Jennison Associates LLC Invests $797,000 in Steelcase Inc. (NYSE:SCS)

Jennison Associates LLC acquired a new stake in shares of Steelcase Inc. (NYSE:SCS - Free Report) during the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The firm acquired 67,444 shares of the business services provider's stock, valued at approximately $797,000. Jennison Associates LLC owned approximately 0.06% of Steelcase at the end of the most recent reporting period.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in the stock. Robeco Institutional Asset Management B.V. lifted its position in shares of Steelcase by 1.8% during the fourth quarter. Robeco Institutional Asset Management B.V. now owns 456,720 shares of the business services provider's stock valued at $5,398,000 after buying an additional 8,190 shares during the last quarter. R Squared Ltd purchased a new stake in Steelcase during the fourth quarter valued at approximately $36,000. Fifth Third Bancorp boosted its stake in Steelcase by 7.4% in the fourth quarter. Fifth Third Bancorp now owns 3,579,117 shares of the business services provider's stock valued at $42,305,000 after acquiring an additional 245,981 shares in the last quarter. SG Americas Securities LLC purchased a new position in Steelcase in the fourth quarter worth $379,000. Finally, Diversified Trust Co grew its holdings in Steelcase by 2.9% in the fourth quarter. Diversified Trust Co now owns 31,801 shares of the business services provider's stock worth $376,000 after purchasing an additional 886 shares during the last quarter. Hedge funds and other institutional investors own 92.42% of the company's stock.

Steelcase Stock Up 3.0 %

Shares of SCS traded up $0.34 during midday trading on Monday, hitting $11.70. 482,247 shares of the company's stock traded hands, compared to its average volume of 541,648. The company has a current ratio of 1.57, a quick ratio of 1.21 and a debt-to-equity ratio of 0.48. The stock has a market capitalization of $1.33 billion, a price-to-earnings ratio of 12.19, a price-to-earnings-growth ratio of 1.16 and a beta of 1.35. Steelcase Inc. has a 1 year low of $10.90 and a 1 year high of $14.74. The firm's fifty day moving average is $11.96 and its 200-day moving average is $12.77.

Steelcase (NYSE:SCS - Get Free Report) last released its quarterly earnings results on Wednesday, December 18th. The business services provider reported $0.30 EPS for the quarter, beating analysts' consensus estimates of $0.23 by $0.07. Steelcase had a return on equity of 14.20% and a net margin of 3.63%. The company had revenue of $794.90 million during the quarter, compared to analysts' expectations of $796.58 million. During the same period last year, the business posted $0.30 earnings per share. The firm's revenue was up 2.2% compared to the same quarter last year. As a group, sell-side analysts anticipate that Steelcase Inc. will post 1 earnings per share for the current year.

Steelcase Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Monday, January 13th. Shareholders of record on Monday, December 30th were given a dividend of $0.10 per share. This represents a $0.40 annualized dividend and a yield of 3.42%. The ex-dividend date of this dividend was Monday, December 30th. Steelcase's dividend payout ratio is presently 41.67%.

Insider Buying and Selling at Steelcase

In other news, VP Robert G. Krestakos sold 5,000 shares of the stock in a transaction dated Wednesday, January 22nd. The stock was sold at an average price of $11.74, for a total value of $58,700.00. Following the transaction, the vice president now directly owns 114,481 shares of the company's stock, valued at approximately $1,344,006.94. This represents a 4.18 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. 12.96% of the stock is currently owned by company insiders.

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.