Strs Ohio Acquires 47,900 Shares of Steelcase Inc. (NYSE:SCS)

Strs Ohio grew its holdings in shares of Steelcase Inc. (NYSE:SCS) by 520.7% in the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 57,100 shares of the business services provider’s stock after acquiring an additional 47,900 shares during the quarter. Strs Ohio’s holdings in Steelcase were worth $771,000 at the end of the most recent quarter.

Other large investors have also recently modified their holdings of the company. Allspring Global Investments Holdings LLC raised its holdings in shares of Steelcase by 219.9% during the 3rd quarter. Allspring Global Investments Holdings LLC now owns 5,828 shares of the business services provider’s stock valued at $65,000 after buying an additional 4,006 shares in the last quarter. New York State Teachers Retirement System purchased a new position in shares of Steelcase during the 3rd quarter valued at about $88,000. Skandinaviska Enskilda Banken AB publ purchased a new position in shares of Steelcase during the 3rd quarter valued at about $111,000. QRG Capital Management Inc. purchased a new position in shares of Steelcase during the 3rd quarter valued at about $113,000. Finally, Scotia Capital Inc. purchased a new position in shares of Steelcase during the 3rd quarter valued at about $114,000. Institutional investors own 92.42% of the company’s stock.

Steelcase Price Performance

Shares of Steelcase stock opened at $12.10 on Thursday. The company has a debt-to-equity ratio of 0.50, a current ratio of 1.58 and a quick ratio of 1.20. The business’s 50 day simple moving average is $12.74 and its two-hundred day simple moving average is $12.44. The stock has a market capitalization of $1.39 billion, a P/E ratio of 17.79, a price-to-earnings-growth ratio of 1.35 and a beta of 1.35. Steelcase Inc. has a one year low of $6.39 and a one year high of $14.54.

Steelcase (NYSE:SCS) last announced its quarterly earnings results on Wednesday, March 20th. The business services provider reported $0.23 EPS for the quarter, topping analysts’ consensus estimates of $0.21 by $0.02. The business had revenue of $775.20 million for the quarter, compared to analysts’ expectations of $780.25 million. Steelcase had a return on equity of 12.87% and a net margin of 2.57%. The business’s quarterly revenue was down 3.3% on a year-over-year basis. During the same period in the previous year, the firm earned $0.19 EPS. Analysts forecast that Steelcase Inc. will post 0.92 EPS for the current year.

Steelcase Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Monday, April 15th. Shareholders of record on Wednesday, April 3rd were paid a $0.10 dividend. The ex-dividend date of this dividend was Tuesday, April 2nd. This represents a $0.40 dividend on an annualized basis and a yield of 3.31%. Steelcase’s dividend payout ratio (DPR) is currently 58.82%.

Insiders Place Their Bets

In other Steelcase news, VP Robert G. Krestakos sold 4,000 shares of Steelcase stock in a transaction that occurred on Monday, March 25th. The stock was sold at an average price of $12.61, for a total value of $50,440.00. Following the transaction, the vice president now directly owns 108,081 shares of the company’s stock, valued at approximately $1,362,901.41. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Insiders own 12.72% of the company’s stock.

Analysts Set New Price Targets

Separately, StockNews.com raised Steelcase from a “buy” rating to a “strong-buy” rating in a report on Friday, March 29th.

About Steelcase

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.