KLP Kapitalforvaltning AS Boosts Position in Steelcase Inc. (NYSE:SCS)

KLP Kapitalforvaltning AS lifted its stake in shares of Steelcase Inc. (NYSE:SCS) by 18.0% during the 1st quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 63,700 shares of the business services provider’s stock after acquiring an additional 9,700 shares during the period. KLP Kapitalforvaltning AS owned 0.06% of Steelcase worth $698,000 as of its most recent filing with the Securities & Exchange Commission.

Several other institutional investors have also modified their holdings of SCS. LPL Financial LLC purchased a new position in shares of Steelcase during the 4th quarter worth $191,000. Mitsubishi UFJ Trust & Banking Corp acquired a new stake in shares of Steelcase during the 4th quarter worth about $332,000. JPMorgan Chase & Co. increased its position in shares of Steelcase by 59.6% during the 4th quarter. JPMorgan Chase & Co. now owns 474,829 shares of the business services provider’s stock worth $5,612,000 after purchasing an additional 177,315 shares during the last quarter. Norges Bank acquired a new stake in shares of Steelcase during the 4th quarter worth about $3,279,000. Finally, Brandywine Global Investment Management LLC acquired a new stake in shares of Steelcase during the 4th quarter worth about $3,769,000. Hedge funds and other institutional investors own 92.42% of the company’s stock.

Analyst Upgrades and Downgrades

Separately, Wall Street Zen downgraded Steelcase from a “strong-buy” rating to a “buy” rating in a research report on Friday, June 27th.

Insider Activity at Steelcase

In other news, VP Robert G. Krestakos sold 12,000 shares of the business’s stock in a transaction dated Friday, July 11th. The stock was sold at an average price of $10.63, for a total transaction of $127,560.00. Following the completion of the transaction, the vice president directly owned 127,912 shares of the company’s stock, valued at approximately $1,359,704.56. The trade was a 8.58% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Corporate insiders own 6.75% of the company’s stock.

Steelcase Stock Performance

NYSE SCS opened at $10.53 on Wednesday. The company has a market cap of $1.21 billion, a P/E ratio of 10.23, a P/E/G ratio of 1.03 and a beta of 1.13. The company has a debt-to-equity ratio of 0.46, a current ratio of 1.65 and a quick ratio of 1.15. The stock has a 50-day moving average of $10.52 and a two-hundred day moving average of $10.85. Steelcase Inc. has a 1-year low of $9.31 and a 1-year high of $14.74.

Steelcase (NYSE:SCS) last released its earnings results on Wednesday, June 25th. The business services provider reported $0.20 earnings per share for the quarter, beating the consensus estimate of $0.12 by $0.08. The company had revenue of $779.00 million during the quarter, compared to the consensus estimate 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% compared to the same quarter last year. During the same period in the previous year, the company posted $0.16 EPS. As a group, analysts anticipate that Steelcase Inc. will post 1 EPS for the current year.

Steelcase Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Monday, July 21st. Stockholders of record on Monday, July 7th were given a dividend of $0.10 per share. This represents a $0.40 dividend on an annualized basis and a dividend yield of 3.80%. The ex-dividend date of this dividend was Monday, July 7th. Steelcase’s dividend payout ratio is presently 38.83%.

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.