JPMorgan Chase & Co. Has $5.61 Million Stock Holdings in Steelcase Inc. (NYSE:SCS)

JPMorgan Chase & Co. lifted its holdings in shares of Steelcase Inc. (NYSE:SCS) by 59.6% in the fourth quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 474,829 shares of the business services provider’s stock after buying an additional 177,315 shares during the period. JPMorgan Chase & Co. owned about 0.42% of Steelcase worth $5,612,000 as of its most recent filing with the SEC.

Other institutional investors and hedge funds have also modified their holdings of the company. R Squared Ltd bought a new position in shares of Steelcase in the fourth quarter worth about $36,000. Olympiad Research LP acquired a new stake in Steelcase in the fourth quarter valued at approximately $134,000. Aigen Investment Management LP bought a new stake in shares of Steelcase during the fourth quarter worth $155,000. LPL Financial LLC acquired a new position in shares of Steelcase during the fourth quarter worth $191,000. Finally, Ieq Capital LLC bought a new position in shares of Steelcase in the 4th quarter valued at $203,000. 92.42% of the stock is currently owned by institutional investors.

Steelcase Stock Performance

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

Steelcase (NYSE:SCS) last announced its quarterly earnings data on Wednesday, March 26th. The business services provider reported $0.26 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 firm had revenue of $788.00 million during the quarter, compared to analysts’ expectations of $790.90 million. During the same quarter last year, the firm posted $0.23 earnings per share. The company’s revenue for the quarter was up 1.7% compared to the same quarter last year. As a group, research analysts forecast that Steelcase Inc. will post 1 earnings per share for the current year.

Steelcase Dividend Announcement

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

Analyst Upgrades and Downgrades

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

Insider Buying and Selling

In other news, VP Robert G. Krestakos sold 6,000 shares of the firm’s stock in a transaction on Monday, April 14th. The stock was sold at an average price of $10.13, for a total value of $60,780.00. Following the completion of the transaction, the vice president now directly owns 139,912 shares of the company’s stock, valued at $1,417,308.56. This trade represents a 4.11 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. 12.96% of the stock is currently owned by corporate insiders.

Steelcase Profile

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.