KLP Kapitalforvaltning AS purchased a new position in Steelcase Inc. (NYSE:SCS - Free Report) in the fourth quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor purchased 54,000 shares of the business services provider's stock, valued at approximately $643,000.
A number of other hedge funds also recently made changes to their positions in SCS. Pzena Investment Management LLC grew its holdings in Steelcase by 2.6% during the 4th quarter. Pzena Investment Management LLC now owns 5,373,342 shares of the business services provider's stock valued at $63,513,000 after purchasing an additional 133,893 shares in the last quarter. Fifth Third Bancorp increased its position in shares of Steelcase by 7.4% during the fourth quarter. Fifth Third Bancorp now owns 3,579,117 shares of the business services provider's stock worth $42,305,000 after acquiring an additional 245,981 shares during the last quarter. American Century Companies Inc. lifted its stake in shares of Steelcase by 10.0% in the fourth quarter. American Century Companies Inc. now owns 3,024,828 shares of the business services provider's stock worth $35,753,000 after acquiring an additional 275,369 shares in the last quarter. State Street Corp grew its stake in Steelcase by 1.0% during the 3rd quarter. State Street Corp now owns 2,260,310 shares of the business services provider's stock valued at $30,714,000 after purchasing an additional 22,226 shares in the last quarter. Finally, Geode Capital Management LLC increased its holdings in Steelcase by 1.0% during the 3rd quarter. Geode Capital Management LLC now owns 2,180,428 shares of the business services provider's stock worth $29,420,000 after purchasing an additional 22,507 shares during the last quarter. Hedge funds and other institutional investors own 92.42% of the company's stock.
Insiders Place Their Bets
In other news, VP Robert G. Krestakos sold 5,000 shares of the company's stock in a transaction that occurred on Wednesday, January 22nd. The stock was sold at an average price of $11.74, for a total transaction of $58,700.00. Following the completion of 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 transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. 12.96% of the stock is owned by corporate insiders.
Analyst Upgrades and Downgrades
Separately, Sidoti raised shares of Steelcase to a "hold" rating in a research report on Friday, March 28th.
Check Out Our Latest Stock Analysis on Steelcase
Steelcase Stock Down 6.3 %
NYSE:SCS traded down $0.73 during mid-day trading on Thursday, reaching $10.74. The stock had a trading volume of 1,021,148 shares, compared to its average volume of 636,851. The company has a debt-to-equity ratio of 0.48, a current ratio of 1.57 and a quick ratio of 1.21. The company has a market capitalization of $1.22 billion, a price-to-earnings ratio of 11.18, a price-to-earnings-growth ratio of 1.25 and a beta of 1.33. Steelcase Inc. has a 1-year low of $10.30 and a 1-year high of $14.74. The stock's 50 day simple moving average is $11.55 and its two-hundred day simple moving average is $12.28.
Steelcase (NYSE:SCS - Get Free Report) last released its earnings results on Wednesday, March 26th. The business services provider reported $0.26 EPS for the quarter, topping analysts' consensus estimates of $0.20 by $0.06. Steelcase had a return on equity of 14.20% and a net margin of 3.63%. The company had revenue of $788.00 million for the quarter, compared to the consensus estimate of $790.90 million. During the same quarter last year, the business posted $0.23 EPS. Steelcase's quarterly revenue was up 1.7% compared to the same quarter last year. Equities analysts anticipate that Steelcase Inc. will post 1 EPS for the current year.
Steelcase Dividend Announcement
The firm also recently announced a quarterly dividend, which will be paid on Monday, April 21st. Shareholders of record on Monday, April 7th will be paid a dividend of $0.10 per share. The ex-dividend date is Monday, April 7th. This represents a $0.40 annualized dividend and a yield of 3.73%. Steelcase's payout ratio is 39.60%.
Steelcase Company Profile
(
Free Report)
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.
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