Steelcase Inc. (NYSE:SCS) Holdings Boosted by Northern Trust Corp

Northern Trust Corp grew its stake in shares of Steelcase Inc. (NYSE:SCS) by 6.1% during the 4th quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 1,011,144 shares of the business services provider’s stock after acquiring an additional 58,079 shares during the period. Northern Trust Corp owned 0.89% of Steelcase worth $11,952,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also modified their holdings of SCS. Barclays PLC grew its holdings in shares of Steelcase by 203.1% during the 3rd quarter. Barclays PLC now owns 178,002 shares of the business services provider’s stock valued at $2,402,000 after acquiring an additional 119,268 shares in the last quarter. Franklin Resources Inc. grew its holdings in shares of Steelcase by 2.9% during the 3rd quarter. Franklin Resources Inc. now owns 99,574 shares of the business services provider’s stock valued at $1,292,000 after acquiring an additional 2,791 shares in the last quarter. SG Americas Securities LLC purchased a new position in shares of Steelcase during the 4th quarter valued at $379,000. Fifth Third Bancorp grew its holdings in shares of Steelcase by 7.4% during the 4th quarter. Fifth Third Bancorp now owns 3,579,117 shares of the business services provider’s stock valued at $42,305,000 after acquiring an additional 245,981 shares in the last quarter. Finally, R Squared Ltd purchased a new position in shares of Steelcase during the 4th quarter valued at $36,000. 92.42% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

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

Steelcase Trading Up 0.0%

Shares of NYSE:SCS opened at $10.51 on Friday. The stock has a market capitalization of $1.20 billion, a PE ratio of 10.94, a P/E/G ratio of 1.25 and a beta of 1.15. Steelcase Inc. has a 1 year low of $9.32 and a 1 year high of $14.74. The firm has a fifty day moving average price of $10.40 and a 200 day moving average price of $11.63. The company has a current ratio of 1.57, a quick ratio of 1.21 and a debt-to-equity ratio of 0.48.

Steelcase (NYSE:SCS) last issued its quarterly earnings data on Wednesday, March 26th. The business services provider reported $0.26 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.20 by $0.06. The firm had revenue of $788.00 million during the quarter, compared to analysts’ expectations of $790.90 million. Steelcase had a net margin of 3.63% and a return on equity of 14.20%. Steelcase’s revenue for the quarter was up 1.7% on a year-over-year basis. During the same period in the prior year, the company posted $0.23 earnings per share. Analysts expect that Steelcase Inc. will post 1 EPS for the current fiscal year.

Steelcase Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Monday, April 21st. Shareholders of record on Monday, April 7th were given a dividend of $0.10 per share. This represents a $0.40 dividend on an annualized basis and a yield of 3.81%. The ex-dividend date was Monday, April 7th. Steelcase’s dividend payout ratio is 39.60%.

Insiders Place Their Bets

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

Steelcase Company 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.