JPMorgan Chase & Co. Sells 154,014 Shares of Steelcase Inc. (NYSE:SCS)

JPMorgan Chase & Co. trimmed its position in shares of Steelcase Inc. (NYSE:SCS) by 34.1% in the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 297,514 shares of the business services provider’s stock after selling 154,014 shares during the period. JPMorgan Chase & Co. owned approximately 0.26% of Steelcase worth $4,013,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors also recently made changes to their positions in the business. DekaBank Deutsche Girozentrale increased its position in shares of Steelcase by 8.1% during 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 bought a new stake in Steelcase in the 3rd quarter valued at $181,000. Creative Planning increased its holdings in Steelcase by 8.7% in the 3rd quarter. Creative Planning now owns 13,470 shares of the business services provider’s stock valued at $182,000 after buying an additional 1,075 shares during the period. Intech Investment Management LLC acquired a new position in shares of Steelcase in the 3rd quarter valued at $347,000. Finally, CWM LLC boosted its position in shares of Steelcase by 24.5% during the 3rd quarter. CWM LLC now owns 27,055 shares of the business services provider’s stock valued at $365,000 after acquiring an additional 5,324 shares in the last quarter. 92.42% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

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

Steelcase Stock Performance

Shares of NYSE:SCS opened at $11.69 on Friday. The company has a current ratio of 1.57, a quick ratio of 1.21 and a debt-to-equity ratio of 0.48. Steelcase Inc. has a 1-year low of $10.90 and a 1-year high of $14.74. The stock has a market capitalization of $1.33 billion, a P/E ratio of 12.17, a P/E/G ratio of 1.10 and a beta of 1.36. The business has a 50-day moving average price of $12.55 and a two-hundred day moving average price of $12.98.

Steelcase (NYSE:SCS) last posted its quarterly earnings results on Wednesday, December 18th. The business services provider reported $0.30 earnings per share for the quarter, topping analysts’ consensus estimates of $0.23 by $0.07. Steelcase had a net margin of 3.63% and a return on equity of 14.20%. The business had revenue of $794.90 million during the quarter, compared to the consensus estimate of $796.58 million. During the same period in the previous year, the firm posted $0.30 earnings per share. Steelcase’s revenue for the quarter was up 2.2% compared to the same quarter last year. Equities analysts predict that Steelcase Inc. will post 1 earnings per share for the current year.

Steelcase Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Monday, January 13th. Investors of record on Monday, December 30th were paid a dividend of $0.10 per share. The ex-dividend date of this dividend was Monday, December 30th. This represents a $0.40 dividend on an annualized basis and a dividend yield of 3.42%. Steelcase’s dividend payout ratio (DPR) is presently 41.67%.

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.