KLP Kapitalforvaltning AS Buys Shares of 54,000 Steelcase Inc. (NYSE:SCS)

KLP Kapitalforvaltning AS purchased a new stake in shares of Steelcase Inc. (NYSE:SCS - Free Report) in the fourth quarter, according to the company in its most recent filing with the SEC. The fund purchased 54,000 shares of the business services provider's stock, valued at approximately $643,000.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in the stock. Diversified Trust Co boosted its position in shares of Steelcase by 2.9% during the fourth quarter. Diversified Trust Co now owns 31,801 shares of the business services provider's stock valued at $376,000 after buying an additional 886 shares during the last quarter. Rhumbline Advisers lifted its stake in Steelcase by 0.6% during the 4th quarter. Rhumbline Advisers now owns 155,013 shares of the business services provider's stock valued at $1,832,000 after acquiring an additional 932 shares in the last quarter. Hillsdale Investment Management Inc. boosted its holdings in Steelcase by 0.5% during the 4th quarter. Hillsdale Investment Management Inc. now owns 284,800 shares of the business services provider's stock worth $3,366,000 after acquiring an additional 1,500 shares during the last quarter. Franklin Resources Inc. boosted its holdings in Steelcase by 2.9% during the 3rd quarter. Franklin Resources Inc. now owns 99,574 shares of the business services provider's stock worth $1,292,000 after acquiring an additional 2,791 shares during the last quarter. Finally, R Squared Ltd bought a new stake in shares of Steelcase in the 4th quarter worth $36,000. 92.42% of the stock is owned by institutional investors.

Insider Activity

In other Steelcase news, VP Robert G. Krestakos sold 5,000 shares of the business's stock in a transaction on Wednesday, January 22nd. The stock was sold at an average price of $11.74, for a total value of $58,700.00. Following the sale, the vice president now directly owns 114,481 shares in the company, valued at $1,344,006.94. The trade was a 4.18 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Insiders own 12.96% of the company's stock.

Wall Street Analysts Forecast Growth

Separately, Sidoti raised shares of Steelcase to a "hold" rating in a research report on Friday, March 28th.

Steelcase Stock Performance

Shares of SCS traded down $0.05 on Friday, reaching $10.69. 1,118,888 shares of the company's stock traded hands, compared to its average volume of 636,154. The stock's 50 day simple moving average is $11.54 and its two-hundred day simple moving average is $12.24. The stock has a market cap of $1.22 billion, a PE ratio of 11.14, a PEG ratio of 1.25 and a beta of 1.12. Steelcase Inc. has a 52-week low of $10.25 and a 52-week high of $14.74. The company has a current ratio of 1.57, a quick ratio of 1.21 and a debt-to-equity ratio of 0.48.

Steelcase (NYSE:SCS - Get Free Report) last announced its earnings results on Wednesday, March 26th. The business services provider reported $0.26 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.20 by $0.06. The firm had revenue of $788.00 million during the quarter, compared to analyst estimates of $790.90 million. Steelcase had a return on equity of 14.20% and a net margin of 3.63%. The business's revenue was up 1.7% compared to the same quarter last year. During the same period last year, the firm posted $0.23 EPS. On average, analysts forecast that Steelcase Inc. will post 1 earnings per share for the current fiscal year.

Steelcase Announces Dividend

The business 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 $0.10 dividend. This represents a $0.40 dividend on an annualized basis and a yield of 3.74%. The ex-dividend date of this dividend is Monday, April 7th. Steelcase's payout ratio is 39.60%.

Steelcase 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.