Voya Investment Management LLC Grows Position in Steelcase Inc. $SCS

Voya Investment Management LLC increased its position in Steelcase Inc. (NYSE:SCS) by 24.6% in the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 67,525 shares of the business services provider’s stock after buying an additional 13,314 shares during the period. Voya Investment Management LLC owned about 0.06% of Steelcase worth $740,000 as of its most recent SEC filing.

Several other hedge funds have also made changes to their positions in the business. Jones Financial Companies Lllp lifted its position in Steelcase by 3,634.2% during the first quarter. Jones Financial Companies Lllp now owns 2,950 shares of the business services provider’s stock valued at $32,000 after buying an additional 2,871 shares in the last quarter. US Bancorp DE lifted its holdings in Steelcase by 4,509.8% in the 1st quarter. US Bancorp DE now owns 4,702 shares of the business services provider’s stock worth $52,000 after buying an additional 4,600 shares in the last quarter. GAMMA Investing LLC boosted its position in Steelcase by 1,468.7% in the 1st quarter. GAMMA Investing LLC now owns 5,710 shares of the business services provider’s stock valued at $63,000 after buying an additional 5,346 shares during the last quarter. Kapitalo Investimentos Ltda purchased a new position in Steelcase in the 1st quarter valued at about $121,000. Finally, Virtus Advisers LLC purchased a new stake in shares of Steelcase during the first quarter worth about $126,000. Institutional investors and hedge funds own 92.42% of the company’s stock.

Insider Activity at Steelcase

In related news, VP Robert G. Krestakos sold 12,000 shares of the stock in a transaction 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 completion of the sale, the vice president directly owned 127,912 shares in the company, 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 accessible through the SEC website. Corporate insiders own 6.75% of the company’s stock.

Wall Street Analysts Forecast Growth

Several research firms recently issued reports on SCS. Wall Street Zen lowered Steelcase from a “buy” rating to a “hold” rating in a research report on Saturday, August 9th. Noble Financial lowered shares of Steelcase from a “strong-buy” rating to a “hold” rating in a research note on Tuesday, August 5th. Two equities research analysts have rated the stock with a Hold rating, Based on data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and a consensus target price of $16.00.

Steelcase Stock Performance

SCS stock opened at $16.75 on Friday. The company has a 50-day simple moving average of $15.22 and a 200 day simple moving average of $12.10. The company has a market capitalization of $1.92 billion, a P/E ratio of 21.20, a PEG ratio of 1.59 and a beta of 1.26. The company has a quick ratio of 1.15, a current ratio of 1.65 and a debt-to-equity ratio of 0.46. Steelcase Inc. has a fifty-two week low of $9.31 and a fifty-two week high of $17.25.

Steelcase (NYSE:SCS) last released its earnings results on Wednesday, September 24th. The business services provider reported $0.45 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.37 by $0.08. Steelcase had a return on equity of 14.49% and a net margin of 3.84%.The firm had revenue of $897.10 million for the quarter, compared to analyst estimates of $878.73 million. During the same period in the previous year, the company earned $0.39 earnings per share. Steelcase’s revenue was up 4.8% compared to the same quarter last year. Sell-side analysts predict that Steelcase Inc. will post 1 earnings per share for the current fiscal year.

Steelcase Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Monday, October 20th. Stockholders of record on Monday, October 6th will be given a $0.10 dividend. This represents a $0.40 dividend on an annualized basis and a dividend yield of 2.4%. The ex-dividend date of this dividend is Monday, October 6th. Steelcase’s dividend payout ratio is 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.