Raymond James & Associates Invests $168,000 in Steelcase Inc. (NYSE:SCS)

Raymond James & Associates acquired a new stake in shares of Steelcase Inc. (NYSE:SCS) during the fourth quarter, according to its most recent filing with the Securities & Exchange Commission. The firm acquired 12,402 shares of the business services provider’s stock, valued at approximately $168,000.

Several other institutional investors also recently bought and sold shares of the business. Allspring Global Investments Holdings LLC boosted its position in Steelcase by 219.9% during the 3rd quarter. Allspring Global Investments Holdings LLC now owns 5,828 shares of the business services provider’s stock valued at $65,000 after acquiring an additional 4,006 shares in the last quarter. New York State Teachers Retirement System purchased a new stake in shares of Steelcase during the 3rd quarter worth $88,000. Strs Ohio bought a new stake in Steelcase during the third quarter valued at about $102,000. Skandinaviska Enskilda Banken AB publ purchased a new position in Steelcase in the third quarter valued at about $111,000. Finally, QRG Capital Management Inc. bought a new position in Steelcase in the third quarter worth about $113,000. 92.42% of the stock is owned by hedge funds and other institutional investors.

Steelcase Stock Performance

Shares of SCS stock opened at $12.03 on Thursday. Steelcase Inc. has a 12-month low of $6.39 and a 12-month high of $14.54. The business’s fifty day simple moving average is $12.63 and its 200-day simple moving average is $12.45. The company has a current ratio of 1.58, a quick ratio of 1.20 and a debt-to-equity ratio of 0.50. The company has a market cap of $1.38 billion, a PE ratio of 17.72, a PEG ratio of 1.34 and a beta of 1.35.

Steelcase (NYSE:SCS) last announced its earnings results on Wednesday, March 20th. The business services provider reported $0.23 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.21 by $0.02. The company had revenue of $775.20 million for the quarter, compared to analyst estimates of $780.25 million. Steelcase had a return on equity of 12.87% and a net margin of 2.57%. The firm’s quarterly revenue was down 3.3% compared to the same quarter last year. During the same period in the prior year, the company posted $0.19 EPS. Analysts expect that Steelcase Inc. will post 0.92 earnings per share for the current fiscal year.

Steelcase Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Monday, April 15th. Investors of record on Wednesday, April 3rd were paid a $0.10 dividend. This represents a $0.40 dividend on an annualized basis and a yield of 3.33%. The ex-dividend date of this dividend was Tuesday, April 2nd. Steelcase’s dividend payout ratio (DPR) is presently 58.82%.

Insiders Place Their Bets

In other Steelcase news, VP Robert G. Krestakos sold 4,000 shares of the firm’s stock in a transaction on Monday, March 25th. The shares were sold at an average price of $12.61, for a total value of $50,440.00. Following the completion of the transaction, the vice president now owns 108,081 shares of the company’s stock, valued at $1,362,901.41. The transaction was disclosed in a filing with the SEC, which is available at this link. 12.72% of the stock is owned by insiders.

Analysts Set New Price Targets

Separately, StockNews.com raised shares of Steelcase from a “buy” rating to a “strong-buy” rating in a research report on Friday, March 29th.

Steelcase Company 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.