Vanguard Group Inc. Boosts Holdings in Steelcase Inc. (NYSE:SCS)

Vanguard Group Inc. lifted its stake in shares of Steelcase Inc. (NYSE:SCS - Free Report) by 1.7% in the third quarter, according to its most recent filing with the SEC. The fund owned 9,313,399 shares of the business services provider's stock after acquiring an additional 159,813 shares during the period. Vanguard Group Inc. owned approximately 8.15% of Steelcase worth $104,031,000 as of its most recent SEC filing.

Other hedge funds also recently made changes to their positions in the company. BlackRock Inc. lifted its stake in Steelcase by 14.3% in the second quarter. BlackRock Inc. now owns 8,350,989 shares of the business services provider's stock worth $64,386,000 after purchasing an additional 1,042,474 shares during the last quarter. Dimensional Fund Advisors LP increased its position in shares of Steelcase by 1.4% in the first quarter. Dimensional Fund Advisors LP now owns 4,159,041 shares of the business services provider's stock valued at $49,701,000 after acquiring an additional 56,728 shares during the period. Douglas Lane & Associates LLC increased its position in shares of Steelcase by 12.7% in the third quarter. Douglas Lane & Associates LLC now owns 4,113,163 shares of the business services provider's stock valued at $45,944,000 after acquiring an additional 462,800 shares during the period. Charles Schwab Investment Management Inc. increased its position in shares of Steelcase by 6.7% in the third quarter. Charles Schwab Investment Management Inc. now owns 2,322,643 shares of the business services provider's stock valued at $25,944,000 after acquiring an additional 145,328 shares during the period. Finally, Goldman Sachs Group Inc. increased its position in shares of Steelcase by 156.4% in the second quarter. Goldman Sachs Group Inc. now owns 1,931,500 shares of the business services provider's stock valued at $14,892,000 after acquiring an additional 1,178,302 shares during the period. 92.42% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

Separately, StockNews.com upgraded shares of Steelcase from a "buy" rating to a "strong-buy" rating in a research report on Friday, March 29th.

Insider Buying and Selling at Steelcase

In other news, VP Robert G. Krestakos sold 4,000 shares of the stock in a transaction on Monday, March 25th. The shares were sold at an average price of $12.61, for a total value of $50,440.00. Following the completion of the sale, the vice president now directly owns 108,081 shares of the company's stock, valued at $1,362,901.41. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. 12.72% of the stock is owned by corporate insiders.

Steelcase Stock Down 0.8 %

Shares of NYSE SCS traded down $0.11 during midday trading on Friday, hitting $12.90. The stock had a trading volume of 893,241 shares, compared to its average volume of 826,120. The business's 50 day moving average is $12.90 and its 200-day moving average is $12.27. The company has a market cap of $1.47 billion, a P/E ratio of 19.11, a PEG ratio of 1.41 and a beta of 1.35. Steelcase Inc. has a 52 week low of $6.39 and a 52 week high of $14.54. The company has a quick ratio of 1.12, a current ratio of 1.54 and a debt-to-equity ratio of 0.51.

Steelcase (NYSE:SCS - Get Free Report) last issued its quarterly earnings data on Wednesday, March 20th. The business services provider reported $0.23 earnings per share for the quarter, beating analysts' consensus estimates of $0.21 by $0.02. The company had revenue of $775.20 million for the quarter, compared to the consensus estimate of $780.25 million. Steelcase had a net margin of 2.57% and a return on equity of 13.00%. The firm's revenue for the quarter was down 3.3% compared to the same quarter last year. During the same quarter in the prior year, the firm earned $0.19 earnings per share. As a group, analysts predict that Steelcase Inc. will post 0.92 EPS for the current year.

Steelcase Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Monday, April 15th. Shareholders of record on Wednesday, April 3rd will be issued a dividend of $0.10 per share. The ex-dividend date is Tuesday, April 2nd. This represents a $0.40 dividend on an annualized basis and a yield of 3.10%. Steelcase's dividend payout ratio is currently 58.82%.

Steelcase Profile

Steelcase Inc provides a portfolio of furniture and architectural products in the United States and internationally. It operates through Americas, EMEA, and Other 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, and mobile power and screens.