Bridgefront Capital LLC Acquires 9,259 Shares of Steelcase Inc. (NYSE:SCS)

Bridgefront Capital LLC grew its holdings in Steelcase Inc. (NYSE:SCS – Get Rating) by 75.3% in the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 21,556 shares of the business services provider’s stock after purchasing an additional 9,259 shares during the period. Bridgefront Capital LLC’s holdings in Steelcase were worth $141,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also modified their holdings of SCS. Vanguard Group Inc. increased its holdings in shares of Steelcase by 15.3% in the 3rd quarter. Vanguard Group Inc. now owns 8,705,377 shares of the business services provider’s stock worth $56,759,000 after purchasing an additional 1,152,299 shares in the last quarter. Invesco Ltd. increased its holdings in shares of Steelcase by 82.7% in the 1st quarter. Invesco Ltd. now owns 1,765,272 shares of the business services provider’s stock worth $21,095,000 after purchasing an additional 799,202 shares in the last quarter. Easterly Investment Partners LLC increased its holdings in shares of Steelcase by 63.5% in the 1st quarter. Easterly Investment Partners LLC now owns 1,232,080 shares of the business services provider’s stock worth $14,723,000 after purchasing an additional 478,719 shares in the last quarter. Bank of America Corp DE increased its holdings in shares of Steelcase by 22.4% in the 1st quarter. Bank of America Corp DE now owns 1,642,662 shares of the business services provider’s stock worth $19,631,000 after purchasing an additional 301,110 shares in the last quarter. Finally, BlackRock Inc. increased its holdings in shares of Steelcase by 3.6% in the 1st quarter. BlackRock Inc. now owns 7,932,474 shares of the business services provider’s stock worth $94,794,000 after purchasing an additional 277,505 shares in the last quarter. Institutional investors own 74.01% of the company’s stock.

Analyst Ratings Changes

A number of analysts have commented on the company. Benchmark lowered Steelcase from a “buy” rating to a “hold” rating in a report on Tuesday, November 29th. StockNews.com assumed coverage on Steelcase in a report on Thursday. They issued a “hold” rating for the company.

Steelcase Stock Performance

Shares of SCS opened at $7.14 on Friday. The company has a debt-to-equity ratio of 0.55, a current ratio of 1.35 and a quick ratio of 0.79. Steelcase Inc. has a one year low of $6.20 and a one year high of $12.57. The firm has a market capitalization of $805.25 million, a P/E ratio of 47.60, a PEG ratio of 1.33 and a beta of 1.36. The business has a fifty day moving average of $7.64 and a 200 day moving average of $7.88.

Steelcase (NYSE:SCS – Get Rating) last issued its quarterly earnings data on Monday, December 19th. The business services provider reported $0.20 EPS for the quarter, topping the consensus estimate of $0.19 by $0.01. Steelcase had a return on equity of 4.85% and a net margin of 0.55%. The company had revenue of $826.90 million during the quarter. As a group, sell-side analysts anticipate that Steelcase Inc. will post 0.42 EPS for the current year.

Steelcase Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Friday, January 13th. Investors of record on Tuesday, January 3rd were given a dividend of $0.10 per share. The ex-dividend date was Friday, December 30th. This represents a $0.40 annualized dividend and a yield of 5.60%. Steelcase’s dividend payout ratio (DPR) is presently 266.67%.

Steelcase Company Profile

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Steelcase Inc manufactures and sells integrated furniture settings, user-centered technologies, and interior architectural products. It operates through the Americas, EMEA, and Other Category segments. The firm’s furniture portfolio includes panel, fence and beam-based furniture systems, storage products, fixed and height-adjustable desks, benches, and tables, as well as complementary products, including work tools and screens.