Creative Planning Acquires 1,075 Shares of Steelcase Inc. (NYSE:SCS)

Creative Planning increased its holdings in shares of Steelcase Inc. (NYSE:SCS) by 8.7% during the third quarter, HoldingsChannel.com reports. The fund owned 13,470 shares of the business services provider’s stock after buying an additional 1,075 shares during the quarter. Creative Planning’s holdings in Steelcase were worth $182,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other large investors have also bought and sold shares of the company. Innealta Capital LLC bought a new position in Steelcase in the 2nd quarter worth about $93,000. DekaBank Deutsche Girozentrale purchased a new stake in shares of Steelcase in the first quarter worth about $141,000. Allspring Global Investments Holdings LLC lifted its holdings in shares of Steelcase by 34,941.7% in the first quarter. Allspring Global Investments Holdings LLC now owns 12,615 shares of the business services provider’s stock worth $165,000 after buying an additional 12,579 shares in the last quarter. ProShare Advisors LLC lifted its holdings in shares of Steelcase by 8.5% in the first 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. Finally, Cannon Global Investment Management LLC purchased a new stake in shares of Steelcase in the second quarter worth about $259,000. 92.42% of the stock is owned by hedge funds and other institutional investors.

Steelcase Trading Up 3.9 %

Shares of SCS opened at $13.65 on Tuesday. The firm’s 50 day simple moving average is $13.04 and its 200 day simple moving average is $13.11. The company has a market capitalization of $1.56 billion, a P/E ratio of 12.88, a P/E/G ratio of 1.31 and a beta of 1.34. 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 Inc. has a 1-year low of $11.12 and a 1-year high of $14.74.

Steelcase (NYSE:SCS) last announced its earnings results on Wednesday, September 18th. The business services provider reported $0.39 earnings per share for the quarter, beating analysts’ consensus estimates of $0.37 by $0.02. The business had revenue of $855.80 million for the quarter, compared to the consensus estimate of $864.17 million. Steelcase had a net margin of 4.02% and a return on equity of 14.41%. Steelcase’s quarterly revenue was up .1% on a year-over-year basis. During the same period last year, the firm posted $0.31 earnings per share. Sell-side analysts forecast that Steelcase Inc. will post 1 earnings per share for the current fiscal year.

Steelcase Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Tuesday, October 15th. Investors of record on Monday, September 30th were paid a $0.10 dividend. This represents a $0.40 dividend on an annualized basis and a yield of 2.93%. The ex-dividend date was Monday, September 30th. Steelcase’s dividend payout ratio is currently 37.74%.

Insider Buying and Selling at Steelcase

In other Steelcase news, VP Robert G. Krestakos sold 4,000 shares of the stock in a transaction that occurred 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 transaction, the vice president now directly owns 119,481 shares in the company, valued at $1,566,395.91. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Company insiders own 12.96% of the company’s stock.

Analyst Ratings Changes

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