Steelcase Inc. (NYSE:SCS) Stake Raised by Harbor Capital Advisors Inc.

Harbor Capital Advisors Inc. increased its holdings in Steelcase Inc. (NYSE:SCS) by 4.0% in the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 40,938 shares of the business services provider’s stock after buying an additional 1,561 shares during the quarter. Harbor Capital Advisors Inc.’s holdings in Steelcase were worth $552,000 at the end of the most recent reporting period.

Other large investors have also recently added to or reduced their stakes in the company. Innealta Capital LLC acquired a new position in Steelcase during the 2nd quarter worth $93,000. DekaBank Deutsche Girozentrale acquired a new stake in Steelcase in the first quarter worth about $141,000. Allspring Global Investments Holdings LLC grew its position in Steelcase by 34,941.7% in the 1st quarter. Allspring Global Investments Holdings LLC now owns 12,615 shares of the business services provider’s stock valued at $165,000 after buying an additional 12,579 shares in the last quarter. Creative Planning increased its stake in Steelcase by 8.7% during 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. Finally, ProShare Advisors LLC raised its position in shares of Steelcase by 8.5% during the 1st quarter. ProShare Advisors LLC now owns 16,656 shares of the business services provider’s stock worth $218,000 after buying an additional 1,311 shares in the last quarter. 92.42% of the stock is currently owned by institutional investors and hedge funds.

Steelcase Stock Performance

Shares of SCS opened at $13.07 on Thursday. Steelcase Inc. has a 12-month low of $10.99 and a 12-month high of $14.74. The stock has a market capitalization of $1.49 billion, a P/E ratio of 12.36, a P/E/G ratio of 1.22 and a beta of 1.34. The firm’s 50 day moving average is $13.10 and its 200-day moving average is $13.08. The company has a debt-to-equity ratio of 0.48, a current ratio of 1.62 and a quick ratio of 1.23.

Steelcase (NYSE:SCS) last posted its quarterly earnings data on Wednesday, September 18th. The business services provider reported $0.39 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.37 by $0.02. The firm had revenue of $855.80 million for the quarter, compared to the consensus estimate of $864.17 million. Steelcase had a return on equity of 14.41% and a net margin of 4.02%. The business’s revenue for the quarter was up .1% compared to the same quarter last year. During the same quarter in the previous year, the company earned $0.31 EPS. Equities research analysts anticipate that Steelcase Inc. will post 1 EPS for the current fiscal year.

Steelcase Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Tuesday, October 15th. Investors of record on Monday, September 30th were given a dividend of $0.10 per share. This represents a $0.40 dividend on an annualized basis and a yield of 3.06%. The ex-dividend date was Monday, September 30th. Steelcase’s dividend payout ratio (DPR) is currently 37.74%.

Wall Street Analysts Forecast Growth

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

Insider Buying and Selling

In other news, VP Robert G. Krestakos sold 4,000 shares of Steelcase stock in a transaction dated 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 in the company, valued at approximately $1,566,395.91. The trade was a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. 12.96% of the stock is owned by company insiders.

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.