Legato Capital Management LLC Takes Position in Steelcase Inc. (SCS)

Legato Capital Management LLC bought a new stake in Steelcase Inc. (NYSE:SCS) during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund bought 24,374 shares of the business services provider’s stock, valued at approximately $341,000.

A number of other hedge funds and other institutional investors have also recently made changes to their positions in the company. State Street Corp boosted its position in Steelcase by 4.7% in the fourth quarter. State Street Corp now owns 1,672,046 shares of the business services provider’s stock worth $29,930,000 after buying an additional 75,260 shares in the last quarter. Norges Bank acquired a new position in Steelcase during the fourth quarter worth approximately $21,863,000. Teachers Advisors LLC increased its stake in Steelcase by 2.0% in the fourth quarter. Teachers Advisors LLC now owns 137,048 shares of the business services provider’s stock worth $2,453,000 after buying an additional 2,643 shares during the last quarter. Alpha Windward LLC increased its stake in Steelcase by 2.3% in the first quarter. Alpha Windward LLC now owns 29,880 shares of the business services provider’s stock worth $500,000 after buying an additional 660 shares during the last quarter. Finally, Navellier & Associates Inc increased its stake in Steelcase by 17.7% in the first quarter. Navellier & Associates Inc now owns 122,436 shares of the business services provider’s stock worth $2,051,000 after buying an additional 18,378 shares during the last quarter. 60.55% of the stock is currently owned by institutional investors and hedge funds.

Shares of Steelcase Inc. (NYSE:SCS) traded down 0.77% during midday trading on Friday, hitting $12.95. The company had a trading volume of 493,866 shares. The firm has a market capitalization of $1.53 billion, a PE ratio of 12.67 and a beta of 1.20. The company has a 50-day moving average of $13.60 and a 200 day moving average of $15.76. Steelcase Inc. has a 12 month low of $12.67 and a 12 month high of $18.15.

Steelcase (NYSE:SCS) last released its quarterly earnings results on Wednesday, June 21st. The business services provider reported $0.15 earnings per share for the quarter, missing the Zacks’ consensus estimate of $0.19 by $0.04. The business had revenue of $735.10 million for the quarter, compared to the consensus estimate of $743.27 million. Steelcase had a net margin of 4.04% and a return on equity of 16.37%. The business’s quarterly revenue was up 2.3% on a year-over-year basis. During the same period last year, the firm posted $0.18 EPS. On average, analysts expect that Steelcase Inc. will post $0.96 EPS for the current fiscal year.

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A number of analysts have issued reports on the company. BidaskClub downgraded Steelcase from a “sell” rating to a “strong sell” rating in a research note on Monday, July 24th. TheStreet downgraded Steelcase from a “b-” rating to a “c+” rating in a research report on Thursday, July 20th. Zacks Investment Research downgraded Steelcase from a “hold” rating to a “strong sell” rating in a research report on Wednesday, June 28th. Raymond James Financial, Inc. reissued an “outperform” rating and set a $16.00 target price (down previously from $19.00) on shares of Steelcase in a research report on Friday, June 23rd. Finally, UBS AG downgraded Steelcase from a “strong-buy” rating to an “outperform” rating in a research report on Friday, June 23rd. Two analysts have rated the stock with a sell rating, two have assigned a hold rating and two have assigned a buy rating to the company. The stock presently has an average rating of “Hold” and a consensus target price of $17.50.

In related news, Director Peter M. Wege II sold 14,400 shares of the firm’s stock in a transaction that occurred on Friday, July 14th. The shares were sold at an average price of $13.81, for a total transaction of $198,864.00. Following the transaction, the director now owns 270,180 shares in the company, valued at $3,731,185.80. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. 18.87% of the stock is owned by company insiders.

About Steelcase

Steelcase Inc provides an integrated portfolio of furniture settings, user-centered technologies and interior architectural products. The Company’s segments include Americas, EMEA and Other Category. The Company’s furniture portfolio includes panel-based and freestanding furniture systems and complementary products, such as storage, tables and ergonomic worktools.

Institutional Ownership by Quarter for Steelcase (NYSE:SCS)

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