Y Intercept Hong Kong Ltd Takes Position in Steelcase Inc. (NYSE:SCS)

Y Intercept Hong Kong Ltd bought a new stake in Steelcase Inc. (NYSE:SCS - Free Report) during the third quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund bought 54,980 shares of the business services provider's stock, valued at approximately $742,000.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Innealta Capital LLC acquired a new position in Steelcase during the 2nd quarter worth about $93,000. DekaBank Deutsche Girozentrale increased its stake in Steelcase by 8.1% during the second quarter. DekaBank Deutsche Girozentrale now owns 12,017 shares of the business services provider's stock worth $153,000 after purchasing an additional 897 shares during the period. Centiva Capital LP acquired a new stake in shares of Steelcase during the third quarter worth about $181,000. Creative Planning grew its holdings in shares of Steelcase by 8.7% in the third quarter. Creative Planning now owns 13,470 shares of the business services provider's stock valued at $182,000 after purchasing an additional 1,075 shares in the last quarter. Finally, Cannon Global Investment Management LLC purchased a new stake in Steelcase during the 2nd quarter worth approximately $259,000. Hedge funds and other institutional investors own 92.42% of the company's stock.

Steelcase Stock Up 0.5 %

Shares of SCS traded up $0.07 during midday trading on Friday, hitting $13.01. The company had a trading volume of 642,024 shares, compared to its average volume of 664,585. The company's 50-day simple moving average is $13.03 and its 200-day simple moving average is $13.17. The company has a debt-to-equity ratio of 0.48, a quick ratio of 1.23 and a current ratio of 1.62. Steelcase Inc. has a 1 year low of $11.50 and a 1 year high of $14.74. The firm has a market capitalization of $1.48 billion, a P/E ratio of 12.27, a P/E/G ratio of 1.31 and a beta of 1.35.

Steelcase (NYSE:SCS - Get Free Report) last issued its quarterly earnings results on Wednesday, September 18th. The business services provider reported $0.39 earnings per share (EPS) for the quarter, topping 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 in the previous year, the firm earned $0.31 earnings per share. The firm's quarterly revenue was up .1% on a year-over-year basis. As a group, sell-side analysts expect that Steelcase Inc. will post 1 EPS for the current year.

Steelcase Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Tuesday, October 15th. Shareholders of record on Monday, September 30th were paid a $0.10 dividend. This represents a $0.40 dividend on an annualized basis and a yield of 3.07%. The ex-dividend date was Monday, September 30th. Steelcase's dividend payout ratio is presently 37.74%.

Wall Street Analysts Forecast Growth

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

Insider Transactions at Steelcase

In other news, VP Robert G. Krestakos sold 4,000 shares of the business's stock in a transaction that occurred 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 completion of the sale, the vice president now owns 119,481 shares in the company, valued at approximately $1,566,395.91. The trade was a 3.24 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Insiders own 12.96% of the company's stock.

Steelcase Company 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.