Virtu Financial LLC Acquires New Stake in Steelcase Inc. (NYSE:SCS)

Virtu Financial LLC bought a new position in shares of Steelcase Inc. (NYSE:SCS) during the 4th quarter, according to the company in its most recent disclosure with the SEC. The fund bought 14,061 shares of the business services provider’s stock, valued at approximately $190,000.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. QRG Capital Management Inc. lifted its stake in shares of Steelcase by 13.9% in the fourth quarter. QRG Capital Management Inc. now owns 11,548 shares of the business services provider’s stock worth $156,000 after buying an additional 1,406 shares in the last quarter. Prime Capital Investment Advisors LLC boosted its holdings in shares of Steelcase by 8.6% during the 4th quarter. Prime Capital Investment Advisors LLC now owns 18,680 shares of the business services provider’s stock worth $253,000 after purchasing an additional 1,476 shares during the last quarter. Swiss National Bank grew its position in shares of Steelcase by 1.0% in the third quarter. Swiss National Bank now owns 185,200 shares of the business services provider’s stock valued at $2,069,000 after purchasing an additional 1,900 shares in the last quarter. USA Financial Formulas acquired a new stake in shares of Steelcase in the fourth quarter valued at approximately $28,000. Finally, FinTrust Capital Advisors LLC purchased a new position in Steelcase during the fourth quarter worth approximately $44,000. Institutional investors and hedge funds own 92.42% of the company’s stock.

Steelcase Price Performance

SCS stock opened at $13.29 on Monday. Steelcase Inc. has a 52-week low of $7.10 and a 52-week high of $14.54. The company has a quick ratio of 1.20, a current ratio of 1.58 and a debt-to-equity ratio of 0.50. The stock has a market cap of $1.52 billion, a price-to-earnings ratio of 17.49, a price-to-earnings-growth ratio of 1.32 and a beta of 1.35. The business has a fifty day moving average of $12.71 and a two-hundred day moving average of $12.84.

Steelcase (NYSE:SCS) last issued its quarterly earnings data on Thursday, June 20th. The business services provider reported $0.16 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.10 by $0.06. Steelcase had a return on equity of 13.66% and a net margin of 2.89%. The firm had revenue of $727.30 million during the quarter, compared to the consensus estimate of $729.05 million. During the same period last year, the company earned $0.09 EPS. The company’s quarterly revenue was down 3.3% on a year-over-year basis. As a group, research analysts anticipate that Steelcase Inc. will post 0.92 earnings per share for the current year.

Steelcase Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Monday, July 15th. Stockholders of record on Wednesday, July 3rd will be issued a $0.10 dividend. The ex-dividend date of this dividend is Wednesday, July 3rd. This represents a $0.40 annualized dividend and a dividend yield of 3.01%. Steelcase’s dividend payout ratio is currently 52.63%.

Wall Street Analyst Weigh In

A number of analysts have issued reports on SCS shares. StockNews.com raised Steelcase from a “buy” rating to a “strong-buy” rating in a research note on Friday, March 29th. Benchmark lifted their target price on shares of Steelcase from $17.00 to $18.00 and gave the stock a “buy” rating in a research note on Friday.

Steelcase 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.