Fifth Third Bancorp raised its stake in shares of Steelcase Inc. (NYSE:SCS - Free Report) by 6.2% during the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 3,802,658 shares of the business services provider's stock after buying an additional 223,541 shares during the period. Fifth Third Bancorp owned 3.34% of Steelcase worth $41,677,000 at the end of the most recent quarter.
A number of other institutional investors have also made changes to their positions in SCS. SG Americas Securities LLC boosted its holdings in Steelcase by 42.0% during the first quarter. SG Americas Securities LLC now owns 45,528 shares of the business services provider's stock valued at $499,000 after acquiring an additional 13,476 shares during the period. Green Alpha Advisors LLC grew its position in Steelcase by 17.2% in the first quarter. Green Alpha Advisors LLC now owns 158,406 shares of the business services provider's stock valued at $1,736,000 after acquiring an additional 23,284 shares during the period. GAMMA Investing LLC boosted its stake in shares of Steelcase by 1,468.7% in the 1st quarter. GAMMA Investing LLC now owns 5,710 shares of the business services provider's stock valued at $63,000 after purchasing an additional 5,346 shares in the last quarter. Mackenzie Financial Corp boosted its position in Steelcase by 92.3% in the fourth quarter. Mackenzie Financial Corp now owns 100,432 shares of the business services provider's stock valued at $1,187,000 after buying an additional 48,192 shares in the last quarter. Finally, PharVision Advisers LLC bought a new stake in Steelcase during the 4th quarter worth approximately $386,000. 92.42% of the stock is owned by institutional investors.
Steelcase Price Performance
Shares of SCS traded up $0.19 during mid-day trading on Monday, hitting $10.35. 770,125 shares of the company traded hands, compared to its average volume of 655,110. The company has a current ratio of 1.57, a quick ratio of 1.21 and a debt-to-equity ratio of 0.48. The stock has a market capitalization of $1.19 billion, a price-to-earnings ratio of 10.78, a PEG ratio of 1.25 and a beta of 1.14. The business has a 50-day moving average of $10.21 and a 200 day moving average of $11.20. Steelcase Inc. has a one year low of $9.32 and a one year high of $14.74.
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 (EPS) 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 the consensus estimate of $790.90 million. Steelcase had a return on equity of 14.20% and a net margin of 3.63%. The business's revenue for the quarter was up 1.7% compared to the same quarter last year. During the same quarter in the prior year, the business earned $0.23 EPS. As a group, equities analysts expect that Steelcase Inc. will post 1 earnings per share for the current fiscal year.
Steelcase Announces Dividend
The company also recently declared a quarterly dividend, which was paid on Monday, April 21st. Investors of record on Monday, April 7th were issued a $0.10 dividend. This represents a $0.40 annualized dividend and a yield of 3.86%. The ex-dividend date was Monday, April 7th. Steelcase's dividend payout ratio is 39.60%.
Wall Street Analyst Weigh In
Separately, Sidoti raised Steelcase to a "hold" rating in a report on Friday, March 28th.
Read Our Latest Stock Analysis on SCS
Insider Buying and Selling
In related news, VP Robert G. Krestakos sold 6,000 shares of the 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 transaction, the vice president now directly owns 139,912 shares in the company, valued at $1,417,308.56. This represents a 4.11% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Corporate insiders own 6.75% of the company's stock.
Steelcase Profile
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Free Report)
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.
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