JPMorgan Chase & Co. Has $5.61 Million Stake in Steelcase Inc. (NYSE:SCS)

JPMorgan Chase & Co. increased its stake in Steelcase Inc. (NYSE:SCS - Free Report) by 59.6% in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 474,829 shares of the business services provider's stock after buying an additional 177,315 shares during the period. JPMorgan Chase & Co. owned 0.42% of Steelcase worth $5,612,000 at the end of the most recent reporting period.

A number of other institutional investors also recently bought and sold shares of SCS. R Squared Ltd purchased a new stake in shares of Steelcase during the fourth quarter valued at approximately $36,000. Olympiad Research LP bought a new position in Steelcase during the fourth quarter valued at approximately $134,000. Aigen Investment Management LP bought a new stake in shares of Steelcase in the 4th quarter valued at approximately $155,000. LPL Financial LLC bought a new stake in shares of Steelcase in the 4th quarter valued at approximately $191,000. Finally, Ieq Capital LLC bought a new stake in shares of Steelcase in the 4th quarter valued at approximately $203,000. 92.42% of the stock is owned by institutional investors.

Steelcase Stock Up 3.3 %

Steelcase stock traded up $0.32 during mid-day trading on Wednesday, reaching $9.94. 57,141 shares of the company's stock were exchanged, compared to its average volume of 641,977. Steelcase Inc. has a twelve month low of $9.32 and a twelve month high of $14.74. The company has a fifty day moving average of $11.07 and a 200-day moving average of $11.95. The company has a market cap of $1.13 billion, a P/E ratio of 10.35, a P/E/G ratio of 1.25 and a beta of 1.12. The company has a quick ratio of 1.21, a current ratio of 1.57 and a debt-to-equity ratio of 0.48.

Steelcase (NYSE:SCS - Get Free Report) last issued its quarterly earnings data on Wednesday, March 26th. The business services provider reported $0.26 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.20 by $0.06. Steelcase had a net margin of 3.63% and a return on equity of 14.20%. The company had revenue of $788.00 million for the quarter, compared to the consensus estimate of $790.90 million. During the same period last year, the firm posted $0.23 EPS. Steelcase's revenue for the quarter was up 1.7% on a year-over-year basis. Sell-side analysts expect that Steelcase Inc. will post 1 EPS for the current year.

Steelcase Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Monday, April 21st. Investors of record on Monday, April 7th were issued a $0.10 dividend. This represents a $0.40 dividend on an annualized basis and a yield of 4.02%. The ex-dividend date was Monday, April 7th. Steelcase's payout ratio is currently 39.60%.

Insider Activity at Steelcase

In other Steelcase news, VP Robert G. Krestakos sold 6,000 shares of the firm's stock in a transaction on Monday, April 14th. The stock was sold at an average price of $10.13, for a total value of $60,780.00. Following the sale, the vice president now directly owns 139,912 shares in the company, valued at approximately $1,417,308.56. This trade represents a 4.11 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. 12.96% of the stock is owned by insiders.

Wall Street Analysts Forecast Growth

Separately, Sidoti upgraded Steelcase to a "hold" rating in a report on Friday, March 28th.

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.