265,516 Shares in Steelcase Inc. (NYSE:SCS) Bought by Moran Wealth Management LLC

Moran Wealth Management LLC purchased a new position in shares of Steelcase Inc. (NYSE:SCS - Free Report) during the first quarter, according to its most recent 13F filing with the SEC. The institutional investor purchased 265,516 shares of the business services provider's stock, valued at approximately $2,910,000. Moran Wealth Management LLC owned about 0.23% of Steelcase at the end of the most recent reporting period.

Other large investors have also bought and sold shares of the company. GAMMA Investing LLC grew its position in Steelcase by 1,468.7% during the 1st quarter. GAMMA Investing LLC now owns 5,710 shares of the business services provider's stock worth $63,000 after acquiring an additional 5,346 shares during the last quarter. Virtus Fund Advisers LLC grew its position in Steelcase by 228.9% during the 4th quarter. Virtus Fund Advisers LLC now owns 7,893 shares of the business services provider's stock worth $93,000 after acquiring an additional 5,493 shares during the last quarter. Quarry LP grew its position in Steelcase by 162.6% during the 4th quarter. Quarry LP now owns 8,344 shares of the business services provider's stock worth $99,000 after acquiring an additional 5,166 shares during the last quarter. Boothbay Fund Management LLC bought a new stake in Steelcase during the 4th quarter worth approximately $135,000. Finally, Mariner LLC bought a new stake in Steelcase during the 4th quarter worth approximately $139,000. 92.42% of the stock is currently owned by institutional investors.

Insider Transactions at Steelcase

In other news, VP Robert G. Krestakos sold 6,000 shares of the firm's stock in a transaction on Monday, April 14th. The stock was 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 trade represents a 4.11% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. 6.75% of the stock is owned by corporate insiders.

Steelcase Trading Down 3.7%

SCS traded down $0.41 during mid-day trading on Friday, reaching $10.49. The stock had a trading volume of 2,760,884 shares, compared to its average volume of 664,744. The stock has a market capitalization of $1.20 billion, a P/E ratio of 10.18, a P/E/G ratio of 1.01 and a beta of 1.14. The company has a debt-to-equity ratio of 0.47, a quick ratio of 1.17 and a current ratio of 1.54. The firm's fifty day simple moving average is $10.27 and its two-hundred day simple moving average is $11.02. 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 announced its quarterly earnings data on Wednesday, June 25th. The business services provider reported $0.20 EPS for the quarter, beating analysts' consensus estimates of $0.12 by $0.08. The firm had revenue of $779.00 million for the quarter, compared to analyst estimates of $759.90 million. Steelcase had a return on equity of 14.66% and a net margin of 3.84%. The business's quarterly revenue was up 7.1% compared to the same quarter last year. During the same period last year, the company earned $0.16 EPS. On average, equities analysts predict that Steelcase Inc. will post 1 EPS for the current year.

Steelcase Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Monday, July 21st. Stockholders of record on Monday, July 7th will be given a $0.10 dividend. The ex-dividend date of this dividend is Monday, July 7th. This represents a $0.40 annualized dividend and a dividend yield of 3.81%. Steelcase's dividend payout ratio is currently 39.60%.

Analyst Upgrades and Downgrades

A number of equities research analysts recently commented on SCS shares. Wall Street Zen lowered Steelcase from a "strong-buy" rating to a "buy" rating in a research report on Friday. Sidoti upgraded Steelcase to a "hold" rating in a research report on Friday, March 28th.

Steelcase 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.