Barclays PLC Acquires 119,268 Shares of Steelcase Inc. (NYSE:SCS)

Barclays PLC lifted its stake in Steelcase Inc. (NYSE:SCS) by 203.1% in the 3rd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 178,002 shares of the business services provider’s stock after buying an additional 119,268 shares during the period. Barclays PLC owned approximately 0.16% of Steelcase worth $2,402,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors have also made changes to their positions in the stock. Pzena Investment Management LLC raised its holdings in Steelcase by 0.5% in the 2nd quarter. Pzena Investment Management LLC now owns 7,092,675 shares of the business services provider’s stock valued at $91,921,000 after acquiring an additional 33,024 shares in the last quarter. Dimensional Fund Advisors LP raised 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 valued at $68,652,000 after purchasing an additional 215,729 shares in the last quarter. Cooke & Bieler LP lifted its position in Steelcase by 4.9% during the second quarter. Cooke & Bieler LP now owns 4,002,442 shares of the business services provider’s stock worth $51,872,000 after purchasing an additional 186,596 shares during the period. American Century Companies Inc. lifted its position in Steelcase by 13.5% during the second 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, State Street Corp grew its stake in Steelcase by 1.0% during the third quarter. State Street Corp now owns 2,260,310 shares of the business services provider’s stock worth $30,714,000 after buying an additional 22,226 shares in the last quarter. 92.42% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

Separately, Noble Financial began coverage on shares of Steelcase in a report on Wednesday, October 9th. They set an “outperform” rating and a $16.00 price target for the company.

Insider Activity

In related news, VP Robert G. Krestakos sold 4,000 shares of the firm’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 value of $52,440.00. Following the completion of the transaction, the vice president now owns 119,481 shares in the company, valued at $1,566,395.91. This trade represents a 3.24 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. 12.96% of the stock is owned by corporate insiders.

Steelcase Price Performance

Shares of SCS stock opened at $11.73 on Thursday. The business has a fifty day simple moving average of $12.92 and a 200 day simple moving average of $13.13. The company has a market cap of $1.34 billion, a P/E ratio of 11.07, a P/E/G ratio of 1.29 and a beta of 1.35. 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 Inc. has a twelve month low of $11.47 and a twelve month high of $14.74.

Steelcase (NYSE:SCS) last posted its 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 during the quarter, compared to analysts’ expectations of $796.58 million. During the same quarter in the prior year, the business earned $0.30 earnings per share. The business’s revenue for the quarter was up 2.2% compared to the same quarter last year. On average, sell-side analysts forecast that Steelcase Inc. will post 1 EPS for the current fiscal year.

Steelcase Dividend Announcement

The company 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 $0.10 dividend. This represents a $0.40 dividend on an annualized basis and a dividend yield of 3.41%. The ex-dividend date of this dividend is Monday, December 30th. Steelcase’s payout ratio is 41.67%.

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.