Stone Ridge Asset Management LLC acquired a new position in Steelcase (NYSE:SCS) in the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund acquired 45,061 shares of the business services provider’s stock, valued at approximately $685,000.
Several other institutional investors and hedge funds have also recently made changes to their positions in SCS. Deprince Race & Zollo Inc. bought a new stake in shares of Steelcase during the fourth quarter valued at about $9,296,000. Cooke & Bieler LP raised its holdings in Steelcase by 13.6% during the 4th quarter. Cooke & Bieler LP now owns 4,255,419 shares of the business services provider’s stock worth $64,682,000 after buying an additional 509,585 shares during the period. Pzena Investment Management LLC acquired a new stake in Steelcase during the 4th quarter worth about $7,465,000. Alliancebernstein L.P. raised its holdings in Steelcase by 13.4% during the 4th quarter. Alliancebernstein L.P. now owns 4,133,810 shares of the business services provider’s stock worth $62,834,000 after buying an additional 489,955 shares during the period. Finally, Dimensional Fund Advisors LP raised its holdings in Steelcase by 8.3% during the 3rd quarter. Dimensional Fund Advisors LP now owns 3,630,186 shares of the business services provider’s stock worth $55,905,000 after buying an additional 278,125 shares during the period. 64.62% of the stock is owned by institutional investors.
In related news, Director Peter M. Wege II sold 7,000 shares of the firm’s stock in a transaction dated Thursday, March 29th. The stock was sold at an average price of $13.46, for a total value of $94,220.00. Following the transaction, the director now owns 246,391 shares in the company, valued at $3,316,422.86. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. 18.87% of the stock is currently owned by corporate insiders.
Shares of NYSE SCS traded up $0.05 during trading hours on Friday, reaching $14.15. The stock had a trading volume of 435,447 shares, compared to its average volume of 659,428. The company has a current ratio of 1.54, a quick ratio of 1.23 and a debt-to-equity ratio of 0.36. The firm has a market capitalization of $1,637.50, a price-to-earnings ratio of 15.55 and a beta of 1.24. Steelcase has a twelve month low of $12.50 and a twelve month high of $18.15.
Steelcase (NYSE:SCS) last announced its quarterly earnings results on Tuesday, March 20th. The business services provider reported $0.24 earnings per share for the quarter, beating analysts’ consensus estimates of $0.16 by $0.08. The firm had revenue of $772.70 million for the quarter, compared to analysts’ expectations of $750.70 million. Steelcase had a return on equity of 13.60% and a net margin of 2.64%. The business’s revenue was up .5% compared to the same quarter last year. During the same period in the prior year, the business posted $0.27 earnings per share. research analysts anticipate that Steelcase will post 0.98 earnings per share for the current fiscal year.
The firm also recently announced a quarterly dividend, which was paid on Friday, April 13th. Stockholders of record on Friday, March 30th were issued a dividend of $0.135 per share. This represents a $0.54 annualized dividend and a dividend yield of 3.82%. The ex-dividend date of this dividend was Wednesday, March 28th. This is a boost from Steelcase’s previous quarterly dividend of $0.13. Steelcase’s dividend payout ratio is presently 59.34%.
Several research firms have weighed in on SCS. Seaport Global Securities reaffirmed a “neutral” rating on shares of Steelcase in a research note on Monday, March 26th. Zacks Investment Research raised Steelcase from a “sell” rating to a “hold” rating in a research note on Wednesday, March 28th. One investment analyst has rated the stock with a sell rating, four have given a hold rating and two have issued a buy rating to the stock. The stock currently has an average rating of “Hold” and a consensus target price of $16.00.
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Steelcase Inc manufactures and sells integrated portfolio of furniture settings, user-centered technologies, and interior architectural products. The company operates through Americas, EMEA, and Other Category segments. Its furniture systems portfolio comprises panel-based and freestanding furniture systems, storage, desks, benches, tables, and complementary products, such as worktools.
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