Intech Investment Management LLC Purchases Shares of 25,757 Steelcase Inc. (NYSE:SCS)

Intech Investment Management LLC purchased a new stake in shares of Steelcase Inc. (NYSE:SCS) during the third quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor purchased 25,757 shares of the business services provider’s stock, valued at approximately $347,000.

A number of other hedge funds have also bought and sold shares of the stock. DekaBank Deutsche Girozentrale increased its stake in Steelcase by 8.1% during the 2nd quarter. DekaBank Deutsche Girozentrale now owns 12,017 shares of the business services provider’s stock valued at $153,000 after purchasing an additional 897 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 purchasing an additional 1,075 shares in the last quarter. Alhambra Investment Management LLC increased its stake in Steelcase by 5.5% during the 2nd quarter. Alhambra Investment Management LLC now owns 24,226 shares of the business services provider’s stock valued at $314,000 after purchasing an additional 1,257 shares in the last quarter. The Manufacturers Life Insurance Company increased its stake in Steelcase by 3.0% during the 2nd quarter. The Manufacturers Life Insurance Company now owns 48,292 shares of the business services provider’s stock valued at $626,000 after purchasing an additional 1,426 shares in the last quarter. Finally, Harbor Capital Advisors Inc. increased its stake in Steelcase by 4.0% during the 3rd quarter. Harbor Capital Advisors Inc. now owns 40,938 shares of the business services provider’s stock valued at $552,000 after purchasing an additional 1,561 shares in the last quarter. Institutional investors and hedge funds own 92.42% of the company’s stock.

Insider Buying and Selling

In related news, VP Robert G. Krestakos sold 4,000 shares of the 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 approximately $1,566,395.91. This represents a 3.24 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at this hyperlink. 12.96% of the stock is currently owned by insiders.

Wall Street Analysts Forecast Growth

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

Steelcase Stock Down 1.5 %

SCS stock opened at $13.52 on Wednesday. The firm’s fifty day simple moving average is $13.00 and its 200-day simple moving average is $13.17. The company has a market capitalization of $1.54 billion, a P/E ratio of 12.75, a price-to-earnings-growth ratio of 1.37 and a beta of 1.35. 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 12 month low of $11.50 and a 12 month high of $14.74.

Steelcase (NYSE:SCS) last released its quarterly earnings data on Wednesday, September 18th. The business services provider reported $0.39 EPS for the quarter, beating the consensus estimate 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%. The business’s revenue for the quarter was up .1% on a year-over-year basis. During the same period in the prior year, the firm earned $0.31 EPS. As a group, equities research analysts forecast that Steelcase Inc. will post 1 earnings per share for the current year.

Steelcase Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Tuesday, October 15th. Investors of record on Monday, September 30th were issued a dividend of $0.10 per share. This represents a $0.40 dividend on an annualized basis and a yield of 2.96%. The ex-dividend date of this dividend was Monday, September 30th. Steelcase’s dividend payout ratio (DPR) is presently 37.74%.

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.