Norges Bank Buys Shares of 277,419 Steelcase Inc. (NYSE:SCS)

Norges Bank acquired a new stake in shares of Steelcase Inc. (NYSE:SCS - Free Report) during the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm acquired 277,419 shares of the business services provider's stock, valued at approximately $3,279,000. Norges Bank owned approximately 0.24% of Steelcase as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also modified their holdings of SCS. R Squared Ltd acquired a new position in shares of Steelcase during the fourth quarter valued at approximately $36,000. Olympiad Research LP purchased a new position in Steelcase in the 4th quarter valued at $134,000. Aigen Investment Management LP acquired a new stake in Steelcase during the 4th quarter worth $155,000. Centiva Capital LP purchased a new stake in shares of Steelcase during the third quarter worth $181,000. Finally, LPL Financial LLC acquired a new position in Steelcase during the fourth quarter worth about $191,000. Hedge funds and other institutional investors own 92.42% of the company's stock.

Insider Buying and Selling at Steelcase

In other news, VP Robert G. Krestakos sold 5,000 shares of the stock in a transaction that occurred on Wednesday, January 22nd. The shares were 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. 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 is available through the SEC website. 12.96% of the stock is currently owned by insiders.

Steelcase Trading Down 0.6 %

Shares of SCS traded down $0.06 during mid-day trading on Wednesday, reaching $9.90. The stock had a trading volume of 32,590 shares, compared to its average volume of 641,566. 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 business's fifty day moving average is $11.30 and its 200 day moving average is $12.06. Steelcase Inc. has a 52-week low of $9.58 and a 52-week high of $14.74. The firm has a market cap of $1.13 billion, a price-to-earnings ratio of 10.29, a P/E/G ratio of 1.25 and a beta of 1.12.

Steelcase (NYSE:SCS - Get Free Report) last released its quarterly earnings data on Wednesday, March 26th. The business services provider reported $0.26 EPS for the quarter, beating 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 firm had revenue of $788.00 million for the quarter, compared to analysts' expectations of $790.90 million. During the same period in the prior year, the firm posted $0.23 earnings per share. The firm's quarterly revenue was up 1.7% on a year-over-year basis. On average, sell-side analysts predict that Steelcase Inc. will post 1 EPS for the current fiscal year.

Steelcase Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Monday, April 21st. Investors 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 dividend on an annualized basis and a dividend yield of 4.04%. Steelcase's payout ratio is currently 39.60%.

Analyst Upgrades and Downgrades

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.