Mirae Asset Global Investments Co. Ltd. Has $564,000 Holdings in Steelcase Inc. (NYSE:SCS)

Mirae Asset Global Investments Co. Ltd. lifted its stake in shares of Steelcase Inc. (NYSE:SCS) by 18.2% in the 4th quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 41,710 shares of the business services provider’s stock after buying an additional 6,415 shares during the period. Mirae Asset Global Investments Co. Ltd.’s holdings in Steelcase were worth $564,000 as of its most recent SEC filing.

Several other institutional investors also recently modified their holdings of SCS. Allspring Global Investments Holdings LLC increased its holdings in shares of Steelcase by 219.9% during the third quarter. Allspring Global Investments Holdings LLC now owns 5,828 shares of the business services provider’s stock worth $65,000 after buying an additional 4,006 shares in the last quarter. New York State Teachers Retirement System acquired a new position in shares of Steelcase during the third quarter worth $88,000. Strs Ohio acquired a new position in shares of Steelcase during the third quarter worth $102,000. Skandinaviska Enskilda Banken AB publ acquired a new position in shares of Steelcase during the third quarter worth $111,000. Finally, QRG Capital Management Inc. acquired a new position in shares of Steelcase during the third quarter worth $113,000. 92.42% of the stock is currently owned by institutional investors and hedge funds.

Steelcase Stock Performance

NYSE SCS opened at $11.92 on Friday. The company has a market capitalization of $1.37 billion, a price-to-earnings ratio of 17.53, a PEG ratio of 1.35 and a beta of 1.35. Steelcase Inc. has a twelve month low of $6.39 and a twelve month high of $14.54. The stock has a fifty day simple moving average of $12.72 and a 200 day simple moving average of $12.43. The company has a quick ratio of 1.20, a current ratio of 1.58 and a debt-to-equity ratio of 0.50.

Steelcase (NYSE:SCS) last posted its quarterly earnings data on Wednesday, March 20th. The business services provider reported $0.23 earnings per share for the quarter, beating analysts’ consensus estimates of $0.21 by $0.02. The business had revenue of $775.20 million during the quarter, compared to the consensus estimate of $780.25 million. Steelcase had a return on equity of 12.87% and a net margin of 2.57%. Steelcase’s quarterly revenue was down 3.3% on a year-over-year basis. During the same period in the prior year, the business posted $0.19 earnings per share. Sell-side analysts expect that Steelcase Inc. will post 0.92 EPS for the current year.

Steelcase Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Monday, April 15th. Investors of record on Wednesday, April 3rd were issued a $0.10 dividend. The ex-dividend date was Tuesday, April 2nd. This represents a $0.40 dividend on an annualized basis and a yield of 3.36%. Steelcase’s payout ratio is 58.82%.

Analyst Ratings Changes

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

Insider Buying and Selling at Steelcase

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

Steelcase Company 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.