Vestcor Inc Buys 39,600 Shares of Steelcase Inc. (NYSE:SCS)

Vestcor Inc boosted its stake in shares of Steelcase Inc. (NYSE:SCS - Free Report) by 128.8% during the third quarter, according to its most recent disclosure with the SEC. The institutional investor owned 70,347 shares of the business services provider's stock after purchasing an additional 39,600 shares during the period. Vestcor Inc owned about 0.06% of Steelcase worth $949,000 at the end of the most recent reporting period.

Several other large investors have also recently added to or reduced their stakes in SCS. Diversified Trust Co raised its stake in shares of Steelcase by 7.2% during the 2nd quarter. Diversified Trust Co now owns 29,078 shares of the business services provider's stock worth $377,000 after purchasing an additional 1,957 shares in the last quarter. Hennion & Walsh Asset Management Inc. lifted its stake in Steelcase by 45.5% in the second quarter. Hennion & Walsh Asset Management Inc. now owns 22,350 shares of the business services provider's stock valued at $290,000 after acquiring an additional 6,984 shares during the last quarter. Summit Global Investments bought a new stake in Steelcase in the second quarter worth approximately $1,218,000. Bank of New York Mellon Corp raised its holdings in shares of Steelcase by 6.5% during the 2nd quarter. Bank of New York Mellon Corp now owns 995,083 shares of the business services provider's stock valued at $12,896,000 after purchasing an additional 60,951 shares in the last quarter. Finally, Panagora Asset Management Inc. lifted its stake in shares of Steelcase by 32.1% in the 2nd quarter. Panagora Asset Management Inc. now owns 584,038 shares of the business services provider's stock valued at $7,569,000 after purchasing an additional 141,826 shares during the last quarter. Institutional investors and hedge funds own 92.42% of the company's stock.

Analyst Upgrades and Downgrades

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

Insider Transactions at Steelcase

In other Steelcase news, VP Robert G. Krestakos sold 4,000 shares of Steelcase stock in a transaction on Tuesday, October 15th. The shares were sold at an average price of $13.11, for a total transaction of $52,440.00. Following the sale, the vice president now owns 119,481 shares in the company, valued at $1,566,395.91. The trade was a 3.24 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Insiders own 12.96% of the company's stock.

Steelcase Stock Performance

NYSE:SCS traded up $0.06 during midday trading on Friday, reaching $13.00. The stock had a trading volume of 641,985 shares, compared to its average volume of 664,585. The stock has a market capitalization of $1.48 billion, a P/E ratio of 12.26, a PEG ratio of 1.31 and a beta of 1.35. The company has a debt-to-equity ratio of 0.48, a current ratio of 1.62 and a quick ratio of 1.23. Steelcase Inc. has a 1-year low of $11.50 and a 1-year high of $14.74. The firm's fifty day simple moving average is $13.03 and its 200-day simple moving average is $13.17.

Steelcase (NYSE:SCS - Get Free Report) last posted its quarterly earnings data on Wednesday, September 18th. The business services provider reported $0.39 earnings per share for the quarter, topping the consensus estimate of $0.37 by $0.02. Steelcase had a return on equity of 14.41% and a net margin of 4.02%. The business had revenue of $855.80 million during the quarter, compared to analysts' expectations of $864.17 million. During the same quarter in the previous year, the firm earned $0.31 EPS. The firm's revenue was up .1% compared to the same quarter last year. On average, equities research analysts forecast that Steelcase Inc. will post 1 EPS for the current fiscal year.

Steelcase Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Tuesday, October 15th. Shareholders of record on Monday, September 30th were issued a $0.10 dividend. This represents a $0.40 dividend on an annualized basis and a yield of 3.08%. The ex-dividend date was Monday, September 30th. Steelcase's dividend payout ratio (DPR) is presently 37.74%.

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.