Virtus Investment Advisers Inc. increased its stake in Steelcase Inc. (NYSE:SCS - Free Report) by 35.2% during the fourth quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 100,856 shares of the business services provider's stock after purchasing an additional 26,256 shares during the quarter. Steelcase makes up approximately 0.9% of Virtus Investment Advisers Inc.'s portfolio, making the stock its 18th biggest holding. Virtus Investment Advisers Inc. owned 0.09% of Steelcase worth $1,192,000 at the end of the most recent reporting period.
A number of other hedge funds have also bought and sold shares of the business. Dimensional Fund Advisors LP grew its stake in Steelcase by 0.9% in the 4th quarter. Dimensional Fund Advisors LP now owns 5,425,529 shares of the business services provider's stock valued at $64,129,000 after buying an additional 47,748 shares in the last quarter. Pzena Investment Management LLC grew its position in shares of Steelcase by 2.6% during the 4th quarter. Pzena Investment Management LLC now owns 5,373,342 shares of the business services provider's stock valued at $63,513,000 after purchasing an additional 133,893 shares in the last quarter. Fifth Third Bancorp grew its position in shares of Steelcase by 7.4% during the 4th quarter. Fifth Third Bancorp now owns 3,579,117 shares of the business services provider's stock valued at $42,305,000 after purchasing an additional 245,981 shares in the last quarter. American Century Companies Inc. grew its position in shares of Steelcase by 10.0% during the 4th quarter. American Century Companies Inc. now owns 3,024,828 shares of the business services provider's stock valued at $35,753,000 after purchasing an additional 275,369 shares in the last quarter. Finally, Bridgeway Capital Management LLC grew its position in shares of Steelcase by 2.7% during 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 purchasing an additional 28,610 shares in the last quarter. 92.42% of the stock is currently owned by hedge funds and other institutional investors.
Steelcase Price Performance
Shares of SCS traded down $0.06 during mid-day trading on Friday, reaching $10.10. 711,611 shares of the stock traded hands, compared to its average volume of 648,878. Steelcase Inc. has a 1 year low of $9.32 and a 1 year high of $14.74. 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 company has a market cap of $1.16 billion, a price-to-earnings ratio of 10.52, a price-to-earnings-growth ratio of 1.25 and a beta of 1.15. The firm has a fifty day moving average price of $10.32 and a 200 day moving average price of $11.56.
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 analysts' consensus estimates of $0.20 by $0.06. Steelcase had a net margin of 3.63% and a return on equity of 14.20%. The company had revenue of $788.00 million during the quarter, compared to the consensus estimate of $790.90 million. During the same period in the previous year, the firm posted $0.23 EPS. The firm's revenue was up 1.7% compared to the same quarter last year. As a group, equities research analysts predict that Steelcase Inc. will post 1 earnings per share for the current year.
Steelcase Dividend Announcement
The business also recently disclosed a quarterly dividend, which was paid on Monday, April 21st. Stockholders 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 dividend yield of 3.96%. The ex-dividend date was Monday, April 7th. Steelcase's dividend payout ratio is currently 39.60%.
Analyst Upgrades and Downgrades
Separately, Sidoti upgraded shares of Steelcase to a "hold" rating in a research report on Friday, March 28th.
Get Our Latest Stock Analysis on SCS
Insider Transactions at Steelcase
In other Steelcase news, VP Robert G. Krestakos sold 6,000 shares of the business's stock in a transaction 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 directly owns 139,912 shares of the company's stock, valued at $1,417,308.56. The trade was a 4.11% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. 12.96% of the stock is currently owned by insiders.
About Steelcase
(
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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