Fmr LLC Has $1.37 Million Holdings in Steelcase Inc. (NYSE:SCS)

FMR LLC lifted its holdings in Steelcase Inc. (NYSE:SCS - Free Report) by 3,862.6% in the 3rd quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 101,523 shares of the business services provider's stock after purchasing an additional 98,961 shares during the quarter. FMR LLC owned 0.09% of Steelcase worth $1,370,000 as of its most recent filing with the SEC.

A number of other large investors also recently modified their holdings of the business. DekaBank Deutsche Girozentrale raised its holdings in Steelcase by 8.1% during the second quarter. DekaBank Deutsche Girozentrale now owns 12,017 shares of the business services provider's stock worth $153,000 after purchasing an additional 897 shares in the last quarter. Creative Planning raised its stake in shares of Steelcase by 8.7% in the 3rd quarter. Creative Planning now owns 13,470 shares of the business services provider's stock worth $182,000 after buying an additional 1,075 shares in the last quarter. The Manufacturers Life Insurance Company lifted its holdings in shares of Steelcase by 3.0% in the second quarter. The Manufacturers Life Insurance Company now owns 48,292 shares of the business services provider's stock valued at $626,000 after buying an additional 1,426 shares during the period. Harbor Capital Advisors Inc. boosted its stake in Steelcase by 4.0% during the third quarter. Harbor Capital Advisors Inc. now owns 40,938 shares of the business services provider's stock valued at $552,000 after buying an additional 1,561 shares in the last quarter. Finally, Arjuna Capital grew its holdings in Steelcase by 1.1% during the third quarter. Arjuna Capital now owns 152,400 shares of the business services provider's stock worth $2,056,000 after acquiring an additional 1,674 shares during the period. 92.42% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

Separately, Noble Financial assumed coverage on shares of Steelcase in a research report on Wednesday, October 9th. They set an "outperform" rating and a $16.00 price objective for the company.

Insider Activity at Steelcase

In other news, VP Robert G. Krestakos sold 4,000 shares of the company's stock in a transaction dated Tuesday, October 15th. The stock was sold at an average price of $13.11, for a total value of $52,440.00. Following the transaction, 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 sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. 12.96% of the stock is owned by insiders.

Steelcase Price Performance

Shares of SCS traded up $0.30 during trading hours on Monday, hitting $13.31. 647,808 shares of the company were exchanged, compared to its average volume of 665,508. The company has a debt-to-equity ratio of 0.48, a current ratio of 1.62 and a quick ratio of 1.23. The company has a market capitalization of $1.52 billion, a PE ratio of 12.27, a PEG ratio of 1.29 and a beta of 1.35. The firm has a fifty day simple moving average of $13.03 and a 200-day simple moving average of $13.18. Steelcase Inc. has a one year low of $11.50 and a one year high of $14.74.

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

Steelcase Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Tuesday, October 15th. Stockholders of record on Monday, September 30th were issued a dividend of $0.10 per share. The ex-dividend date of this dividend was Monday, September 30th. This represents a $0.40 dividend on an annualized basis and a dividend yield of 3.01%. Steelcase's dividend payout ratio is currently 37.74%.

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.