Ameriprise Financial Inc. Buys 30,125 Shares of Steelcase Inc. (NYSE:SCS)

Ameriprise Financial Inc. raised its stake in Steelcase Inc. (NYSE:SCS - Free Report) by 6.5% during the fourth quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 493,838 shares of the business services provider's stock after purchasing an additional 30,125 shares during the quarter. Ameriprise Financial Inc. owned about 0.43% of Steelcase worth $5,837,000 at the end of the most recent quarter.

Several other institutional investors also recently made changes to their positions in the stock. AXA S.A. raised its position in shares of Steelcase by 89.7% in the 4th quarter. AXA S.A. now owns 218,336 shares of the business services provider's stock worth $2,581,000 after buying an additional 103,236 shares during the period. Schonfeld Strategic Advisors LLC raised its holdings in shares of Steelcase by 48.8% in the 4th quarter. Schonfeld Strategic Advisors LLC now owns 24,400 shares of the business services provider's stock worth $288,000 after purchasing an additional 8,000 shares during the period. Northern Trust Corp increased its position in Steelcase by 6.1% during the 4th quarter. Northern Trust Corp now owns 1,011,144 shares of the business services provider's stock worth $11,952,000 after purchasing an additional 58,079 shares in the last quarter. Quarry LP raised its holdings in Steelcase by 162.6% in the fourth quarter. Quarry LP now owns 8,344 shares of the business services provider's stock valued at $99,000 after buying an additional 5,166 shares during the period. Finally, Boothbay Fund Management LLC purchased a new position in shares of Steelcase in the 4th quarter valued at $135,000. 92.42% of the stock is owned by hedge funds and other institutional investors.

Insiders Place Their Bets

In related news, VP Robert G. Krestakos sold 6,000 shares of the firm's stock in a transaction that occurred 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 transaction, the vice president now owns 139,912 shares of the company's stock, valued at approximately $1,417,308.56. This trade represents a 4.11% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. 12.96% of the stock is currently owned by insiders.

Wall Street Analyst Weigh In

Separately, Sidoti upgraded shares of Steelcase to a "hold" rating in a research note on Friday, March 28th.

Steelcase Stock Up 0.5%

Shares of SCS stock traded up $0.06 during trading hours on Thursday, hitting $10.35. 35,650 shares of the company were exchanged, compared to its average volume of 649,327. 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 business's 50-day simple moving average is $10.29 and its two-hundred day simple moving average is $11.50. Steelcase Inc. has a one year low of $9.32 and a one year high of $14.74. The stock has a market capitalization of $1.19 billion, a price-to-earnings ratio of 10.78, a P/E/G ratio of 1.25 and a beta of 1.15.

Steelcase (NYSE:SCS - Get Free Report) last released 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. The firm had revenue of $788.00 million for the quarter, compared to analyst estimates of $790.90 million. Steelcase had a net margin of 3.63% and a return on equity of 14.20%. Steelcase's quarterly revenue was up 1.7% on a year-over-year basis. During the same quarter in the prior year, the business earned $0.23 earnings per share. Sell-side analysts predict that Steelcase Inc. will post 1 EPS for the current fiscal year.

Steelcase Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Monday, April 21st. Stockholders of record on Monday, April 7th were paid a $0.10 dividend. The ex-dividend date of this dividend was Monday, April 7th. This represents a $0.40 annualized dividend and a dividend yield of 3.87%. Steelcase's payout ratio is 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.