JPMorgan Chase & Co. Has $4.01 Million Position in Steelcase Inc. (NYSE:SCS)

JPMorgan Chase & Co. lessened its holdings in shares of Steelcase Inc. (NYSE:SCS) by 34.1% during the 3rd quarter, HoldingsChannel reports. The firm owned 297,514 shares of the business services provider’s stock after selling 154,014 shares during the period. JPMorgan Chase & Co.’s holdings in Steelcase were worth $4,013,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also modified their holdings of the business. DekaBank Deutsche Girozentrale boosted its holdings in shares of 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 buying an additional 897 shares during the period. Centiva Capital LP bought a new stake in Steelcase in the 3rd quarter valued at $181,000. Creative Planning boosted its stake in 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 purchasing an additional 1,075 shares during the period. Intech Investment Management LLC bought a new position in Steelcase during the 3rd quarter worth about $347,000. Finally, CWM LLC raised its stake in shares of Steelcase by 24.5% in the 3rd quarter. CWM LLC now owns 27,055 shares of the business services provider’s stock valued at $365,000 after purchasing an additional 5,324 shares during the period. 92.42% of the stock is currently owned by institutional investors and hedge funds.

Steelcase Price Performance

NYSE SCS opened at $11.69 on Friday. The firm’s 50 day moving average is $12.55 and its 200-day moving average is $12.98. The company has a quick ratio of 1.21, a current ratio of 1.57 and a debt-to-equity ratio of 0.48. The company has a market capitalization of $1.33 billion, a PE ratio of 12.17, a price-to-earnings-growth ratio of 1.10 and a beta of 1.36. Steelcase Inc. has a 12-month low of $10.90 and a 12-month high of $14.74.

Steelcase (NYSE:SCS) last issued its quarterly earnings results on Wednesday, December 18th. The business services provider reported $0.30 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.23 by $0.07. Steelcase had a net margin of 3.63% and a return on equity of 14.20%. The firm had revenue of $794.90 million for the quarter, compared to analyst estimates of $796.58 million. During the same period in the previous year, the business earned $0.30 EPS. The company’s revenue was up 2.2% compared to the same quarter last year. Equities research analysts anticipate that Steelcase Inc. will post 1 earnings per share for the current fiscal year.

Steelcase Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Monday, January 13th. Investors of record on Monday, December 30th were issued a dividend of $0.10 per share. The ex-dividend date of this dividend was Monday, December 30th. This represents a $0.40 annualized dividend and a yield of 3.42%. Steelcase’s payout ratio is presently 41.67%.

Analyst Upgrades and Downgrades

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

Steelcase Company 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.