VIRGINIA RETIREMENT SYSTEMS ET Al Buys New Position in Steelcase Inc. $SCS

VIRGINIA RETIREMENT SYSTEMS ET Al bought a new stake in shares of Steelcase Inc. (NYSE:SCS) during the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor bought 71,999 shares of the business services provider’s stock, valued at approximately $751,000. VIRGINIA RETIREMENT SYSTEMS ET Al owned approximately 0.06% of Steelcase at the end of the most recent reporting period.

Several other institutional investors and hedge funds also recently made changes to their positions in SCS. Robeco Institutional Asset Management B.V. boosted its position in shares of Steelcase by 5.8% during the 1st quarter. Robeco Institutional Asset Management B.V. now owns 483,251 shares of the business services provider’s stock valued at $5,296,000 after purchasing an additional 26,531 shares in the last quarter. Diversified Trust Co boosted its holdings in Steelcase by 7.9% in the first quarter. Diversified Trust Co now owns 34,300 shares of the business services provider’s stock worth $376,000 after acquiring an additional 2,499 shares in the last quarter. Envestnet Asset Management Inc. boosted its holdings in Steelcase by 40.4% in the first quarter. Envestnet Asset Management Inc. now owns 556,520 shares of the business services provider’s stock worth $6,099,000 after acquiring an additional 160,030 shares in the last quarter. Xponance Inc. bought a new position in Steelcase in the first quarter worth approximately $269,000. Finally, MQS Management LLC bought a new position in Steelcase in the first quarter worth approximately $195,000. Institutional investors own 92.42% of the company’s stock.

Steelcase Stock Up 0.1%

SCS stock opened at $16.77 on Friday. Steelcase Inc. has a twelve month low of $9.31 and a twelve month high of $17.40. The company has a quick ratio of 1.18, a current ratio of 1.66 and a debt-to-equity ratio of 0.44. The stock’s 50 day moving average is $16.75 and its 200-day moving average is $12.96. The firm has a market capitalization of $1.92 billion, a PE ratio of 16.28, a P/E/G ratio of 1.53 and a beta of 1.26.

Steelcase (NYSE:SCS) last posted its earnings results on Friday, June 2nd. The business services provider reported $0.23 earnings per share for the quarter. Steelcase had a return on equity of 13.00% and a net margin of 2.92%.The company had revenue of $724.80 million for the quarter. Sell-side analysts expect that Steelcase Inc. will post 1 EPS for the current fiscal year.

Steelcase Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Monday, October 20th. Stockholders of record on Monday, October 6th were issued 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 was Monday, October 6th. Steelcase’s dividend payout ratio (DPR) is currently 38.83%.

Analyst Ratings Changes

Several research analysts have issued reports on SCS shares. Weiss Ratings lowered Steelcase from a “buy (b-)” rating to a “hold (c)” rating in a report on Wednesday, October 8th. Noble Financial lowered Steelcase from a “strong-buy” rating to a “hold” rating in a report on Tuesday, August 5th. Wall Street Zen lowered Steelcase from a “buy” rating to a “hold” rating in a report on Saturday, August 9th. Finally, Zacks Research upgraded Steelcase from a “hold” rating to a “strong-buy” rating in a report on Monday, October 6th. One analyst has rated the stock with a Strong Buy rating and three have issued a Hold rating to the company’s stock. According to MarketBeat.com, Steelcase presently has a consensus rating of “Moderate Buy”.

About Steelcase

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.