Renaissance Technologies LLC Has $1.73 Million Position in Steelcase Inc. (NYSE:SCS)

Renaissance Technologies LLC increased its stake in shares of Steelcase Inc. (NYSE:SCS - Free Report) by 380.2% during the second quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 133,500 shares of the business services provider's stock after acquiring an additional 105,700 shares during the period. Renaissance Technologies LLC owned about 0.12% of Steelcase worth $1,730,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also made changes to their positions in the stock. Norges Bank acquired a new stake in Steelcase in the 4th quarter valued at $8,215,000. Vanguard Group Inc. increased its stake in Steelcase by 4.9% in the 4th quarter. Vanguard Group Inc. now owns 9,765,893 shares of the business services provider's stock valued at $132,035,000 after buying an additional 452,494 shares during the last quarter. Victory Capital Management Inc. increased its stake in Steelcase by 129.9% in the 2nd quarter. Victory Capital Management Inc. now owns 522,956 shares of the business services provider's stock valued at $6,778,000 after buying an additional 295,482 shares during the last quarter. American Century Companies Inc. increased its stake in Steelcase by 13.5% in the 2nd quarter. American Century Companies Inc. now owns 2,450,799 shares of the business services provider's stock valued at $31,762,000 after buying an additional 291,070 shares during the last quarter. Finally, Jupiter Asset Management Ltd. increased its stake in Steelcase by 370.7% in the 1st quarter. Jupiter Asset Management Ltd. now owns 337,839 shares of the business services provider's stock valued at $4,419,000 after buying an additional 266,070 shares during the last quarter. 92.42% of the stock is currently owned by institutional investors and hedge funds.

Steelcase Stock Performance

Shares of SCS traded up $0.35 during midday trading on Friday, reaching $12.97. The stock had a trading volume of 578,000 shares, compared to its average volume of 711,927. The firm has a 50 day simple moving average of $13.40 and a 200-day simple moving average of $13.05. Steelcase Inc. has a one year low of $10.29 and a one year high of $14.74. The firm has a market cap of $1.48 billion, a PE ratio of 16.93, a P/E/G ratio of 1.30 and a beta of 1.32. The company has a current ratio of 1.62, a quick ratio of 1.15 and a debt-to-equity ratio of 0.48.

Steelcase (NYSE:SCS - Get Free Report) last announced its quarterly earnings data on Wednesday, September 18th. The business services provider reported $0.39 EPS for the quarter, beating analysts' consensus estimates of $0.37 by $0.02. Steelcase had a net margin of 4.02% and a return on equity of 14.41%. The company had revenue of $855.80 million during the quarter, compared to the consensus estimate of $864.17 million. During the same quarter last year, the firm posted $0.31 EPS. The company's quarterly revenue was up .1% on a year-over-year basis. As a group, sell-side analysts anticipate that Steelcase Inc. will post 1.02 EPS for the current year.

Steelcase Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, October 15th. Stockholders of record on Monday, September 30th will be given a $0.10 dividend. This represents a $0.40 dividend on an annualized basis and a dividend yield of 3.08%. The ex-dividend date of this dividend is Monday, September 30th. Steelcase's dividend payout ratio (DPR) is presently 52.63%.

Analysts Set New Price Targets

Separately, Benchmark lifted their price target on shares of Steelcase from $17.00 to $18.00 and gave the company a "buy" rating in a research note on Friday, June 21st.

Insider Activity

In related news, CAO Nicole Cherie Mcgrath sold 15,749 shares of Steelcase stock in a transaction dated Tuesday, July 23rd. The shares were sold at an average price of $13.94, for a total transaction of $219,541.06. Following the completion of the sale, the chief accounting officer now owns 18,453 shares of the company's stock, valued at approximately $257,234.82. The trade was a 0.00 % decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. In related news, CFO David C. Sylvester sold 73,184 shares of Steelcase stock in a transaction dated Wednesday, July 24th. The shares were sold at an average price of $13.84, for a total transaction of $1,012,866.56. Following the completion of the sale, the chief financial officer now owns 551,592 shares of the company's stock, valued at approximately $7,634,033.28. The trade was a 0.00 % decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, CAO Nicole Cherie Mcgrath sold 15,749 shares of Steelcase stock in a transaction dated Tuesday, July 23rd. The stock was sold at an average price of $13.94, for a total transaction of $219,541.06. Following the sale, the chief accounting officer now directly owns 18,453 shares of the company's stock, valued at $257,234.82. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 160,877 shares of company stock valued at $2,228,248 in the last quarter. Company insiders own 12.96% of the company's stock.

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.