9,870 Shares in Steelcase Inc. (NYSE:SCS) Acquired by Lazard Asset Management LLC

Lazard Asset Management LLC purchased a new position in Steelcase Inc. (NYSE:SCSGet Rating) during the 2nd quarter, according to the company in its most recent 13F 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.

Several other hedge funds and other institutional investors have also added to or reduced their stakes in SCS. Truist Financial Corp lifted its position in Steelcase by 10.4% in the 1st quarter. Truist Financial Corp now owns 15,489 shares of the business services provider’s stock valued at $185,000 after acquiring an additional 1,454 shares in the last quarter. Envestnet Asset Management Inc. lifted its position in Steelcase by 65.4% in the 1st quarter. Envestnet Asset Management Inc. now owns 393,413 shares of the business services provider’s stock valued at $4,701,000 after acquiring an additional 155,498 shares in the last quarter. Commonwealth Equity Services LLC bought a new position in Steelcase in the 1st quarter valued at approximately $139,000. Victory Capital Management Inc. lifted its position in Steelcase by 154.1% in the 1st quarter. Victory Capital Management Inc. now owns 1,122,720 shares of the business services provider’s stock valued at $13,170,000 after acquiring an additional 680,816 shares in the last quarter. Finally, Advisor Group Holdings Inc. lifted its position in Steelcase by 12.5% in the 1st quarter. Advisor Group Holdings Inc. now owns 36,070 shares of the business services provider’s stock valued at $431,000 after acquiring an additional 3,999 shares in the last quarter. 76.11% of the stock is owned by institutional investors.

Insider Buying and Selling

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

Wall Street Analyst Weigh In

Several equities analysts recently issued reports on SCS shares. Benchmark lowered their price objective on Steelcase from $16.00 to $12.00 and set a “buy” rating on the stock in a research report on Friday, September 23rd. Sidoti raised Steelcase from a “neutral” rating to a “buy” rating and set a $11.00 price target on the stock in a report on Tuesday, October 4th. Finally, StockNews.com started coverage on Steelcase in a report on Wednesday, October 12th. They set a “hold” rating on the stock.

Steelcase Price Performance

NYSE SCS opened at $8.44 on Wednesday. The business’s fifty day moving average price is $7.70 and its 200-day moving average price is $10.08. The stock has a market capitalization of $951.90 million, a price-to-earnings ratio of 64.93 and a beta of 1.38. The company has a debt-to-equity ratio of 0.56, a current ratio of 1.31 and a quick ratio of 0.77. Steelcase Inc. has a 1-year low of $6.52 and a 1-year high of $12.93.

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

Steelcase Cuts Dividend

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

Steelcase Profile

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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.

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Institutional Ownership by Quarter for Steelcase (NYSE:SCS)

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