Steelcase Inc. (NYSE:SCS) Stock Holdings Lifted by Vestcor Inc

Vestcor Inc increased its position in shares of Steelcase Inc. (NYSE:SCS) by 19.2% during the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 83,847 shares of the business services provider’s stock after acquiring an additional 13,500 shares during the quarter. Vestcor Inc owned 0.07% of Steelcase worth $919,000 as of its most recent SEC filing.

A number of other large investors have also made changes to their positions in SCS. Mackenzie Financial Corp raised its position in Steelcase by 85.7% during the first quarter. Mackenzie Financial Corp now owns 186,487 shares of the business services provider’s stock valued at $2,044,000 after buying an additional 86,055 shares during the period. Kapitalo Investimentos Ltda purchased a new position in Steelcase during the 1st quarter valued at about $121,000. Pacer Advisors Inc. purchased a new position in Steelcase during the 1st quarter valued at about $11,642,000. Avantax Advisory Services Inc. increased its holdings in shares of Steelcase by 54.6% in the 1st quarter. Avantax Advisory Services Inc. now owns 102,699 shares of the business services provider’s stock valued at $1,126,000 after purchasing an additional 36,273 shares during the period. Finally, KLP Kapitalforvaltning AS lifted its position in shares of Steelcase by 18.0% in the first quarter. KLP Kapitalforvaltning AS now owns 63,700 shares of the business services provider’s stock worth $698,000 after purchasing an additional 9,700 shares in the last quarter. Institutional investors and hedge funds own 92.42% of the company’s stock.

Insider Buying and Selling

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

Wall Street Analysts Forecast Growth

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

Steelcase Trading Down 1.7%

Steelcase stock opened at $10.15 on Friday. Steelcase Inc. has a 12 month low of $9.31 and a 12 month high of $14.36. The company has a quick ratio of 1.15, a current ratio of 1.65 and a debt-to-equity ratio of 0.46. The stock has a market cap of $1.16 billion, a P/E ratio of 9.85, a P/E/G ratio of 0.98 and a beta of 1.13. The company’s fifty day simple moving average is $10.53 and its 200-day simple moving average is $10.83.

Steelcase (NYSE:SCS) last issued its earnings results on Wednesday, June 25th. The business services provider reported $0.20 EPS for the quarter, beating analysts’ consensus estimates of $0.12 by $0.08. Steelcase had a return on equity of 14.49% and a net margin of 3.84%. The firm had revenue of $779.00 million for the quarter, compared to the consensus estimate of $759.90 million. During the same quarter in the previous year, the company posted $0.16 earnings per share. The business’s quarterly revenue was up 7.1% compared to the same quarter last year. As a group, sell-side analysts forecast 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, July 21st. Investors of record on Monday, July 7th were issued a $0.10 dividend. The ex-dividend date was Monday, July 7th. This represents a $0.40 dividend on an annualized basis and a yield of 3.9%. Steelcase’s dividend payout ratio is currently 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.