Northern Trust Corp Buys 58,079 Shares of Steelcase Inc. (NYSE:SCS)

Northern Trust Corp lifted its holdings in shares of Steelcase Inc. (NYSE:SCS - Free Report) by 6.1% in the 4th quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 1,011,144 shares of the business services provider's stock after acquiring an additional 58,079 shares during the quarter. Northern Trust Corp owned approximately 0.89% of Steelcase worth $11,952,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. R Squared Ltd bought a new position in shares of Steelcase during the 4th quarter worth approximately $36,000. Quarry LP boosted its stake in shares of 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 period. Olympiad Research LP bought a new position in shares of Steelcase during the 4th quarter worth approximately $134,000. Boothbay Fund Management LLC bought a new position in shares of Steelcase during the 4th quarter worth approximately $135,000. Finally, Mariner LLC bought a new position in shares of Steelcase during the 4th quarter worth approximately $139,000. 92.42% of the stock is currently owned by institutional investors.

Insider Activity at Steelcase

In other news, VP Robert G. Krestakos sold 6,000 shares of the business's stock in a transaction on Monday, April 14th. The stock was sold at an average price of $10.13, for a total transaction of $60,780.00. Following the completion of the transaction, the vice president now owns 139,912 shares of the company's stock, valued at approximately $1,417,308.56. The trade was a 4.11% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. 12.96% of the stock is currently owned by corporate insiders.

Analyst Ratings Changes

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

Steelcase Stock Performance

SCS traded up $0.16 during trading on Thursday, hitting $10.17. The stock had a trading volume of 599,952 shares, compared to its average volume of 648,220. The company has a 50 day moving average price of $10.34 and a 200-day moving average price of $11.57. The firm has a market cap of $1.17 billion, a price-to-earnings ratio of 10.59, a P/E/G ratio of 1.25 and a beta of 1.15. Steelcase Inc. has a one year low of $9.32 and a one year high of $14.74. The company has a debt-to-equity ratio of 0.48, a current ratio of 1.57 and a quick ratio of 1.21.

Steelcase (NYSE:SCS - Get Free Report) last released its quarterly earnings results 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 the consensus estimate of $790.90 million. Steelcase had a return on equity of 14.20% and a net margin of 3.63%. The firm's quarterly revenue was up 1.7% on a year-over-year basis. During the same period in the previous year, the company posted $0.23 EPS. As a group, research analysts predict that Steelcase Inc. will post 1 EPS for the current year.

Steelcase Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Monday, April 21st. Investors of record on Monday, April 7th were paid a $0.10 dividend. The ex-dividend date of this dividend was Monday, April 7th. This represents a $0.40 annualized dividend and a yield of 3.93%. Steelcase's dividend payout ratio (DPR) is presently 39.60%.

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.