Brandywine Global Investment Management LLC purchased a new stake in shares of Steelcase Inc. (NYSE:SCS - Free Report) during the fourth quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor purchased 318,900 shares of the business services provider's stock, valued at approximately $3,769,000. Brandywine Global Investment Management LLC owned approximately 0.28% of Steelcase at the end of the most recent quarter.
A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Hotchkis & Wiley Capital Management LLC purchased a new stake in Steelcase in the third quarter valued at approximately $6,167,000. BNP Paribas Financial Markets lifted its position in Steelcase by 322.3% during the third quarter. BNP Paribas Financial Markets now owns 572,269 shares of the business services provider's stock valued at $7,720,000 after purchasing an additional 436,754 shares during the period. Teacher Retirement System of Texas raised its stake in shares of Steelcase by 109.8% during the 4th quarter. Teacher Retirement System of Texas now owns 775,177 shares of the business services provider's stock valued at $9,163,000 after buying an additional 405,614 shares during the last quarter. Prudential Financial Inc. lifted its holdings in shares of Steelcase by 150.6% in the 4th quarter. Prudential Financial Inc. now owns 528,658 shares of the business services provider's stock valued at $6,249,000 after buying an additional 317,700 shares during the period. Finally, Norges Bank purchased a new stake in shares of Steelcase in the fourth quarter worth about $3,279,000. Hedge funds and other institutional investors own 92.42% of the company's stock.
Insider Activity at Steelcase
In other Steelcase news, VP Robert G. Krestakos sold 5,000 shares of the stock in a transaction dated Wednesday, January 22nd. The shares were sold at an average price of $11.74, for a total value of $58,700.00. Following the completion of the sale, the vice president now owns 114,481 shares in the company, valued at approximately $1,344,006.94. This represents a 4.18 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. 12.96% of the stock is owned by corporate insiders.
Analyst Ratings Changes
Separately, Sidoti raised shares of Steelcase to a "hold" rating in a report on Friday, March 28th.
Check Out Our Latest Analysis on Steelcase
Steelcase Price Performance
NYSE SCS traded down $0.05 during trading hours on Friday, reaching $10.69. The company's stock had a trading volume of 1,118,888 shares, compared to its average volume of 638,764. The firm has a market capitalization of $1.22 billion, a price-to-earnings ratio of 11.14, a P/E/G ratio of 1.25 and a beta of 1.33. Steelcase Inc. has a 1-year low of $10.28 and a 1-year high of $14.74. The company's 50-day moving average is $11.55 and its two-hundred day moving average is $12.28. The company has a debt-to-equity ratio of 0.48, a current ratio of 1.57 and a quick ratio of 1.21.
Steelcase (NYSE:SCS - Get Free Report) last issued its quarterly earnings results on Wednesday, March 26th. The business services provider reported $0.26 EPS for the quarter, topping the consensus estimate of $0.20 by $0.06. The company had revenue of $788.00 million during the quarter, compared to analyst estimates of $790.90 million. Steelcase had a net margin of 3.63% and a return on equity of 14.20%. The firm's revenue was up 1.7% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $0.23 EPS. On average, equities analysts predict that Steelcase Inc. will post 1 EPS for the current year.
Steelcase Announces Dividend
The company also recently announced a quarterly dividend, which will be paid on Monday, April 21st. Stockholders of record on Monday, April 7th will be given a $0.10 dividend. The ex-dividend date is Monday, April 7th. This represents a $0.40 annualized dividend and a dividend yield of 3.74%. Steelcase's dividend payout ratio (DPR) is presently 39.60%.
Steelcase Company Profile
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Free Report)
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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