Bailard Inc. Buys Shares of 46,500 Steelcase Inc. (NYSE:SCS)

Bailard Inc. acquired a new position in Steelcase Inc. (NYSE:SCS - Free Report) during the 1st quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor acquired 46,500 shares of the business services provider's stock, valued at approximately $510,000.

Several other hedge funds and other institutional investors also recently bought and sold shares of SCS. GAMMA Investing LLC lifted its holdings in Steelcase by 1,468.7% during the first quarter. GAMMA Investing LLC now owns 5,710 shares of the business services provider's stock worth $63,000 after buying an additional 5,346 shares during the period. Virtus Fund Advisers LLC lifted its holdings in Steelcase by 228.9% during the fourth quarter. Virtus Fund Advisers LLC now owns 7,893 shares of the business services provider's stock worth $93,000 after buying an additional 5,493 shares during the period. Quarry LP lifted its holdings in shares of Steelcase by 162.6% during the 4th quarter. Quarry LP now owns 8,344 shares of the business services provider's stock valued at $99,000 after purchasing an additional 5,166 shares during the last quarter. Boothbay Fund Management LLC purchased a new stake in shares of Steelcase during the 4th quarter valued at $135,000. Finally, Mariner LLC purchased a new stake in shares of Steelcase during the 4th quarter valued at $139,000. Institutional investors own 92.42% of the company's stock.

Wall Street Analysts Forecast Growth

Several brokerages have recently commented on SCS. Sidoti upgraded Steelcase to a "hold" rating in a report on Friday, March 28th. Wall Street Zen lowered Steelcase from a "strong-buy" rating to a "buy" rating in a report on Friday, June 27th.

Insider Activity

In related news, VP Robert G. Krestakos sold 12,000 shares of the company's stock in a transaction on Friday, July 11th. The stock was sold at an average price of $10.63, for a total value of $127,560.00. Following the transaction, the vice president directly owned 127,912 shares of the company's stock, valued at $1,359,704.56. This represents a 8.58% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. 6.75% of the stock is currently owned by insiders.

Steelcase Stock Down 1.3%

Shares of SCS traded down $0.13 during midday trading on Friday, hitting $10.18. 1,134,258 shares of the company's stock traded hands, compared to its average volume of 684,775. Steelcase Inc. has a 1 year low of $9.32 and a 1 year high of $14.74. The firm's fifty day moving average is $10.51 and its 200-day moving average is $10.88. The company has a current ratio of 1.65, a quick ratio of 1.15 and a debt-to-equity ratio of 0.46. The stock has a market capitalization of $1.17 billion, a price-to-earnings ratio of 9.88, a price-to-earnings-growth ratio of 0.97 and a beta of 1.13.

Steelcase (NYSE:SCS - Get Free Report) last released its earnings results on Wednesday, June 25th. The business services provider reported $0.20 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.12 by $0.08. Steelcase had a return on equity of 14.49% and a net margin of 3.84%. The firm had revenue of $779.00 million for the quarter, compared to the consensus estimate of $759.90 million. During the same period in the prior year, the firm earned $0.16 EPS. The firm's revenue was up 7.1% on a year-over-year basis. As a group, sell-side analysts anticipate 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 will be paid on Monday, July 21st. Investors of record on Monday, July 7th will be given a $0.10 dividend. This represents a $0.40 annualized dividend and a dividend yield of 3.93%. The ex-dividend date of this dividend is Monday, July 7th. Steelcase's payout ratio is 38.83%.

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.