Sterling Capital Management LLC Grows Holdings in Steelcase Inc. (NYSE:SCS)

Sterling Capital Management LLC grew its stake in shares of Steelcase Inc. (NYSE:SCS) by 8.3% in the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 34,486 shares of the business services provider’s stock after purchasing an additional 2,644 shares during the quarter. Sterling Capital Management LLC’s holdings in Steelcase were worth $408,000 at the end of the most recent quarter.

A number of other hedge funds have also recently made changes to their positions in SCS. R Squared Ltd bought a new stake in Steelcase during the 4th quarter valued at about $36,000. Olympiad Research LP purchased a new position in shares of Steelcase during the fourth quarter worth approximately $134,000. Aigen Investment Management LP bought a new stake in shares of Steelcase during the fourth quarter valued at approximately $155,000. LPL Financial LLC bought a new position in Steelcase in the fourth quarter worth approximately $191,000. Finally, Ieq Capital LLC bought a new position in Steelcase in the fourth quarter worth approximately $203,000. 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 company’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 transaction, the vice president now directly owns 139,912 shares of the company’s stock, valued at approximately $1,417,308.56. This represents a 4.11 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. 12.96% of the stock is currently owned by corporate insiders.

Analyst Upgrades and Downgrades

Separately, Sidoti upgraded Steelcase to a “hold” rating in a report on Friday, March 28th.

Steelcase Stock Performance

Shares of SCS stock opened at $9.77 on Friday. The firm has a market cap of $1.11 billion, a price-to-earnings ratio of 10.17, a PEG ratio of 1.25 and a beta of 1.12. Steelcase Inc. has a 52-week low of $9.58 and a 52-week high of $14.74. The company has a quick ratio of 1.21, a current ratio of 1.57 and a debt-to-equity ratio of 0.48. The company’s 50 day moving average is $11.18 and its 200 day moving average is $12.00.

Steelcase (NYSE:SCS) last announced its quarterly earnings results on Wednesday, March 26th. The business services provider reported $0.26 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.20 by $0.06. Steelcase had a return on equity of 14.20% and a net margin of 3.63%. The business had revenue of $788.00 million for the quarter, compared to the consensus estimate of $790.90 million. During the same period last year, the business posted $0.23 EPS. The business’s revenue was up 1.7% compared to the same quarter last year. On average, sell-side analysts anticipate that Steelcase Inc. will post 1 EPS for the current fiscal year.

Steelcase Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Monday, April 21st. Investors of record on Monday, April 7th will be paid a dividend of $0.10 per share. The ex-dividend date of this dividend is Monday, April 7th. This represents a $0.40 annualized dividend and a dividend yield of 4.10%. Steelcase’s dividend payout ratio (DPR) is presently 39.60%.

About Steelcase

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.