Steelcase Inc. (SCS)

Panagora Asset Management Inc. Has $3.28 Million Stock Position in Steelcase Inc. (NYSE:SCS)

Panagora Asset Management Inc. raised its stake in Steelcase Inc. (NYSE:SCS – Free Report) by 80.9% in the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 242,690 shares of the business services provider’s stock after acquiring an additional 108,542 shares during the quarter. Panagora Asset Management Inc. owned about 0.21% of Steelcase worth $3,281,000 as of its most recent filing with the Securities and Exchange Commission. Other institutional investors also recently modified their holdings of the company. USA Financial Formulas acquired a new stake in shares of Steelcase in the fourth quarter valued at approximately $28,000. Allspring Global Investments Holdings LLC increased its stake in shares of Steelcase by 219.9% in 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 buying an additional 4,006 shares during the period. New York State Teachers Retirement System bought a new stake in shares of Steelcase during the third quarter worth $88,000. Strs Ohio acquired a new position in shares of Steelcase during the third quarter valued at $102,000. Finally, Skandinaviska Enskilda Banken AB publ bought a new position in Steelcase in the third quarter valued at about $111,000. 92.42% of the stock is owned by institutional investors. Insider Activity at Steelcase In other news, VP Robert G. Krestakos sold 4,000 shares of Steelcase stock in a transaction on Monday, March 25th. The shares were sold at an average price of $12.61, for a total transaction of $50,440.00. Following the transaction, the vice president now directly owns 108,081 shares of the company’s stock, valued at $1,362,901.41. The sale was disclosed in a legal filing with the SEC, which is available at the SEC website. Corporate insiders own 12.72% of the company’s stock. Steelcase Price Performance SCS opened at $13.63 on Monday. The company has a fifty day moving average price of $12.62 and a two-hundred day moving average price of $12.65. The company has a debt-to-equity ratio of 0.50, a quick ratio of 1.20 and a current ratio of 1.58. The firm has a market capitalization of $1.56 billion, a PE ratio of 20.04, a P/E/G ratio of 1.48 and a beta of 1.32. Steelcase Inc. has a 52 week low of $6.39 and a 52 week high of $14.54. Steelcase (NYSE:SCS – Get Free Report) last released its quarterly earnings data on Wednesday, March 20th. The business services provider reported $0.23 EPS for the quarter, beating analysts’ consensus estimates of $0.21 by $0.02. Steelcase had a return on equity of 12.87% and a net margin of 2.57%. The business had revenue of $775.20 million during the quarter, compared to the consensus estimate of $780.25 million. During the same quarter in the prior year, the company posted $0.19 earnings per share. The firm’s revenue was down 3.3% on a year-over-year basis. As a group, analysts anticipate that Steelcase Inc. will post 0.92 earnings per share for the current year. Steelcase Announces Dividend The company also recently disclosed a quarterly dividend, which was paid on Monday, April 15th. Investors of record on Wednesday, April 3rd were issued a dividend of $0.10 per share. This represents a $0.40 dividend on an annualized basis and a yield of 2.93%. The ex-dividend date of this dividend was Tuesday, April 2nd. Steelcase’s dividend payout ratio is currently 58.82%. Analyst Upgrades and Downgrades Separately, StockNews.com raised Steelcase from a “buy” rating to a “strong-buy” rating in a report on Friday, March 29th. Read Our Latest Stock Report on Steelcase About Steelcase (Free Report) 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.