Ameriprise Financial Inc. Has $5.84 Million Stake in Steelcase Inc. (NYSE:SCS)

Ameriprise Financial Inc. increased its position in shares of Steelcase Inc. (NYSE:SCS - Free Report) by 6.5% during the 4th quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 493,838 shares of the business services provider's stock after purchasing an additional 30,125 shares during the period. Ameriprise Financial Inc. owned 0.43% of Steelcase worth $5,837,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also recently added to or reduced their stakes in SCS. Teacher Retirement System of Texas raised its holdings in Steelcase by 109.8% during the fourth quarter. Teacher Retirement System of Texas now owns 775,177 shares of the business services provider's stock worth $9,163,000 after purchasing an additional 405,614 shares in the last quarter. Brandywine Global Investment Management LLC bought a new stake in Steelcase during the fourth quarter worth approximately $3,769,000. Prudential Financial Inc. raised its holdings in Steelcase by 150.6% during the fourth quarter. Prudential Financial Inc. now owns 528,658 shares of the business services provider's stock worth $6,249,000 after purchasing an additional 317,700 shares in the last quarter. Norges Bank bought a new stake in Steelcase during the fourth quarter worth approximately $3,279,000. Finally, American Century Companies Inc. increased its holdings in shares of Steelcase by 10.0% in the fourth quarter. American Century Companies Inc. now owns 3,024,828 shares of the business services provider's stock valued at $35,753,000 after buying an additional 275,369 shares in the last quarter. Institutional investors own 92.42% of the company's stock.

Wall Street Analysts Forecast Growth

Separately, Sidoti raised Steelcase to a "hold" rating in a report on Friday, March 28th.

Insider Activity

In related news, VP Robert G. Krestakos sold 6,000 shares of the company's stock in a transaction on Monday, April 14th. The shares were sold at an average price of $10.13, for a total value of $60,780.00. Following the completion of the sale, the vice president now directly owns 139,912 shares in the company, valued at approximately $1,417,308.56. This represents a 4.11% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this link. 12.96% of the stock is currently owned by corporate insiders.

Steelcase Trading Down 1.4%

NYSE SCS traded down $0.15 on Wednesday, hitting $10.35. 206,658 shares of the stock were exchanged, compared to its average volume of 649,498. Steelcase Inc. has a 52-week low of $9.32 and a 52-week high of $14.74. The company has a debt-to-equity ratio of 0.48, a current ratio of 1.57 and a quick ratio of 1.21. The company has a market capitalization of $1.19 billion, a price-to-earnings ratio of 10.81, a P/E/G ratio of 1.25 and a beta of 1.15. The company's 50-day moving average price is $10.30 and its two-hundred day moving average price is $11.51.

Steelcase (NYSE:SCS - Get Free Report) last posted its quarterly earnings data on Wednesday, March 26th. The business services provider reported $0.26 earnings per share for the quarter, topping the consensus estimate of $0.20 by $0.06. Steelcase had a net margin of 3.63% and a return on equity of 14.20%. The firm had revenue of $788.00 million for the quarter, compared to analysts' expectations of $790.90 million. During the same period in the previous year, the company posted $0.23 EPS. The company's quarterly revenue was up 1.7% compared to the same quarter last year. Research analysts predict that Steelcase Inc. will post 1 EPS for the current year.

Steelcase Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Monday, April 21st. Stockholders of record on Monday, April 7th were issued a dividend of $0.10 per share. This represents a $0.40 annualized dividend and a dividend yield of 3.86%. The ex-dividend date was Monday, April 7th. Steelcase's dividend payout ratio is currently 39.60%.

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.