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Jupiter Asset Management Ltd. Has $3.87 Million Stock Position in Steelcase Inc. (NYSE:SCS)

Steelcase logo with Business Services background

Jupiter Asset Management Ltd. reduced its stake in Steelcase Inc. (NYSE:SCS - Free Report) by 29.0% during the 1st quarter, according to the company in its most recent filing with the SEC. The fund owned 352,942 shares of the business services provider's stock after selling 144,481 shares during the quarter. Jupiter Asset Management Ltd. owned 0.31% of Steelcase worth $3,868,000 at the end of the most recent reporting period.

A number of other hedge funds have also recently made changes to their positions in SCS. MetLife Investment Management LLC grew its position in Steelcase by 2.0% during the fourth quarter. MetLife Investment Management LLC now owns 54,643 shares of the business services provider's stock valued at $646,000 after acquiring an additional 1,079 shares during the period. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. increased its stake in shares of Steelcase by 3.4% in the fourth quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 52,596 shares of the business services provider's stock worth $622,000 after buying an additional 1,741 shares during the last quarter. State of Wyoming lifted its holdings in Steelcase by 9.3% during the 4th quarter. State of Wyoming now owns 20,668 shares of the business services provider's stock worth $244,000 after buying an additional 1,762 shares during the last quarter. Diversified Trust Co raised its stake in Steelcase by 7.9% during the first quarter. Diversified Trust Co now owns 34,300 shares of the business services provider's stock worth $376,000 after acquiring an additional 2,499 shares during the period. Finally, Sterling Capital Management LLC increased its position in Steelcase by 8.3% in the fourth quarter. Sterling Capital Management LLC now owns 34,486 shares of the business services provider's stock worth $408,000 after buying an additional 2,644 shares during the period. Hedge funds and other institutional investors own 92.42% of the company's stock.

Wall Street Analysts Forecast Growth

A number of equities research analysts have weighed in on SCS shares. Wall Street Zen downgraded Steelcase from a "strong-buy" rating to a "buy" rating in a research report on Friday, June 27th. Noble Financial lowered Steelcase from a "strong-buy" rating to a "hold" rating in a report on Tuesday.

Get Our Latest Stock Report on Steelcase

Steelcase Stock Performance

SCS traded up $0.10 during trading on Thursday, hitting $16.09. The stock had a trading volume of 1,980,369 shares, compared to its average volume of 987,889. 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 company has a 50 day simple moving average of $10.88 and a 200-day simple moving average of $10.92. The firm has a market cap of $1.84 billion, a PE ratio of 15.62, a P/E/G ratio of 1.52 and a beta of 1.18. Steelcase Inc. has a 12 month low of $9.31 and a 12 month high of $17.13.

Steelcase (NYSE:SCS - Get Free Report) last issued its earnings results on Wednesday, June 25th. The business services provider reported $0.20 earnings per share for the quarter, beating the consensus estimate of $0.12 by $0.08. The business had revenue of $779.00 million for the quarter, compared to analyst estimates of $759.90 million. Steelcase had a net margin of 3.84% and a return on equity of 14.49%. The firm's revenue was up 7.1% on a year-over-year basis. During the same period in the previous year, the business earned $0.16 EPS. Analysts expect that Steelcase Inc. will post 1 EPS 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 issued a $0.10 dividend. This represents a $0.40 annualized dividend and a dividend yield of 2.5%. The ex-dividend date was Monday, July 7th. Steelcase's dividend payout ratio is 38.83%.

Insider Activity

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

Steelcase Profile

(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.

See Also

Institutional Ownership by Quarter for Steelcase (NYSE:SCS)

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