Swiss National Bank raised its position in Steelcase Inc. (NYSE:SCS – Get Rating) by 5.0% during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 198,500 shares of the business services provider’s stock after acquiring an additional 9,500 shares during the quarter. Swiss National Bank owned approximately 0.18% of Steelcase worth $2,372,000 at the end of the most recent quarter.
Several other hedge funds and other institutional investors have also recently modified their holdings of the company. Pzena Investment Management LLC lifted its stake in Steelcase by 13.2% in the first quarter. Pzena Investment Management LLC now owns 7,938,793 shares of the business services provider’s stock worth $94,869,000 after acquiring an additional 928,566 shares during the period. Russell Investments Group Ltd. lifted its position in shares of Steelcase by 89.3% in the 1st quarter. Russell Investments Group Ltd. now owns 1,667,364 shares of the business services provider’s stock worth $19,922,000 after purchasing an additional 786,577 shares during the period. Victory Capital Management Inc. boosted its stake in shares of Steelcase by 154.1% during the 1st quarter. Victory Capital Management Inc. now owns 1,122,720 shares of the business services provider’s stock valued at $13,170,000 after purchasing an additional 680,816 shares in the last quarter. Douglas Lane & Associates LLC purchased a new position in shares of Steelcase during the first quarter valued at about $2,274,000. Finally, BNP Paribas Arbitrage SA raised its stake in Steelcase by 401.4% in the fourth quarter. BNP Paribas Arbitrage SA now owns 232,774 shares of the business services provider’s stock worth $2,728,000 after buying an additional 186,345 shares in the last quarter. 76.11% of the stock is owned by institutional investors.
Steelcase Stock Performance
Steelcase stock opened at $11.18 on Thursday. Steelcase Inc. has a fifty-two week low of $10.19 and a fifty-two week high of $14.38. The stock’s 50 day simple moving average is $11.27 and its two-hundred day simple moving average is $11.60. The company has a debt-to-equity ratio of 0.55, a quick ratio of 0.93 and a current ratio of 1.56. The stock has a market cap of $1.26 billion, a price-to-earnings ratio of 65.77 and a beta of 1.16.
Steelcase Dividend Announcement
The firm also recently declared a quarterly dividend, which was paid on Monday, July 18th. Investors of record on Thursday, July 7th were paid a $0.145 dividend. The ex-dividend date was Wednesday, July 6th. This represents a $0.58 annualized dividend and a dividend yield of 5.19%. Steelcase’s payout ratio is 341.20%.
Insider Buying and Selling
In other Steelcase news, CAO Lizbeth S. O’shaughnessy sold 30,000 shares of the company’s stock in a transaction dated Wednesday, August 3rd. The shares were sold at an average price of $11.26, for a total value of $337,800.00. Following the sale, the chief accounting officer now owns 288,388 shares in the company, valued at $3,247,248.88. The sale was disclosed in a filing with the SEC, which is available through the SEC website. 12.77% of the stock is owned by company insiders.
Steelcase Inc provides a portfolio of furniture and architectural products in the United States and internationally. It operates through Americas, EMEA, and Other 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, and mobile power and screens.
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