Greenleaf Trust boosted its stake in shares of Steelcase Inc. (NYSE:SCS) by 9.9% in the 2nd quarter, HoldingsChannel reports. The institutional investor owned 646,133 shares of the business services provider’s stock after acquiring an additional 57,940 shares during the quarter. Steelcase makes up 0.2% of Greenleaf Trust’s investment portfolio, making the stock its 29th biggest position. Greenleaf Trust’s holdings in Steelcase were worth $11,049,000 as of its most recent SEC filing.
A number of other hedge funds also recently made changes to their positions in SCS. Norges Bank purchased a new position in Steelcase during the fourth quarter worth about $29,625,000. Bank of America Corp DE boosted its stake in Steelcase by 294.2% during the fourth quarter. Bank of America Corp DE now owns 933,797 shares of the business services provider’s stock worth $13,848,000 after buying an additional 696,906 shares during the period. American Century Companies Inc. purchased a new position in Steelcase during the fourth quarter worth about $6,215,000. Frontier Capital Management Co. LLC boosted its stake in Steelcase by 44.7% during the first quarter. Frontier Capital Management Co. LLC now owns 1,284,415 shares of the business services provider’s stock worth $18,688,000 after buying an additional 396,486 shares during the period. Finally, Deutsche Bank AG boosted its stake in Steelcase by 34.7% during the fourth quarter. Deutsche Bank AG now owns 852,648 shares of the business services provider’s stock worth $12,642,000 after buying an additional 219,621 shares during the period. 66.15% of the stock is owned by institutional investors.
NYSE SCS opened at $16.26 on Friday. The company has a 50 day simple moving average of $16.92. The company has a current ratio of 1.57, a quick ratio of 1.13 and a debt-to-equity ratio of 0.78. Steelcase Inc. has a one year low of $13.55 and a one year high of $19.35. The stock has a market capitalization of $1.95 billion, a price-to-earnings ratio of 13.55 and a beta of 1.33.
Steelcase (NYSE:SCS) last posted its quarterly earnings data on Wednesday, June 19th. The business services provider reported $0.15 EPS for the quarter, missing the Thomson Reuters’ consensus estimate of $0.19 by ($0.04). Steelcase had a net margin of 3.61% and a return on equity of 16.35%. The business had revenue of $824.30 million during the quarter, compared to analysts’ expectations of $839.07 million. During the same period in the previous year, the business posted $0.14 EPS. The company’s revenue for the quarter was up 9.3% compared to the same quarter last year. As a group, analysts forecast that Steelcase Inc. will post 1.28 EPS for the current fiscal year.
The firm also recently disclosed a quarterly dividend, which was paid on Tuesday, July 16th. Stockholders of record on Monday, July 1st were paid a $0.145 dividend. This represents a $0.58 annualized dividend and a dividend yield of 3.57%. The ex-dividend date was Friday, June 28th. Steelcase’s payout ratio is 48.33%.
In other news, VP Sara E. Armbruster sold 5,000 shares of the firm’s stock in a transaction that occurred on Wednesday, July 10th. The shares were sold at an average price of $17.30, for a total value of $86,500.00. Following the completion of the transaction, the vice president now owns 54,538 shares of the company’s stock, valued at $943,507.40. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, CAO Lizbeth S. O’shaughnessy sold 20,000 shares of the firm’s stock in a transaction that occurred on Tuesday, July 9th. The shares were sold at an average price of $17.11, for a total transaction of $342,200.00. Following the completion of the transaction, the chief accounting officer now directly owns 209,840 shares of the company’s stock, valued at approximately $3,590,362.40. The disclosure for this sale can be found here. In the last three months, insiders sold 147,037 shares of company stock valued at $2,557,519. Insiders own 17.58% of the company’s stock.
SCS has been the subject of several research analyst reports. Zacks Investment Research raised shares of Steelcase from a “sell” rating to a “hold” rating in a research note on Tuesday, July 30th. Seaport Global Securities lowered shares of Steelcase from a “buy” rating to a “neutral” rating in a research note on Wednesday, July 17th. Three investment analysts have rated the stock with a hold rating and one has issued a strong buy rating to the company. The stock has an average rating of “Buy” and a consensus target price of $19.00.
Steelcase Inc manufactures and sells integrated furniture settings, user-centered technologies, and interior architectural products. It operates through Americas, EMEA, and Other Category segments. The company's furniture portfolio includes panel, fence and beam-based furniture systems, storage products, fixed and height-adjustable desks, benches, and tables, as well as complementary products, including worktools.
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