. This represents a $0.40 annualized dividend and a dividend yield of 2.4%. Steelcase's dividend payout ratio is presently 38.83%.

Analyst Ratings Changes

Several equities research analysts recently weighed in on SCS shares. Zacks Research raised shares of Steelcase from a "hold" rating to a "strong-buy" rating in a research note on Monday, October 6th. Wall Street Zen cut shares of Steelcase from a "buy" rating to a "hold" rating in a report on Saturday, August 9th. Weiss Ratings cut shares of Steelcase from a "buy (b-)" rating to a "hold (c)" rating in a report on Wednesday, October 8th. Finally, Noble Financial cut shares of Steelcase from a "strong-buy" rating to a "hold" rating in a report on Tuesday, August 5th. One investment analyst has rated the stock with a Strong Buy rating and three have issued a Hold rating to the company. According to MarketBeat.com, Steelcase has an average rating of "Moderate Buy".

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.

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:SCS - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.