Bailard Inc. Makes New Investment in Steelcase Inc. (NYSE:SCS)

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

A number of other large investors have also recently made changes to their positions in SCS. Victory Capital Management Inc. increased its position in Steelcase by 208.4% during the first quarter. Victory Capital Management Inc. now owns 1,413,845 shares of the business services provider's stock valued at $15,496,000 after acquiring an additional 955,431 shares during the last quarter. Teacher Retirement System of Texas lifted its holdings in shares of Steelcase by 109.8% in the 4th quarter. Teacher Retirement System of Texas now owns 775,177 shares of the business services provider's stock worth $9,163,000 after acquiring an additional 405,614 shares during the last quarter. Millennium Management LLC boosted its stake in shares of Steelcase by 93.6% during the 4th quarter. Millennium Management LLC now owns 694,625 shares of the business services provider's stock worth $8,210,000 after purchasing an additional 335,889 shares during the period. Brandywine Global Investment Management LLC bought a new position in Steelcase during the 4th quarter valued at about $3,769,000. Finally, Prudential Financial Inc. grew its holdings in Steelcase by 150.6% during the 4th quarter. Prudential Financial Inc. now owns 528,658 shares of the business services provider's stock valued at $6,249,000 after purchasing an additional 317,700 shares during the last quarter. 92.42% of the stock is currently owned by institutional investors.

Insider Buying and Selling

In related news, VP Robert G. Krestakos sold 12,000 shares of Steelcase stock in a transaction dated Friday, July 11th. The stock was sold at an average price of $10.63, for a total value of $127,560.00. Following the sale, the vice president directly owned 127,912 shares in the company, valued at approximately $1,359,704.56. The trade was a 8.58% decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Insiders own 6.75% of the company's stock.

Steelcase Stock Up 2.1%

NYSE SCS traded up $0.22 on Wednesday, hitting $10.69. The stock had a trading volume of 646,665 shares, compared to its average volume of 685,577. The business's fifty day moving average price is $10.50 and its 200 day moving average price is $10.87. The stock has a market cap of $1.22 billion, a price-to-earnings ratio of 10.37, a price-to-earnings-growth ratio of 1.00 and a beta of 1.13. The company has a debt-to-equity ratio of 0.46, a current ratio of 1.65 and a quick ratio of 1.15. Steelcase Inc. has a 52-week low of $9.32 and a 52-week high of $14.74.

Steelcase (NYSE:SCS - Get Free Report) last issued its quarterly earnings results on Wednesday, June 25th. The business services provider reported $0.20 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.12 by $0.08. Steelcase had a net margin of 3.84% and a return on equity of 14.49%. The business had revenue of $779.00 million for the quarter, compared to analyst estimates of $759.90 million. During the same quarter in the prior year, the business posted $0.16 EPS. Steelcase's revenue for the quarter was up 7.1% compared to the same quarter last year. Equities research analysts anticipate that Steelcase Inc. will post 1 earnings per share for the current year.

Steelcase Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Monday, July 21st. Shareholders of record on Monday, July 7th were given a dividend of $0.10 per share. The ex-dividend date of this dividend was Monday, July 7th. This represents a $0.40 dividend on an annualized basis and a yield of 3.74%. Steelcase's dividend payout ratio is currently 38.83%.

Wall Street Analyst Weigh In

SCS has been the subject of a number of research analyst reports. Sidoti raised Steelcase to a "hold" rating in a research note on Friday, March 28th. Wall Street Zen downgraded Steelcase from a "strong-buy" rating to a "buy" rating in a research report on Friday, June 27th.

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.