Bank of Montreal Can lifted its position in shares of Steelcase Inc. (NYSE:SCS) by 15.4% during the first quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 337,602 shares of the business services provider’s stock after acquiring an additional 45,147 shares during the quarter. Bank of Montreal Can owned 0.29% of Steelcase worth $4,912,000 at the end of the most recent quarter.
Several other institutional investors have also recently modified their holdings of SCS. BNP Paribas Arbitrage SA lifted its stake in shares of Steelcase by 64.6% during the first quarter. BNP Paribas Arbitrage SA now owns 27,728 shares of the business services provider’s stock valued at $403,000 after buying an additional 10,883 shares during the period. Oppenheimer Asset Management Inc. lifted its stake in shares of Steelcase by 2.4% during the first quarter. Oppenheimer Asset Management Inc. now owns 55,223 shares of the business services provider’s stock valued at $803,000 after buying an additional 1,288 shares during the period. Quantitative Systematic Strategies LLC acquired a new position in Steelcase during the first quarter worth approximately $160,000. North Star Investment Management Corp. increased its position in Steelcase by 202.1% during the first quarter. North Star Investment Management Corp. now owns 73,937 shares of the business services provider’s stock worth $1,076,000 after purchasing an additional 49,462 shares during the last quarter. Finally, Bank of Edwardsville acquired a new position in Steelcase during the first quarter worth approximately $298,000. Institutional investors and hedge funds own 67.71% of the company’s stock.
In other news, Director Jennifer C. Niemann sold 1,832 shares of the stock in a transaction on Friday, March 29th. The shares were sold at an average price of $14.69, for a total value of $26,912.08. Following the completion of the sale, the director now owns 7,746 shares of the company’s stock, valued at $113,788.74. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Robert C. Pew III sold 40,230 shares of the stock in a transaction on Tuesday, February 19th. The stock was sold at an average price of $17.52, for a total transaction of $704,829.60. Following the completion of the sale, the director now directly owns 217,890 shares of the company’s stock, valued at approximately $3,817,432.80. The disclosure for this sale can be found here. Insiders have sold 329,929 shares of company stock valued at $5,665,745 in the last ninety days. 17.58% of the stock is currently owned by company insiders.
Several equities analysts recently commented on the stock. Zacks Investment Research lowered shares of Steelcase from a “strong-buy” rating to a “hold” rating in a research report on Thursday, February 21st. Raymond James raised shares of Steelcase from an “outperform” rating to a “strong-buy” rating and upped their price target for the stock from $20.00 to $21.00 in a research report on Thursday, March 21st. Two investment analysts have rated the stock with a hold rating, one has given a buy rating and one has assigned a strong buy rating to the company’s stock. The company currently has a consensus rating of “Buy” and a consensus target price of $19.00.
Shares of SCS stock opened at $17.50 on Friday. Steelcase Inc. has a one year low of $13.10 and a one year high of $19.35. The company has a quick ratio of 1.22, a current ratio of 1.59 and a debt-to-equity ratio of 0.57. The company has a market cap of $2.04 billion, a P/E ratio of 14.58 and a beta of 1.33.
Steelcase (NYSE:SCS) last issued its quarterly earnings results on Tuesday, March 19th. The business services provider reported $0.29 EPS for the quarter, topping the consensus estimate of $0.26 by $0.03. Steelcase had a net margin of 3.66% and a return on equity of 16.47%. The firm had revenue of $912.00 million during the quarter, compared to analyst estimates of $870.60 million. During the same quarter in the prior year, the business posted $0.24 earnings per share. Steelcase’s revenue for the quarter was up 18.0% compared to the same quarter last year. Research analysts anticipate that Steelcase Inc. will post 1.3 EPS for the current year.
The business also recently declared a quarterly dividend, which was paid on Friday, April 12th. Investors of record on Friday, March 29th were given a dividend of $0.145 per share. This is a positive change from Steelcase’s previous quarterly dividend of $0.14. The ex-dividend date of this dividend was Thursday, March 28th. This represents a $0.58 annualized dividend and a yield of 3.31%. Steelcase’s dividend payout ratio is 48.33%.
Steelcase Inc manufactures and sells integrated furniture settings, user-centered technologies, and interior architectural products. It operates through Americas, EMEA, and Other Category segments. The company's furniture portfolio includes panel, fence and beam-based furniture systems, storage products, fixed and height-adjustable desks, benches, and tables, as well as complementary products, including worktools.
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