Geode Capital Management LLC Increases Stock Position in Steelcase Inc. (NYSE:SCS)

Geode Capital Management LLC boosted its holdings in Steelcase Inc. (NYSE:SCS) by 1.0% in the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 2,180,428 shares of the business services provider’s stock after purchasing an additional 22,507 shares during the quarter. Geode Capital Management LLC owned about 1.91% of Steelcase worth $29,420,000 at the end of the most recent quarter.

A number of other large investors have also recently bought and sold shares of the business. DekaBank Deutsche Girozentrale increased its stake in Steelcase by 8.1% in the second quarter. DekaBank Deutsche Girozentrale now owns 12,017 shares of the business services provider’s stock valued at $153,000 after purchasing an additional 897 shares during the period. Centiva Capital LP purchased a new stake in Steelcase during the 3rd quarter valued at approximately $181,000. Creative Planning raised its stake in Steelcase by 8.7% during the 3rd quarter. Creative Planning now owns 13,470 shares of the business services provider’s stock valued at $182,000 after acquiring an additional 1,075 shares during the last quarter. Cannon Global Investment Management LLC acquired a new stake in Steelcase during the 2nd quarter worth approximately $259,000. Finally, Intech Investment Management LLC purchased a new position in shares of Steelcase in the 3rd quarter valued at approximately $347,000. Institutional investors and hedge funds own 92.42% of the company’s stock.

Insider Transactions at Steelcase

In related news, VP Robert G. Krestakos sold 4,000 shares of the company’s stock in a transaction that occurred on Tuesday, October 15th. The stock was sold at an average price of $13.11, for a total value of $52,440.00. Following the sale, the vice president now owns 119,481 shares in the company, valued at $1,566,395.91. This represents a 3.24 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. Corporate insiders own 12.96% of the company’s stock.

Steelcase Trading Up 1.4 %

Shares of Steelcase stock opened at $11.90 on Friday. The firm has a market cap of $1.36 billion, a price-to-earnings ratio of 11.23, a price-to-earnings-growth ratio of 1.29 and a beta of 1.35. Steelcase Inc. has a 52-week low of $11.47 and a 52-week high of $14.74. The company’s 50-day simple moving average is $12.90 and its 200-day simple moving average is $13.12. 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 released its earnings results on Wednesday, December 18th. The business services provider reported $0.30 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.23 by $0.07. The company had revenue of $794.90 million for the quarter, compared to analysts’ expectations of $796.58 million. Steelcase had a return on equity of 14.41% and a net margin of 4.02%. The firm’s quarterly revenue was up 2.2% on a year-over-year basis. During the same quarter in the previous year, the firm posted $0.30 EPS. As a group, equities research analysts anticipate that Steelcase Inc. will post 1 earnings per share for the current year.

Steelcase Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Monday, January 13th. Shareholders of record on Monday, December 30th will be given a dividend of $0.10 per share. The ex-dividend date is Monday, December 30th. This represents a $0.40 annualized dividend and a dividend yield of 3.36%. Steelcase’s payout ratio is currently 41.67%.

Wall Street Analysts Forecast Growth

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

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.