Millennium Management LLC Acquires 335,889 Shares of Steelcase Inc. (NYSE:SCS)

Millennium Management LLC increased its holdings in shares of Steelcase Inc. (NYSE:SCS - Free Report) by 93.6% during the 4th quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 694,625 shares of the business services provider's stock after acquiring an additional 335,889 shares during the quarter. Millennium Management LLC owned approximately 0.61% of Steelcase worth $8,210,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also recently bought and sold shares of the company. Rhumbline Advisers lifted its stake in Steelcase by 0.6% in the fourth quarter. Rhumbline Advisers now owns 155,013 shares of the business services provider's stock valued at $1,832,000 after buying an additional 932 shares during the last quarter. MetLife Investment Management LLC increased its holdings in shares of Steelcase by 2.0% in the 4th quarter. MetLife Investment Management LLC now owns 54,643 shares of the business services provider's stock worth $646,000 after acquiring an additional 1,079 shares during the period. Hillsdale Investment Management Inc. lifted its position in Steelcase by 0.5% in the 4th quarter. Hillsdale Investment Management Inc. now owns 284,800 shares of the business services provider's stock valued at $3,366,000 after purchasing an additional 1,500 shares during the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. boosted its stake in Steelcase by 3.4% during the 4th quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 52,596 shares of the business services provider's stock valued at $622,000 after purchasing an additional 1,741 shares during the period. Finally, Sterling Capital Management LLC grew its position in Steelcase by 8.3% in the 4th quarter. Sterling Capital Management LLC now owns 34,486 shares of the business services provider's stock worth $408,000 after purchasing an additional 2,644 shares during the last quarter. Institutional investors and hedge funds own 92.42% of the company's stock.

Analyst Upgrades and Downgrades

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

Steelcase Stock Performance

SCS stock traded down $0.19 during trading on Wednesday, reaching $10.31. 645,446 shares of the company's stock were exchanged, compared to its average volume of 651,187. The company has a quick ratio of 1.21, a current ratio of 1.57 and a debt-to-equity ratio of 0.48. Steelcase Inc. has a 1-year low of $9.32 and a 1-year high of $14.74. The company's fifty day moving average price is $10.30 and its 200-day moving average price is $11.51. The firm has a market cap of $1.18 billion, a PE ratio of 10.74, a P/E/G ratio of 1.25 and a beta of 1.15.

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, beating the consensus estimate of $0.20 by $0.06. The business had revenue of $788.00 million during the quarter, compared to analysts' expectations of $790.90 million. Steelcase had a net margin of 3.63% and a return on equity of 14.20%. The business's revenue was up 1.7% on a year-over-year basis. During the same period last year, the firm posted $0.23 earnings per share. On average, research analysts expect that Steelcase Inc. will post 1 EPS for the current fiscal year.

Steelcase Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Monday, April 21st. Investors of record on Monday, April 7th were issued a dividend of $0.10 per share. This represents a $0.40 dividend on an annualized basis and a yield of 3.88%. The ex-dividend date was Monday, April 7th. Steelcase's payout ratio is 39.60%.

Insider Buying and Selling

In related news, VP Robert G. Krestakos sold 6,000 shares of the company's 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 completion of the sale, the vice president now owns 139,912 shares in the company, valued at approximately $1,417,308.56. This represents a 4.11% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 12.96% of the stock is currently owned by insiders.

Steelcase Company 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.