The Manufacturers Life Insurance Company Decreases Position in Steelcase Inc. (NYSE:SCS)

The Manufacturers Life Insurance Company lowered its position in Steelcase Inc. (NYSE:SCS) by 1.7% in the third quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 47,464 shares of the business services provider’s stock after selling 828 shares during the quarter. The Manufacturers Life Insurance Company’s holdings in Steelcase were worth $640,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also made changes to their positions in SCS. Innealta Capital LLC acquired a new position in shares of Steelcase in the second quarter worth $93,000. DekaBank Deutsche Girozentrale lifted its holdings in Steelcase by 8.1% in the 2nd 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 in the last quarter. Creative Planning lifted 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 purchasing an additional 1,075 shares in the last quarter. Cannon Global Investment Management LLC purchased a new stake in shares of Steelcase during the second quarter worth about $259,000. Finally, Hennion & Walsh Asset Management Inc. grew its holdings in shares of Steelcase by 45.5% during the second quarter. Hennion & Walsh Asset Management Inc. now owns 22,350 shares of the business services provider’s stock worth $290,000 after buying an additional 6,984 shares in the last quarter. Institutional investors and hedge funds own 92.42% of the company’s stock.

Steelcase Stock Performance

NYSE SCS opened at $13.00 on Friday. The business’s 50-day moving average price is $13.03 and its 200 day moving average price is $13.17. The company has a current ratio of 1.62, a quick ratio of 1.23 and a debt-to-equity ratio of 0.48. Steelcase Inc. has a twelve month low of $11.50 and a twelve month high of $14.74. The company has a market capitalization of $1.48 billion, a PE ratio of 12.26, a price-to-earnings-growth ratio of 1.31 and a beta of 1.35.

Steelcase (NYSE:SCS) last announced its quarterly earnings data on Wednesday, September 18th. The business services provider reported $0.39 earnings per share for the quarter, topping the consensus estimate of $0.37 by $0.02. Steelcase had a net margin of 4.02% and a return on equity of 14.41%. The business had revenue of $855.80 million for the quarter, compared to analyst estimates of $864.17 million. During the same period in the prior year, the firm posted $0.31 EPS. The company’s revenue was up .1% on a year-over-year basis. On average, research 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 Tuesday, October 15th. Stockholders of record on Monday, September 30th were paid a dividend of $0.10 per share. The ex-dividend date was Monday, September 30th. This represents a $0.40 annualized dividend and a dividend yield of 3.08%. Steelcase’s dividend payout ratio is presently 37.74%.

Insider Transactions at Steelcase

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 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 transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Insiders own 12.96% of the company’s stock.

Analysts Set New Price Targets

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

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.