Steelcase Inc. (NYSE:SCS) Holdings Raised by Millennium Management LLC

Millennium Management LLC grew its stake in shares of Steelcase Inc. (NYSE:SCS) by 93.6% during the 4th quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 694,625 shares of the business services provider’s stock after acquiring an additional 335,889 shares during the period. Millennium Management LLC owned 0.61% of Steelcase worth $8,210,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also modified their holdings of the company. R Squared Ltd acquired a new stake in Steelcase during the fourth quarter valued at $36,000. Quarry LP lifted its holdings in shares of Steelcase by 162.6% during the 4th quarter. Quarry LP now owns 8,344 shares of the business services provider’s stock valued at $99,000 after buying an additional 5,166 shares during the last quarter. Olympiad Research LP bought a new stake in shares of Steelcase in the 4th quarter valued at approximately $134,000. Boothbay Fund Management LLC acquired a new position in Steelcase in the fourth quarter worth approximately $135,000. Finally, Mariner LLC bought a new position in Steelcase during the fourth quarter valued at approximately $139,000. 92.42% of the stock is currently owned by hedge funds and other institutional investors.

Insider Buying and Selling

In other Steelcase news, VP Robert G. Krestakos sold 6,000 shares of the firm’s 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 sale, the vice president now owns 139,912 shares of the company’s stock, valued at $1,417,308.56. This trade represents a 4.11% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available through this link. 12.96% of the stock is owned by insiders.

Steelcase Price Performance

Shares of NYSE:SCS opened at $10.10 on Monday. The stock has a market capitalization of $1.16 billion, a P/E ratio of 10.52, a P/E/G ratio of 1.25 and a beta of 1.15. The business has a 50-day moving average of $10.32 and a two-hundred day moving average of $11.54. Steelcase Inc. has a fifty-two week low of $9.32 and a fifty-two week high of $14.74. 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 posted its earnings results on Wednesday, March 26th. The business services provider reported $0.26 earnings per share for the quarter, topping the consensus estimate of $0.20 by $0.06. The firm had revenue of $788.00 million during the quarter, compared to analyst estimates of $790.90 million. Steelcase had a return on equity of 14.20% and a net margin of 3.63%. The company’s revenue for the quarter was up 1.7% on a year-over-year basis. During the same period in the previous year, the company earned $0.23 EPS. On average, equities research analysts predict that Steelcase Inc. will post 1 EPS for the current fiscal year.

Steelcase Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Monday, April 21st. Investors of record on Monday, April 7th were issued a dividend of $0.10 per share. This represents a $0.40 annualized dividend and a dividend yield of 3.96%. The ex-dividend date was Monday, April 7th. Steelcase’s dividend payout ratio is currently 39.60%.

Wall Street Analysts Forecast Growth

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

About Steelcase

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.