State Board of Administration of Florida Retirement System Has $1.93 Million Holding in Steelcase Inc. (SCS)

State Board of Administration of Florida Retirement System Has $1.93 Million Holding in Steelcase Inc. (SCS)

State Board of Administration of Florida Retirement System increased its position in Steelcase Inc. (NYSE:SCS) by 54.0% during the first quarter, Holdings Channel reports. The fund owned 115,003 shares of the business services provider’s stock after buying an additional 40,317 shares during the period. State Board of Administration of Florida Retirement System’s holdings in Steelcase were worth $1,926,000 as of its most recent SEC filing.

A number of other hedge funds also recently bought and sold shares of the company. North Star Investment Management Corp. acquired a new stake in Steelcase during the first quarter valued at approximately $112,000. Wexford Capital LP acquired a new stake in Steelcase during the fourth quarter valued at approximately $250,000. Chicago Equity Partners LLC acquired a new stake in Steelcase during the first quarter valued at approximately $322,000. Dean Investment Associates LLC acquired a new stake in Steelcase during the third quarter valued at approximately $464,000. Finally, Alpha Windward LLC boosted 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 valued at $500,000 after buying an additional 660 shares in the last quarter. 67.60% of the stock is owned by institutional investors.

Shares of Steelcase Inc. (NYSE SCS) opened at 17.65 on Friday. Steelcase Inc. has a 12-month low of $12.67 and a 12-month high of $18.15. The stock has a 50 day moving average price of $16.80 and a 200 day moving average price of $16.54. The firm has a market capitalization of $2.08 billion, a PE ratio of 17.14 and a beta of 1.16.

Steelcase (NYSE:SCS) last released its earnings results on Tuesday, March 21st. The business services provider reported $0.22 earnings per share for the quarter, missing analysts’ consensus estimates of $0.23 by $0.01. The firm had revenue of $769.10 million during the quarter, compared to analyst estimates of $750.83 million. Steelcase had a return on equity of 17.60% and a net margin of 5.85%. The business’s revenue for the quarter was up 2.8% on a year-over-year basis. During the same quarter last year, the company earned $0.22 earnings per share. Analysts predict that Steelcase Inc. will post $1.19 EPS for the current fiscal year.

Several analysts have recently commented on the company. ValuEngine cut Steelcase from a “buy” rating to a “hold” rating in a report on Friday. Zacks Investment Research raised Steelcase from a “sell” rating to a “hold” rating in a report on Tuesday, May 30th. Finally, Raymond James Financial, Inc. raised Steelcase from a “market perform” rating to a “strong-buy” rating and set a $19.00 price target for the company in a report on Thursday, March 23rd.

Steelcase Company Profile

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.new TradingView.widget({ “height”: 400, “width”: 625, “symbol”: “SCS”, “interval”: “D”, “timezone”: “Etc/UTC”, “theme”: “White”, “style”: “1”, “locale”: “en”, “toolbar_bg”: “#f1f3f6”, “enable_publishing”: false, “hideideas”: true, “referral_id”: “2588”});

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