Jennison Associates LLC Makes New Investment in Steelcase Inc. (NYSE:SCS)

Jennison Associates LLC acquired a new position in shares of Steelcase Inc. (NYSE:SCS) in the 4th quarter, according to its most recent Form 13F filing with the SEC. The firm acquired 67,444 shares of the business services provider’s stock, valued at approximately $797,000.

Several other hedge funds also recently added to or reduced their stakes in the stock. Fifth Third Bancorp grew its holdings in Steelcase by 7.4% during the 4th quarter. Fifth Third Bancorp now owns 3,579,117 shares of the business services provider’s stock worth $42,305,000 after acquiring an additional 245,981 shares in the last quarter. State Street Corp boosted its holdings in shares of Steelcase by 1.0% in the 3rd quarter. State Street Corp now owns 2,260,310 shares of the business services provider’s stock valued at $30,714,000 after buying an additional 22,226 shares during the period. Geode Capital Management LLC boosted its holdings in shares of Steelcase by 1.0% in the 3rd quarter. Geode Capital Management LLC now owns 2,180,428 shares of the business services provider’s stock valued at $29,420,000 after buying an additional 22,507 shares during the period. BNP Paribas Financial Markets boosted its holdings in shares of Steelcase by 322.3% in the 3rd quarter. BNP Paribas Financial Markets now owns 572,269 shares of the business services provider’s stock valued at $7,720,000 after buying an additional 436,754 shares during the period. Finally, Empowered Funds LLC boosted its holdings in shares of Steelcase by 5.4% in the 3rd quarter. Empowered Funds LLC now owns 557,744 shares of the business services provider’s stock valued at $7,524,000 after buying an additional 28,408 shares during the period. 92.42% of the stock is owned by institutional investors and hedge funds.

Steelcase Trading Up 0.3 %

NYSE SCS opened at $11.60 on Friday. Steelcase Inc. has a one year low of $10.90 and a one year high of $14.74. The company has a 50-day simple moving average of $12.05 and a 200-day simple moving average of $12.82. The company has a debt-to-equity ratio of 0.48, a quick ratio of 1.21 and a current ratio of 1.57. The firm has a market capitalization of $1.32 billion, a PE ratio of 12.08, a price-to-earnings-growth ratio of 1.15 and a beta of 1.35.

Steelcase (NYSE:SCS) last posted 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 3.63% and a return on equity of 14.20%. The business had revenue of $794.90 million during the quarter, compared to analyst estimates of $796.58 million. During the same period in the previous year, the business posted $0.30 EPS. The company’s quarterly revenue was up 2.2% on a year-over-year basis. On average, equities analysts forecast 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 was paid on Monday, January 13th. Shareholders of record on Monday, December 30th were paid a dividend of $0.10 per share. This represents a $0.40 dividend on an annualized basis and a yield of 3.45%. The ex-dividend date of this dividend was Monday, December 30th. Steelcase’s payout ratio is 41.67%.

Insider Buying and Selling at Steelcase

In other Steelcase news, VP Robert G. Krestakos sold 5,000 shares of the business’s stock in a transaction dated Wednesday, January 22nd. The shares were sold at an average price of $11.74, for a total transaction of $58,700.00. Following the completion of the transaction, the vice president now directly owns 114,481 shares of the company’s stock, valued at $1,344,006.94. The trade was a 4.18 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. 12.96% of the stock is currently owned by company insiders.

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.