Marshall Wace LLP Buys Shares of 117,847 Steelcase Inc. (NYSE:SCS)

Marshall Wace LLP purchased a new stake in shares of Steelcase Inc. (NYSE:SCS) during the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund purchased 117,847 shares of the business services provider’s stock, valued at approximately $1,527,000. Marshall Wace LLP owned about 0.10% of Steelcase at the end of the most recent quarter.

Several other large investors have also recently bought and sold shares of the stock. Sei Investments Co. increased its holdings in shares of Steelcase by 1.5% in the second quarter. Sei Investments Co. now owns 243,614 shares of the business services provider’s stock valued at $3,157,000 after buying an additional 3,610 shares in the last quarter. Renaissance Technologies LLC raised its holdings in shares of Steelcase by 380.2% during the second quarter. Renaissance Technologies LLC now owns 133,500 shares of the business services provider’s stock worth $1,730,000 after acquiring an additional 105,700 shares in the last quarter. Dimensional Fund Advisors LP raised its stake in shares of Steelcase by 4.2% during the 2nd 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 in the last quarter. DekaBank Deutsche Girozentrale boosted its holdings in Steelcase by 8.1% in 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 in the last quarter. Finally, Jupiter Asset Management Ltd. increased its holdings in shares of Steelcase by 10.2% during the 2nd quarter. Jupiter Asset Management Ltd. now owns 372,350 shares of the business services provider’s stock valued at $4,826,000 after acquiring an additional 34,511 shares during the last quarter. Institutional investors and hedge funds own 92.42% of the company’s stock.

Insider Activity

In related news, CFO David C. Sylvester sold 73,184 shares of the stock in a transaction that occurred on Wednesday, July 24th. The shares were sold at an average price of $13.84, for a total transaction of $1,012,866.56. Following the sale, the chief financial officer now owns 551,592 shares in the company, valued at approximately $7,634,033.28. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. In related news, SVP Allan W. Smith, Jr. sold 70,444 shares of the firm’s stock in a transaction that occurred on Monday, July 22nd. The shares were sold at an average price of $13.84, for a total value of $974,944.96. Following the completion of the transaction, the senior vice president now owns 184,743 shares in the company, valued at $2,556,843.12. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CFO David C. Sylvester sold 73,184 shares of the business’s stock in a transaction on Wednesday, July 24th. The stock was sold at an average price of $13.84, for a total transaction of $1,012,866.56. Following the completion of the sale, the chief financial officer now directly owns 551,592 shares in the company, valued at approximately $7,634,033.28. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders sold 160,877 shares of company stock worth $2,228,248. 12.96% of the stock is currently owned by company insiders.

Steelcase Trading Up 2.8 %

Shares of NYSE SCS opened at $12.97 on Friday. The company has a market cap of $1.48 billion, a PE ratio of 17.07, a P/E/G ratio of 1.26 and a beta of 1.32. The company has a current ratio of 1.62, a quick ratio of 1.23 and a debt-to-equity ratio of 0.48. The company has a 50-day moving average of $13.38 and a two-hundred day moving average of $13.05. Steelcase Inc. has a 1-year low of $10.29 and a 1-year high of $14.74.

Steelcase (NYSE:SCS) last posted its quarterly earnings results on Wednesday, September 18th. The business services provider reported $0.39 earnings per share for the quarter, beating analysts’ consensus estimates of $0.37 by $0.02. Steelcase had a return on equity of 14.41% and a net margin of 4.02%. The company had revenue of $855.80 million for the quarter, compared to the consensus estimate of $864.17 million. During the same quarter in the prior year, the business posted $0.31 EPS. The firm’s quarterly revenue was up .1% on a year-over-year basis. As a group, equities analysts expect that Steelcase Inc. will post 1.02 earnings per share for the current fiscal year.

Steelcase Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, October 15th. Shareholders of record on Monday, September 30th will be issued a $0.10 dividend. This represents a $0.40 dividend on an annualized basis and a yield of 3.08%. The ex-dividend date of this dividend is Monday, September 30th. Steelcase’s dividend payout ratio is currently 52.63%.

Wall Street Analysts Forecast Growth

Separately, Benchmark increased their target price on shares of Steelcase from $17.00 to $18.00 and gave the company a “buy” rating in a research note on Friday, June 21st.

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.