Empowered Funds LLC Has $7.52 Million Position in Steelcase Inc. (NYSE:SCS)

Empowered Funds LLC lifted its stake in shares of Steelcase Inc. (NYSE:SCS) by 5.4% in the third quarter, according to the company in its most recent filing with the SEC. The fund owned 557,744 shares of the business services provider’s stock after buying an additional 28,408 shares during the quarter. Empowered Funds LLC’s holdings in Steelcase were worth $7,524,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also modified their holdings of the stock. Vanguard Group Inc. boosted its stake in Steelcase by 4.0% in the 1st quarter. Vanguard Group Inc. now owns 10,153,754 shares of the business services provider’s stock valued at $132,811,000 after purchasing an additional 387,861 shares during the period. Victory Capital Management Inc. boosted its position in shares of Steelcase by 129.9% in the second quarter. Victory Capital Management Inc. now owns 522,956 shares of the business services provider’s stock valued at $6,778,000 after acquiring an additional 295,482 shares during the period. American Century Companies Inc. grew its stake in shares of Steelcase by 13.5% in the second quarter. American Century Companies Inc. now owns 2,450,799 shares of the business services provider’s stock valued at $31,762,000 after acquiring an additional 291,070 shares in the last quarter. Jupiter Asset Management Ltd. increased its position in Steelcase by 370.7% during the first quarter. Jupiter Asset Management Ltd. now owns 337,839 shares of the business services provider’s stock worth $4,419,000 after acquiring an additional 266,070 shares during the period. Finally, Dimensional Fund Advisors LP raised its stake in Steelcase by 4.2% in the 2nd quarter. Dimensional Fund Advisors LP now owns 5,297,183 shares of the business services provider’s stock worth $68,652,000 after purchasing an additional 215,729 shares in the last quarter. Institutional investors own 92.42% of the company’s stock.

Wall Street Analyst Weigh In

Separately, Noble Financial began coverage on shares of Steelcase in a research report on Wednesday, October 9th. They set an “outperform” rating and a $16.00 target price on the stock.

Insider Buying and Selling at Steelcase

In other Steelcase news, VP Robert G. Krestakos sold 4,000 shares of the business’s stock in a transaction dated Tuesday, October 15th. The stock was sold at an average price of $13.11, for a total transaction of $52,440.00. Following the completion of the transaction, the vice president now owns 119,481 shares of the company’s stock, valued at approximately $1,566,395.91. The trade was a 3.24 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Company insiders own 12.96% of the company’s stock.

Steelcase Stock Performance

NYSE:SCS opened at $13.23 on Friday. The company has a market cap of $1.51 billion, a price-to-earnings ratio of 12.48, a PEG ratio of 1.32 and a beta of 1.34. Steelcase Inc. has a fifty-two week low of $11.50 and a fifty-two week high of $14.74. The company has a debt-to-equity ratio of 0.48, a quick ratio of 1.23 and a current ratio of 1.62. The stock has a fifty day moving average price of $13.02 and a 200-day moving average price of $13.14.

Steelcase (NYSE:SCS) last posted its quarterly earnings data on Wednesday, September 18th. The business services provider reported $0.39 earnings per share for the quarter, topping the consensus estimate of $0.37 by $0.02. Steelcase had a net margin of 4.02% and a return on equity of 14.41%. The business had revenue of $855.80 million during the quarter, compared to analysts’ expectations of $864.17 million. During the same quarter in the prior year, the business posted $0.31 earnings per share. Steelcase’s revenue was up .1% compared to the same quarter last year. As a group, equities analysts anticipate that Steelcase Inc. will post 1 EPS for the current fiscal year.

Steelcase Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Tuesday, October 15th. Investors of record on Monday, September 30th were paid a $0.10 dividend. The ex-dividend date was Monday, September 30th. This represents a $0.40 dividend on an annualized basis and a yield of 3.02%. Steelcase’s dividend payout ratio (DPR) is 37.74%.

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.