Steelcase Inc. (NYSE:SCS) Shares Acquired by Envestnet Asset Management Inc.

Envestnet Asset Management Inc. grew its holdings in Steelcase Inc. (NYSE:SCS - Free Report) by 40.4% in the 1st quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor owned 556,520 shares of the business services provider's stock after acquiring an additional 160,030 shares during the quarter. Envestnet Asset Management Inc. owned 0.49% of Steelcase worth $6,099,000 at the end of the most recent reporting period.

Other institutional investors also recently bought and sold shares of the company. Millennium Management LLC lifted its position in Steelcase by 93.6% during the 4th quarter. Millennium Management LLC now owns 694,625 shares of the business services provider's stock worth $8,210,000 after acquiring an additional 335,889 shares during the period. Brandywine Global Investment Management LLC acquired a new stake in Steelcase during the 4th quarter worth about $3,769,000. Prudential Financial Inc. lifted its holdings in shares of Steelcase by 150.6% during the fourth quarter. Prudential Financial Inc. now owns 528,658 shares of the business services provider's stock worth $6,249,000 after purchasing an additional 317,700 shares during the period. Norges Bank acquired a new stake in shares of Steelcase during the fourth quarter worth about $3,279,000. Finally, American Century Companies Inc. lifted its stake in Steelcase by 10.0% during the 4th quarter. American Century Companies Inc. now owns 3,024,828 shares of the business services provider's stock valued at $35,753,000 after acquiring an additional 275,369 shares during the period. 92.42% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

Separately, Wall Street Zen cut Steelcase from a "strong-buy" rating to a "buy" rating in a report on Friday, June 27th.

Steelcase Price Performance

NYSE:SCS traded up $0.07 during trading hours on Friday, reaching $10.58. 498,574 shares of the company were exchanged, compared to its average volume of 1,003,414. The company has a current ratio of 1.65, a quick ratio of 1.15 and a debt-to-equity ratio of 0.46. The stock's 50-day moving average is $10.50 and its 200-day moving average is $10.85. The firm has a market cap of $1.21 billion, a PE ratio of 10.27, a price-to-earnings-growth ratio of 1.01 and a beta of 1.13. Steelcase Inc. has a twelve month low of $9.31 and a twelve month high of $14.74.

Steelcase (NYSE:SCS - Get Free Report) last posted its quarterly earnings data on Wednesday, June 25th. The business services provider reported $0.20 EPS for the quarter, beating the consensus estimate of $0.12 by $0.08. The firm had revenue of $779.00 million during the quarter, compared to the consensus estimate of $759.90 million. Steelcase had a return on equity of 14.49% and a net margin of 3.84%. The firm's revenue was up 7.1% compared to the same quarter last year. During the same period in the prior year, the company earned $0.16 EPS. On average, sell-side analysts anticipate that Steelcase Inc. will post 1 earnings per share for the current fiscal year.

Steelcase Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Monday, July 21st. Investors of record on Monday, July 7th were issued a $0.10 dividend. The ex-dividend date of this dividend was Monday, July 7th. This represents a $0.40 annualized dividend and a dividend yield of 3.78%. Steelcase's dividend payout ratio is presently 38.83%.

Insider Activity at Steelcase

In other Steelcase news, VP Robert G. Krestakos sold 12,000 shares of the firm's stock in a transaction on Friday, July 11th. The stock was sold at an average price of $10.63, for a total value of $127,560.00. Following the completion of the sale, the vice president directly owned 127,912 shares of the company's stock, valued at $1,359,704.56. This trade represents a 8.58% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Corporate insiders own 6.75% of the company's stock.

Steelcase Company 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.