Geode Capital Management LLC Grows Position in Steelcase Inc. (NYSE:SCS)

Geode Capital Management LLC raised its stake in Steelcase Inc. (NYSE:SCS) by 1.0% in the third quarter, HoldingsChannel.com reports. The fund owned 2,180,428 shares of the business services provider’s stock after purchasing an additional 22,507 shares during the quarter. Geode Capital Management LLC’s holdings in Steelcase were worth $29,420,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also made changes to their positions in SCS. American Century Companies Inc. increased its position in Steelcase by 13.5% during the 2nd quarter. American Century Companies Inc. now owns 2,450,799 shares of the business services provider’s stock worth $31,762,000 after purchasing an additional 291,070 shares in the last quarter. Renaissance Technologies LLC grew its holdings in shares of Steelcase by 380.2% during the second quarter. Renaissance Technologies LLC now owns 133,500 shares of the business services provider’s stock worth $1,730,000 after buying an additional 105,700 shares in the last quarter. State Street Corp grew its holdings in shares of Steelcase by 1.0% during the third quarter. State Street Corp now owns 2,260,310 shares of the business services provider’s stock worth $30,714,000 after buying an additional 22,226 shares in the last quarter. Barclays PLC raised its position in shares of Steelcase by 203.1% in the third quarter. Barclays PLC now owns 178,002 shares of the business services provider’s stock valued at $2,402,000 after buying an additional 119,268 shares during the last quarter. Finally, Victory Capital Management Inc. lifted its stake in shares of Steelcase by 129.9% during the second quarter. Victory Capital Management Inc. now owns 522,956 shares of the business services provider’s stock valued at $6,778,000 after buying an additional 295,482 shares during the period. 92.42% of the stock is currently owned by hedge funds and other institutional investors.

Insider Activity 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. 12.96% of the stock is owned by insiders.

Steelcase Stock Up 1.4 %

SCS opened at $11.90 on Friday. Steelcase Inc. has a 12 month low of $11.47 and a 12 month high of $14.74. The business has a 50-day moving average of $12.90 and a two-hundred day moving average of $13.12. The company has a debt-to-equity ratio of 0.48, a current ratio of 1.62 and a quick ratio of 1.23. The stock has a market capitalization of $1.36 billion, a price-to-earnings ratio of 11.23, a price-to-earnings-growth ratio of 1.29 and a beta of 1.35.

Steelcase (NYSE:SCS) last issued its quarterly earnings results on Wednesday, December 18th. The business services provider reported $0.30 EPS for the quarter, topping the consensus estimate of $0.23 by $0.07. The firm had revenue of $794.90 million during the quarter, compared to analyst estimates of $796.58 million. Steelcase had a net margin of 4.02% and a return on equity of 14.41%. Steelcase’s revenue for the quarter was up 2.2% compared to the same quarter last year. During the same quarter in the prior year, the business posted $0.30 earnings per share. On average, research analysts expect that Steelcase Inc. will post 1 earnings per share for the current year.

Steelcase Announces Dividend

The company also recently announced 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 3.36%. The ex-dividend date is Monday, December 30th. Steelcase’s dividend payout ratio (DPR) is currently 41.67%.

Wall Street Analysts Forecast Growth

Separately, Noble Financial began coverage on Steelcase in a report on Wednesday, October 9th. They issued an “outperform” rating and a $16.00 price target for the company.

About Steelcase

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.