State Street Corp Acquires 22,226 Shares of Steelcase Inc. (NYSE:SCS)

State Street Corp boosted its stake in shares of Steelcase Inc. (NYSE:SCS) by 1.0% in the third quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 2,260,310 shares of the business services provider’s stock after buying an additional 22,226 shares during the period. State Street Corp’s holdings in Steelcase were worth $30,714,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds and other institutional investors have also bought and sold shares of the company. Hotchkis & Wiley Capital Management LLC bought a new position in shares of Steelcase in the 3rd quarter worth $6,167,000. Centiva Capital LP purchased a new position in Steelcase in the third quarter valued at about $181,000. BNP Paribas Financial Markets raised its holdings in Steelcase by 322.3% in the third quarter. BNP Paribas Financial Markets now owns 572,269 shares of the business services provider’s stock worth $7,720,000 after purchasing an additional 436,754 shares in the last quarter. FMR LLC raised its holdings in Steelcase by 3,862.6% in the third quarter. FMR LLC now owns 101,523 shares of the business services provider’s stock worth $1,370,000 after purchasing an additional 98,961 shares in the last quarter. Finally, Dynamic Technology Lab Private Ltd purchased a new stake in shares of Steelcase during the third quarter valued at about $602,000. Institutional investors own 92.42% of the company’s stock.

Insider Activity at Steelcase

In other news, VP Robert G. Krestakos sold 4,000 shares of the business’s stock in a transaction on Tuesday, October 15th. The shares were sold at an average price of $13.11, for a total transaction of $52,440.00. Following the sale, the vice president now directly owns 119,481 shares of the company’s stock, valued at $1,566,395.91. The trade was a 3.24 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. 12.96% of the stock is currently owned by insiders.

Steelcase Stock Performance

Shares of SCS stock opened at $11.74 on Friday. Steelcase Inc. has a 12-month low of $11.50 and a 12-month high of $14.74. The business’s fifty day simple moving average is $13.00 and its 200-day simple moving average is $13.15. 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 market cap of $1.34 billion, a PE ratio of 11.08, a PEG ratio of 1.29 and a beta of 1.35.

Steelcase (NYSE:SCS) last announced its earnings results on Wednesday, December 18th. The business services provider reported $0.30 earnings per share for the quarter, topping the consensus estimate of $0.23 by $0.07. Steelcase had a return on equity of 14.41% and a net margin of 4.02%. The firm had revenue of $794.90 million for the quarter, compared to the consensus estimate of $796.58 million. During the same period in the previous year, the business earned $0.30 EPS. The firm’s revenue for the quarter was up 2.2% on a year-over-year basis. Analysts expect that Steelcase Inc. will post 1 earnings per share for the current fiscal year.

Steelcase Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Monday, January 13th. Investors of record on Monday, December 30th will be given a $0.10 dividend. This represents a $0.40 annualized dividend and a dividend yield of 3.41%. The ex-dividend date is Monday, December 30th. Steelcase’s payout ratio is currently 37.74%.

Wall Street Analyst Weigh In

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

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.