State Street Corp Buys 22,226 Shares of Steelcase Inc. (NYSE:SCS)

State Street Corp boosted its stake in shares of Steelcase Inc. (NYSE:SCS) by 1.0% during the 3rd quarter, according to its most recent 13F filing with the SEC. The firm owned 2,260,310 shares of the business services provider’s stock after buying an additional 22,226 shares during the period. State Street Corp owned approximately 1.98% of Steelcase worth $30,714,000 at the end of the most recent quarter.

Other institutional investors also recently bought and sold shares of the company. Hotchkis & Wiley Capital Management LLC bought a new position in Steelcase during the third quarter valued at $6,167,000. BNP Paribas Financial Markets boosted its stake in shares of Steelcase by 322.3% during the 3rd quarter. BNP Paribas Financial Markets now owns 572,269 shares of the business services provider’s stock worth $7,720,000 after purchasing an additional 436,754 shares during the period. Victory Capital Management Inc. grew its holdings in Steelcase by 129.9% during 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 purchasing an additional 295,482 shares during the last quarter. American Century Companies Inc. raised its position 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 worth $31,762,000 after purchasing an additional 291,070 shares during the period. Finally, Dimensional Fund Advisors LP lifted its stake in Steelcase by 4.2% in the second quarter. Dimensional Fund Advisors LP now owns 5,297,183 shares of the business services provider’s stock worth $68,652,000 after purchasing an additional 215,729 shares during the last quarter. 92.42% of the stock is currently owned by institutional investors.

Steelcase Stock Performance

SCS stock opened at $11.74 on Friday. Steelcase Inc. has a twelve month low of $11.50 and a twelve month high of $14.74. The firm has a market cap of $1.34 billion, a price-to-earnings ratio of 11.08, a PEG ratio of 1.29 and a beta of 1.35. The business’s fifty day simple moving average is $13.00 and its two-hundred day simple moving average is $13.15. The company has a quick ratio of 1.23, a current ratio of 1.62 and a debt-to-equity ratio of 0.48.

Steelcase (NYSE:SCS) last posted its quarterly earnings results on Wednesday, December 18th. The business services provider reported $0.30 EPS for the quarter, topping analysts’ consensus estimates of $0.23 by $0.07. Steelcase had a net margin of 4.02% and a return on equity of 14.41%. The firm had revenue of $794.90 million for the quarter, compared to analysts’ expectations of $796.58 million. During the same period in the prior year, the business posted $0.30 earnings per share. The business’s revenue for the quarter was up 2.2% on a year-over-year basis. Analysts predict that Steelcase Inc. will post 1 earnings per share for the current year.

Steelcase Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Monday, January 13th. Stockholders of record on Monday, December 30th will be paid a dividend of $0.10 per share. This represents a $0.40 annualized dividend and a dividend yield of 3.41%. The ex-dividend date is Monday, December 30th. Steelcase’s dividend payout ratio is presently 37.74%.

Insider Activity at Steelcase

In other news, VP Robert G. Krestakos sold 4,000 shares of the firm’s stock in a transaction on Tuesday, October 15th. The stock was sold at an average price of $13.11, for a total transaction of $52,440.00. Following the transaction, the vice president now owns 119,481 shares in the company, valued at approximately $1,566,395.91. This trade represents a 3.24 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through this link. 12.96% of the stock is owned by company insiders.

Analyst Upgrades and Downgrades

Separately, Noble Financial started coverage on Steelcase in a research note on Wednesday, October 9th. They set an “outperform” rating and a $16.00 target price on the stock.

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.