Franklin Resources Inc. Purchases 2,791 Shares of Steelcase Inc. (NYSE:SCS)

Franklin Resources Inc. increased its holdings in Steelcase Inc. (NYSE:SCS) by 2.9% in the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 99,574 shares of the business services provider’s stock after acquiring an additional 2,791 shares during the quarter. Franklin Resources Inc.’s holdings in Steelcase were worth $1,292,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in the business. DekaBank Deutsche Girozentrale grew its stake in Steelcase by 8.1% in the second 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 during the last quarter. Creative Planning grew its position in shares of Steelcase by 8.7% in the 3rd quarter. Creative Planning now owns 13,470 shares of the business services provider’s stock worth $182,000 after buying an additional 1,075 shares during the last quarter. The Manufacturers Life Insurance Company grew its position in shares of Steelcase by 3.0% in the 2nd quarter. The Manufacturers Life Insurance Company now owns 48,292 shares of the business services provider’s stock worth $626,000 after buying an additional 1,426 shares during the last quarter. Harbor Capital Advisors Inc. raised its stake in shares of Steelcase by 4.0% during the 3rd quarter. Harbor Capital Advisors Inc. now owns 40,938 shares of the business services provider’s stock worth $552,000 after acquiring an additional 1,561 shares in the last quarter. Finally, Arjuna Capital lifted its position in Steelcase by 1.1% during the third quarter. Arjuna Capital now owns 152,400 shares of the business services provider’s stock valued at $2,056,000 after acquiring an additional 1,674 shares during the last quarter. 92.42% of the stock is currently owned by institutional investors.

Insider Activity at Steelcase

In related news, VP Robert G. Krestakos sold 4,000 shares of Steelcase stock in a transaction that occurred on Tuesday, October 15th. The stock was sold at an average price of $13.11, for a total transaction 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 sale was disclosed in a filing with the SEC, which can be accessed through this link. 12.96% of the stock is owned by corporate insiders.

Steelcase Stock Up 0.6 %

Shares of SCS opened at $11.97 on Friday. Steelcase Inc. has a 52 week low of $11.47 and a 52 week high of $14.74. The company has a quick ratio of 1.23, a current ratio of 1.62 and a debt-to-equity ratio of 0.48. The company has a market capitalization of $1.36 billion, a price-to-earnings ratio of 11.29, a PEG ratio of 1.29 and a beta of 1.35. The stock’s 50-day moving average price is $12.88 and its 200-day moving average price is $13.11.

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

Steelcase Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Monday, January 13th. Investors of record on Monday, December 30th will be given a dividend of $0.10 per share. This represents a $0.40 annualized dividend and a dividend yield of 3.34%. The ex-dividend date is Monday, December 30th. Steelcase’s payout ratio is 41.67%.

Analyst Ratings Changes

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

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.