Ameriprise Financial Inc. Has $5.84 Million Stake in Steelcase Inc. (NYSE:SCS)

Ameriprise Financial Inc. lifted its position in shares of Steelcase Inc. (NYSE:SCS) by 6.5% during the fourth quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 493,838 shares of the business services provider’s stock after purchasing an additional 30,125 shares during the quarter. Ameriprise Financial Inc. owned 0.43% of Steelcase worth $5,837,000 at the end of the most recent reporting period.

A number of other institutional investors also recently modified their holdings of the company. Barclays PLC grew its holdings in Steelcase by 203.1% during the third quarter. Barclays PLC now owns 178,002 shares of the business services provider’s stock worth $2,402,000 after buying an additional 119,268 shares in the last quarter. Northern Trust Corp grew its holdings in Steelcase by 6.1% during the fourth quarter. Northern Trust Corp now owns 1,011,144 shares of the business services provider’s stock worth $11,952,000 after buying an additional 58,079 shares in the last quarter. SG Americas Securities LLC bought a new stake in Steelcase during the fourth quarter worth $379,000. MetLife Investment Management LLC grew its holdings in Steelcase by 2.0% during the fourth quarter. MetLife Investment Management LLC now owns 54,643 shares of the business services provider’s stock worth $646,000 after buying an additional 1,079 shares in the last quarter. Finally, Fifth Third Bancorp grew its holdings in Steelcase by 7.4% during the fourth quarter. Fifth Third Bancorp now owns 3,579,117 shares of the business services provider’s stock worth $42,305,000 after buying an additional 245,981 shares in the last quarter. 92.42% of the stock is owned by institutional investors and hedge funds.

Steelcase Stock Performance

Shares of SCS opened at $10.10 on Friday. The stock’s 50-day simple moving average is $10.32 and its 200 day simple moving average is $11.56. The stock has a market capitalization of $1.16 billion, a price-to-earnings ratio of 10.52, a price-to-earnings-growth ratio of 1.25 and a beta of 1.15. The company has a debt-to-equity ratio of 0.48, a quick ratio of 1.21 and a current ratio of 1.57. Steelcase Inc. has a 52-week low of $9.32 and a 52-week high of $14.74.

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 business had revenue of $788.00 million for the quarter, compared to analysts’ expectations of $790.90 million. Steelcase had a return on equity of 14.20% and a net margin of 3.63%. The firm’s quarterly revenue was up 1.7% on a year-over-year basis. During the same quarter in the prior year, the firm posted $0.23 EPS. Research analysts forecast that Steelcase Inc. will post 1 EPS for the current fiscal year.

Steelcase Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Monday, April 21st. Shareholders of record on Monday, April 7th were paid a $0.10 dividend. The ex-dividend date was Monday, April 7th. This represents a $0.40 dividend on an annualized basis and a yield of 3.96%. Steelcase’s dividend payout ratio (DPR) is currently 39.60%.

Analyst Upgrades and Downgrades

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

Insiders Place Their Bets

In other Steelcase news, VP Robert G. Krestakos sold 6,000 shares of Steelcase stock in a transaction that occurred 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 transaction, the vice president now directly 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 sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. 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.