JPMorgan Chase & Co. Sells 154,014 Shares of Steelcase Inc. (NYSE:SCS)

JPMorgan Chase & Co. lessened its stake in Steelcase Inc. (NYSE:SCS - Free Report) by 34.1% in the 3rd quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 297,514 shares of the business services provider's stock after selling 154,014 shares during the quarter. JPMorgan Chase & Co. owned 0.26% of Steelcase worth $4,013,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds also recently made changes to their positions in SCS. Hotchkis & Wiley Capital Management LLC acquired a new position in shares of Steelcase in the third quarter valued at approximately $6,167,000. BNP Paribas Financial Markets boosted its holdings 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 worth $7,720,000 after purchasing an additional 436,754 shares during the last quarter. Dimensional Fund Advisors LP boosted its holdings in Steelcase by 4.2% during the second quarter. Dimensional Fund Advisors LP now owns 5,297,183 shares of the business services provider's stock worth $68,652,000 after purchasing an additional 215,729 shares during the last quarter. Robeco Institutional Asset Management B.V. boosted its holdings in Steelcase by 70.6% during the third quarter. Robeco Institutional Asset Management B.V. now owns 448,530 shares of the business services provider's stock worth $6,051,000 after purchasing an additional 185,630 shares during the last quarter. Finally, Segall Bryant & Hamill LLC acquired a new position in Steelcase during the third quarter worth $2,273,000. Institutional investors and hedge funds own 92.42% of the company's stock.

Steelcase Stock Up 1.1 %

SCS traded up $0.13 during trading hours on Friday, hitting $11.69. 556,063 shares of the company's stock were exchanged, compared to its average volume of 638,664. The stock has a market cap of $1.33 billion, a price-to-earnings ratio of 12.17, a PEG ratio of 1.10 and a beta of 1.36. The company has a quick ratio of 1.21, a current ratio of 1.57 and a debt-to-equity ratio of 0.48. The stock's 50-day moving average is $12.55 and its two-hundred day moving average is $12.98. Steelcase Inc. has a 1-year low of $10.90 and a 1-year high of $14.74.

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

Steelcase Dividend Announcement

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

Wall Street Analyst Weigh In

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

Steelcase Company Profile

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.