Moran Wealth Management LLC Takes Position in Steelcase Inc. (NYSE:SCS)

Moran Wealth Management LLC bought a new position in shares of Steelcase Inc. (NYSE:SCS - Free Report) during the first quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund bought 265,516 shares of the business services provider's stock, valued at approximately $2,910,000. Moran Wealth Management LLC owned 0.23% of Steelcase at the end of the most recent quarter.

Several other large investors have also recently bought and sold shares of SCS. Dimensional Fund Advisors LP increased its holdings in shares of Steelcase by 0.9% during the 4th quarter. Dimensional Fund Advisors LP now owns 5,425,529 shares of the business services provider's stock worth $64,129,000 after purchasing an additional 47,748 shares during the period. Pzena Investment Management LLC lifted its stake in shares of Steelcase by 2.6% in the fourth quarter. Pzena Investment Management LLC now owns 5,373,342 shares of the business services provider's stock valued at $63,513,000 after buying an additional 133,893 shares during the period. Fifth Third Bancorp grew its position in Steelcase by 6.2% during the first quarter. Fifth Third Bancorp now owns 3,802,658 shares of the business services provider's stock worth $41,677,000 after buying an additional 223,541 shares in the last quarter. American Century Companies Inc. increased its stake in Steelcase by 10.0% during the fourth quarter. American Century Companies Inc. now owns 3,024,828 shares of the business services provider's stock valued at $35,753,000 after acquiring an additional 275,369 shares during the period. Finally, Bridgeway Capital Management LLC raised its holdings in Steelcase by 2.7% in the 4th quarter. Bridgeway Capital Management LLC now owns 1,081,354 shares of the business services provider's stock valued at $12,782,000 after acquiring an additional 28,610 shares in the last quarter. 92.42% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

Separately, Sidoti raised Steelcase to a "hold" rating in a research report on Friday, March 28th.

Insider Buying and Selling at Steelcase

In other Steelcase news, VP Robert G. Krestakos sold 6,000 shares of the company's stock in a transaction dated Monday, April 14th. The shares were sold at an average price of $10.13, for a total transaction of $60,780.00. Following the sale, the vice president now directly owns 139,912 shares of the company's stock, valued at approximately $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 Securities & Exchange Commission, which can be accessed through this link. Company insiders own 6.75% of the company's stock.

Steelcase Price Performance

Shares of NYSE:SCS traded up $0.27 during midday trading on Thursday, reaching $10.89. 3,368,157 shares of the company's stock were exchanged, compared to its average volume of 661,095. 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 company's 50 day simple moving average is $10.24 and its two-hundred day simple moving average is $11.09. Steelcase Inc. has a 12 month low of $9.32 and a 12 month high of $14.74. The firm has a market capitalization of $1.25 billion, a PE ratio of 10.78, a price-to-earnings-growth ratio of 1.04 and a beta of 1.14.

Steelcase (NYSE:SCS - Get Free Report) last announced its quarterly earnings results on Wednesday, June 25th. The business services provider reported $0.20 EPS for the quarter, topping analysts' consensus estimates of $0.12 by $0.08. Steelcase had a net margin of 3.81% and a return on equity of 14.37%. The firm had revenue of $779.00 million during the quarter, compared to analysts' expectations of $759.90 million. During the same quarter last year, the company earned $0.16 earnings per share. The company's revenue for the quarter was up 7.1% compared to the same quarter last year. Equities research analysts expect that Steelcase Inc. will post 1 earnings per share for the current fiscal year.

Steelcase Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Monday, July 21st. Investors of record on Monday, July 7th will be paid a $0.10 dividend. This represents a $0.40 annualized dividend and a yield of 3.67%. The ex-dividend date is Monday, July 7th. Steelcase's dividend payout ratio is 39.60%.

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.