Macquarie Group Ltd. boosted its stake in Steelcase Inc. (NYSE:SCS) by 639.7% during the 4th quarter, HoldingsChannel.com reports. The institutional investor owned 5,304 shares of the business services provider’s stock after acquiring an additional 4,587 shares during the period. Macquarie Group Ltd.’s holdings in Steelcase were worth $79,000 at the end of the most recent quarter.
Other institutional investors and hedge funds also recently modified their holdings of the company. Vanguard Group Inc. increased its stake in Steelcase by 1.9% during the third quarter. Vanguard Group Inc. now owns 7,417,933 shares of the business services provider’s stock worth $137,232,000 after purchasing an additional 137,555 shares during the period. Vanguard Group Inc increased its stake in Steelcase by 1.9% during the third quarter. Vanguard Group Inc now owns 7,417,933 shares of the business services provider’s stock worth $137,232,000 after purchasing an additional 137,555 shares during the period. BlackRock Inc. increased its stake in Steelcase by 7.4% during the fourth quarter. BlackRock Inc. now owns 6,279,610 shares of the business services provider’s stock worth $93,126,000 after purchasing an additional 432,754 shares during the period. Geode Capital Management LLC increased its stake in Steelcase by 2.5% during the fourth quarter. Geode Capital Management LLC now owns 1,236,936 shares of the business services provider’s stock worth $18,343,000 after purchasing an additional 30,369 shares during the period. Finally, Bank of New York Mellon Corp increased its stake in Steelcase by 3.6% during the third quarter. Bank of New York Mellon Corp now owns 1,123,381 shares of the business services provider’s stock worth $20,783,000 after purchasing an additional 39,140 shares during the period. Hedge funds and other institutional investors own 69.16% of the company’s stock.
In other news, Director Jennifer C. Niemann sold 1,832 shares of the business’s stock in a transaction dated Friday, March 29th. The stock was sold at an average price of $14.69, for a total transaction of $26,912.08. Following the completion of the transaction, the director now directly owns 7,746 shares of the company’s stock, valued at $113,788.74. The sale was disclosed in a filing with the SEC, which is accessible through this link. Also, Director Robert C. Pew III sold 68,134 shares of the business’s stock in a transaction dated Thursday, February 21st. The stock was sold at an average price of $17.52, for a total value of $1,193,707.68. Following the transaction, the director now directly owns 91,711 shares of the company’s stock, valued at $1,606,776.72. The disclosure for this sale can be found here. Over the last three months, insiders have sold 117,696 shares of company stock valued at $2,037,949. Corporate insiders own 17.58% of the company’s stock.
SCS has been the topic of a number of recent research reports. Zacks Investment Research upgraded shares of Steelcase from a “hold” rating to a “buy” rating and set a $16.00 price target on the stock in a research note on Tuesday, December 25th. Raymond James upgraded shares of Steelcase from an “outperform” rating to a “strong-buy” rating and boosted their price target for the stock from $20.00 to $21.00 in a research note on Thursday, March 21st. Two equities research analysts have rated the stock with a hold rating, one has assigned a buy rating and one has given a strong buy rating to the company’s stock. The company presently has an average rating of “Buy” and an average target price of $19.00.
Shares of NYSE:SCS opened at $16.55 on Thursday. Steelcase Inc. has a 1 year low of $13.10 and a 1 year high of $19.35. The stock has a market cap of $1.87 billion, a price-to-earnings ratio of 13.79 and a beta of 1.26. The company has a debt-to-equity ratio of 0.57, a quick ratio of 0.86 and a current ratio of 1.59.
Steelcase (NYSE:SCS) last announced its quarterly earnings data on Tuesday, March 19th. The business services provider reported $0.29 EPS for the quarter, topping the Zacks’ consensus estimate of $0.26 by $0.03. Steelcase had a return on equity of 16.47% and a net margin of 3.66%. The business had revenue of $912.00 million during the quarter, compared to the consensus estimate of $870.60 million. During the same period in the previous year, the company posted $0.24 earnings per share. The business’s revenue for the quarter was up 18.0% on a year-over-year basis. Analysts anticipate that Steelcase Inc. will post 1.3 EPS for the current fiscal year.
The business also recently disclosed a quarterly dividend, which was paid on Friday, April 12th. Stockholders of record on Friday, March 29th were given a dividend of $0.145 per share. The ex-dividend date of this dividend was Thursday, March 28th. This is an increase from Steelcase’s previous quarterly dividend of $0.14. This represents a $0.58 dividend on an annualized basis and a dividend yield of 3.50%. Steelcase’s payout ratio is currently 48.33%.
Steelcase Inc manufactures and sells integrated furniture settings, user-centered technologies, and interior architectural products. It operates through Americas, EMEA, and Other Category segments. The company's furniture portfolio includes panel-based furniture systems, storage products, fixed and height-adjustable desks, benches, and tables, as well as other products, including worktools.
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