Fifth Third Bancorp Acquires 28,676 Shares of Steelcase Inc. $SCS

Key Points

• Fifth Third Bancorp has acquired an additional 28,676 shares of Steelcase Inc., increasing its total holdings to 3,831,334 shares, which represents approximately 3.34% of the company's stock valued at about $39.96 million.
• Multiple institutional investors have significantly increased their stakes in Steelcase, with some reporting increases as high as 4,509.8% in the first quarter.
• Steelcase stock received downgrades from analysts, with Wall Street Zen and Noble Financial changing their rating from buy to hold, reflecting a cautious outlook on the stock's performance.

Fifth Third Bancorp increased its holdings in shares of Steelcase Inc. (NYSE:SCS - Free Report) by 0.8% during the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 3,831,334 shares of the business services provider's stock after buying an additional 28,676 shares during the period. Fifth Third Bancorp owned about 3.34% of Steelcase worth $39,961,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in the business. Jones Financial Companies Lllp lifted its holdings in shares of Steelcase by 3,634.2% during the first quarter. Jones Financial Companies Lllp now owns 2,950 shares of the business services provider's stock worth $32,000 after purchasing an additional 2,871 shares during the period. US Bancorp DE lifted its holdings in Steelcase by 4,509.8% during the 1st quarter. US Bancorp DE now owns 4,702 shares of the business services provider's stock worth $52,000 after buying an additional 4,600 shares during the period. GAMMA Investing LLC grew its position in shares of Steelcase by 1,468.7% in the 1st quarter. GAMMA Investing LLC now owns 5,710 shares of the business services provider's stock valued at $63,000 after buying an additional 5,346 shares during the last quarter. Kapitalo Investimentos Ltda bought a new stake in shares of Steelcase in the 1st quarter valued at about $121,000. Finally, Virtus Advisers LLC acquired a new stake in shares of Steelcase in the first quarter valued at about $126,000. 92.42% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

A number of equities analysts recently commented on SCS shares. Wall Street Zen lowered Steelcase from a "buy" rating to a "hold" rating in a research note on Saturday, August 9th. Noble Financial downgraded shares of Steelcase from a "strong-buy" rating to a "hold" rating in a research report on Tuesday, August 5th. Two analysts have rated the stock with a Hold rating, According to data from MarketBeat, the company currently has an average rating of "Hold" and an average price target of $16.00.

Steelcase Stock Down 1.1%

Shares of Steelcase stock opened at $16.69 on Thursday. The stock's 50-day moving average is $15.10 and its 200 day moving average is $12.07. Steelcase Inc. has a one year low of $9.31 and a one year high of $17.25. The firm has a market cap of $1.91 billion, a price-to-earnings ratio of 16.20, a PEG ratio of 1.61 and a beta of 1.26. The company has a debt-to-equity ratio of 0.46, a current ratio of 1.65 and a quick ratio of 1.15.

Steelcase (NYSE:SCS - Get Free Report) last issued its quarterly earnings results on Wednesday, September 24th. The business services provider reported $0.45 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.37 by $0.08. The firm had revenue of $897.10 million for the quarter, compared to analyst estimates of $878.73 million. Steelcase had a return on equity of 14.49% and a net margin of 3.84%.The company's revenue was up 4.8% compared to the same quarter last year. During the same period in the previous year, the firm earned $0.39 earnings per share. Equities research analysts anticipate that Steelcase Inc. will post 1 EPS for the current year.

Insider Buying and Selling

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 shares were 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 in the company, valued at approximately $1,359,704.56. This trade represents a 8.58% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Insiders own 6.75% 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.

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