Dynamic Technology Lab Private Ltd Takes $602,000 Position in Steelcase Inc. (NYSE:SCS)

Dynamic Technology Lab Private Ltd bought a new stake in Steelcase Inc. (NYSE:SCS - Free Report) in the third quarter, according to the company in its most recent Form 13F filing with the SEC. The fund bought 44,651 shares of the business services provider's stock, valued at approximately $602,000.

Other hedge funds and other institutional investors have also bought and sold shares of the company. Innealta Capital LLC bought a new position in Steelcase during the 2nd quarter valued at approximately $93,000. DekaBank Deutsche Girozentrale bought a new position in Steelcase during the 1st quarter valued at approximately $141,000. Creative Planning raised its position in Steelcase by 8.7% during the 3rd quarter. Creative Planning now owns 13,470 shares of the business services provider's stock valued at $182,000 after purchasing an additional 1,075 shares during the last quarter. Cannon Global Investment Management LLC purchased a new position in shares of Steelcase during the 2nd quarter worth approximately $259,000. Finally, Hennion & Walsh Asset Management Inc. grew its holdings in shares of Steelcase by 45.5% during the 2nd quarter. Hennion & Walsh Asset Management Inc. now owns 22,350 shares of the business services provider's stock worth $290,000 after acquiring an additional 6,984 shares during the period. Institutional investors own 92.42% of the company's stock.

Steelcase Stock Performance

Shares of SCS stock remained flat at $13.47 during midday trading on Friday. The company's stock had a trading volume of 259,416 shares, compared to its average volume of 674,401. Steelcase Inc. has a 1 year low of $11.50 and a 1 year high of $14.74. The company has a 50-day simple moving average of $12.97 and a 200 day simple moving average of $13.17. The company has a debt-to-equity ratio of 0.48, a quick ratio of 1.23 and a current ratio of 1.62. The firm has a market cap of $1.54 billion, a price-to-earnings ratio of 12.71, a PEG ratio of 1.34 and a beta of 1.34.

Steelcase (NYSE:SCS - Get Free Report) last posted its earnings results on Wednesday, September 18th. The business services provider reported $0.39 earnings per share for the quarter, topping analysts' consensus estimates of $0.37 by $0.02. Steelcase had a return on equity of 14.41% and a net margin of 4.02%. The firm had revenue of $855.80 million for the quarter, compared to the consensus estimate of $864.17 million. During the same quarter in the prior year, the business earned $0.31 EPS. The business's revenue for the quarter was up .1% on a year-over-year basis. As a group, equities analysts expect that Steelcase Inc. will post 1 EPS for the current fiscal year.

Steelcase Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Tuesday, October 15th. Investors of record on Monday, September 30th were paid a $0.10 dividend. The ex-dividend date of this dividend was Monday, September 30th. This represents a $0.40 annualized dividend and a dividend yield of 2.97%. Steelcase's payout ratio is currently 37.74%.

Insider Buying and Selling

In related news, VP Robert G. Krestakos sold 4,000 shares of the company's stock in a transaction that occurred on Tuesday, October 15th. The stock was sold at an average price of $13.11, for a total value of $52,440.00. Following the sale, the vice president now owns 119,481 shares in the company, valued at $1,566,395.91. This represents a 3.24 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. 12.96% of the stock is currently owned by company insiders.

Wall Street Analysts Forecast Growth

Separately, Noble Financial started coverage on Steelcase in a report on Wednesday, October 9th. They set an "outperform" rating and a $16.00 target price on the 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.