24,534 Shares in Steelcase Inc. (NYSE:SCS) Bought by Xponance Inc.

Xponance Inc. acquired a new position in shares of Steelcase Inc. (NYSE:SCS) in the first quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund acquired 24,534 shares of the business services provider’s stock, valued at approximately $269,000.

A number of other institutional investors have also made changes to their positions in SCS. Envestnet Asset Management Inc. grew its stake in Steelcase by 40.4% in the first quarter. Envestnet Asset Management Inc. now owns 556,520 shares of the business services provider’s stock valued at $6,099,000 after acquiring an additional 160,030 shares during the period. Diversified Trust Co grew its stake in Steelcase by 7.9% in the first quarter. Diversified Trust Co now owns 34,300 shares of the business services provider’s stock valued at $376,000 after acquiring an additional 2,499 shares during the period. Robeco Institutional Asset Management B.V. grew its stake in Steelcase by 5.8% in the first quarter. Robeco Institutional Asset Management B.V. now owns 483,251 shares of the business services provider’s stock valued at $5,296,000 after acquiring an additional 26,531 shares during the period. Moran Wealth Management LLC acquired a new position in Steelcase in the first quarter valued at about $2,910,000. Finally, Fifth Third Bancorp grew its stake in Steelcase by 6.2% in the first quarter. Fifth Third Bancorp now owns 3,802,658 shares of the business services provider’s stock valued at $41,677,000 after acquiring an additional 223,541 shares during the period. 92.42% of the stock is owned by institutional investors and hedge funds.

Steelcase Stock Performance

SCS opened at $10.18 on Friday. Steelcase Inc. has a 52-week low of $9.32 and a 52-week high of $14.74. The firm has a market capitalization of $1.17 billion, a PE ratio of 9.88, a PEG ratio of 0.97 and a beta of 1.13. The company has a debt-to-equity ratio of 0.46, a quick ratio of 1.15 and a current ratio of 1.65. The business’s 50-day simple moving average is $10.51 and its 200 day simple moving average is $10.88.

Steelcase (NYSE:SCS) last released its earnings results on Wednesday, June 25th. The business services provider reported $0.20 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.12 by $0.08. The business had revenue of $779.00 million for the quarter, compared to analyst estimates of $759.90 million. Steelcase had a return on equity of 14.49% and a net margin of 3.84%. Steelcase’s revenue was up 7.1% on a year-over-year basis. During the same quarter in the prior year, the company posted $0.16 earnings per share. As a group, sell-side analysts expect that Steelcase Inc. will post 1 earnings per share for the current fiscal year.

Steelcase Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Monday, July 21st. Stockholders of record on Monday, July 7th will be given a $0.10 dividend. This represents a $0.40 annualized dividend and a dividend yield of 3.93%. The ex-dividend date is Monday, July 7th. Steelcase’s payout ratio is 38.83%.

Insider Activity at Steelcase

In related news, VP Robert G. Krestakos sold 12,000 shares of the stock in a transaction that occurred on Friday, July 11th. The stock was sold at an average price of $10.63, for a total transaction of $127,560.00. Following the sale, the vice president owned 127,912 shares of the company’s stock, valued at $1,359,704.56. This represents a 8.58% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Insiders own 6.75% of the company’s stock.

Analyst Ratings Changes

A number of research firms have issued reports on SCS. Sidoti raised Steelcase to a “hold” rating in a research note on Friday, March 28th. Wall Street Zen lowered Steelcase from a “strong-buy” rating to a “buy” rating in a report on Friday, June 27th.

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.