Prime Capital Investment Advisors LLC Boosts Stock Position in Steelcase Inc. (NYSE:SCS)

Prime Capital Investment Advisors LLC raised its stake in shares of Steelcase Inc. (NYSE:SCS) by 8.6% in the 4th quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 18,680 shares of the business services provider’s stock after acquiring an additional 1,476 shares during the period. Prime Capital Investment Advisors LLC’s holdings in Steelcase were worth $253,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in SCS. Advisor Group Holdings Inc. raised its stake in Steelcase by 12.5% during the 1st quarter. Advisor Group Holdings Inc. now owns 36,070 shares of the business services provider’s stock valued at $431,000 after acquiring an additional 3,999 shares during the last quarter. HighTower Advisors LLC raised its stake in Steelcase by 32.8% during the 1st quarter. HighTower Advisors LLC now owns 14,724 shares of the business services provider’s stock valued at $177,000 after acquiring an additional 3,635 shares during the last quarter. Natixis Advisors L.P. raised its stake in Steelcase by 47.3% during the 1st quarter. Natixis Advisors L.P. now owns 29,323 shares of the business services provider’s stock valued at $350,000 after acquiring an additional 9,422 shares during the last quarter. MetLife Investment Management LLC raised its stake in Steelcase by 51.8% during the 1st quarter. MetLife Investment Management LLC now owns 45,862 shares of the business services provider’s stock valued at $548,000 after acquiring an additional 15,650 shares during the last quarter. Finally, BlackRock Inc. raised its stake in Steelcase by 3.6% during the 1st quarter. BlackRock Inc. now owns 7,932,474 shares of the business services provider’s stock valued at $94,794,000 after acquiring an additional 277,505 shares during the last quarter. 92.42% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

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

Steelcase Stock Performance

NYSE SCS opened at $12.18 on Friday. The company has a current ratio of 1.54, a quick ratio of 1.12 and a debt-to-equity ratio of 0.51. The business’s 50 day moving average is $12.84 and its two-hundred day moving average is $12.38. Steelcase Inc. has a 12-month low of $6.39 and a 12-month high of $14.54. The stock has a market capitalization of $1.39 billion, a price-to-earnings ratio of 17.91, a PEG ratio of 1.33 and a beta of 1.35.

Steelcase (NYSE:SCS) last released its earnings results on Wednesday, March 20th. The business services provider reported $0.23 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.21 by $0.02. Steelcase had a return on equity of 13.00% and a net margin of 2.57%. The company had revenue of $775.20 million for the quarter, compared to analysts’ expectations of $780.25 million. During the same quarter in the previous year, the firm posted $0.19 EPS. The firm’s quarterly revenue was down 3.3% on a year-over-year basis. Research analysts expect that Steelcase Inc. will post 0.92 EPS for the current year.

Steelcase Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Monday, April 15th. Investors of record on Wednesday, April 3rd will be issued a $0.10 dividend. This represents a $0.40 dividend on an annualized basis and a dividend yield of 3.28%. The ex-dividend date of this dividend is Tuesday, April 2nd. Steelcase’s dividend payout ratio is currently 58.82%.

Insider Buying and Selling

In related news, VP Robert G. Krestakos sold 4,000 shares of the company’s 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 sale, the vice president now owns 108,081 shares in the company, valued at approximately $1,362,901.41. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Insiders own 12.72% of the company’s stock.

Steelcase Profile

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.