State Board of Administration of Florida Retirement System raised its stake in Steelcase Inc. (NYSE:SCS) by 16.4% during the second quarter, Holdings Channel reports. The institutional investor owned 79,507 shares of the company’s stock after buying an additional 11,179 shares during the period. State Board of Administration of Florida Retirement System owned about 0.07% of Steelcase worth $1,079,000 at the end of the most recent reporting period.
A number of other hedge funds have also bought and sold shares of SCS. Norges Bank purchased a new stake in Steelcase during the fourth quarter valued at about $14,298,000. Glenmede Trust Co. NA increased its stake in Steelcase by 5.2% in the first quarter. Glenmede Trust Co. NA now owns 1,286,731 shares of the company’s stock valued at $19,196,000 after buying an additional 63,208 shares in the last quarter. Manchester Capital Management LLC purchased a new stake in Steelcase during the first quarter valued at about $138,000. Pacad Investment Ltd. purchased a new stake in Steelcase during the first quarter valued at about $395,000. Finally, TIAA CREF Investment Management LLC increased its stake in Steelcase by 10.3% in the first quarter. TIAA CREF Investment Management LLC now owns 299,553 shares of the company’s stock valued at $4,469,000 after buying an additional 27,934 shares in the last quarter. 65.72% of the stock is owned by institutional investors.
Steelcase Inc. (NYSE:SCS) traded down 4.07% during mid-day trading on Friday, hitting $13.92. 1,334,141 shares of the company traded hands. The stock has a market capitalization of $1.69 billion, a price-to-earnings ratio of 10.04 and a beta of 1.38. The company’s 50-day moving average is $14.37 and its 200-day moving average is $14.73. Steelcase Inc. has a one year low of $11.67 and a one year high of $20.37.
Steelcase (NYSE:SCS) last announced its earnings results on Wednesday, September 21st. The company reported $0.32 EPS for the quarter, hitting the consensus estimate of $0.32. The firm had revenue of $758 million for the quarter. Steelcase had a net margin of 5.67% and a return on equity of 17.52%. The business’s quarterly revenue was down 7.4% on a year-over-year basis. During the same quarter last year, the business posted $0.35 earnings per share. Analysts predict that Steelcase Inc. will post $1.10 EPS for the current year.
The business also recently announced a quarterly dividend, which will be paid on Friday, October 14th. Shareholders of record on Tuesday, October 4th will be issued a dividend of $0.12 per share. The ex-dividend date is Friday, September 30th. This represents a $0.48 annualized dividend and a yield of 3.31%. Steelcase’s dividend payout ratio (DPR) is currently 35.04%.
Separately, Zacks Investment Research raised shares of Steelcase from a “sell” rating to a “hold” rating in a report on Thursday, May 26th.
In other Steelcase news, VP Sara E. Armbruster sold 14,000 shares of the firm’s stock in a transaction that occurred on Wednesday, June 29th. The shares were sold at an average price of $13.50, for a total transaction of $189,000.00. Following the sale, the vice president now directly owns 99,711 shares in the company, valued at approximately $1,346,098.50. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Company insiders own 18.68% of the company’s stock.
Steelcase Inc provides an integrated portfolio of furniture settings, user-centered technologies and interior architectural products. The Company’s segments include Americas, EMEA and Other Category. The Company’s furniture portfolio includes panel-based and freestanding furniture systems and complementary products, such as storage, tables and ergonomic worktools.
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