Steelcase Inc. (NYSE:SCS) Stake Raised by Zurcher Kantonalbank Zurich Cantonalbank

Zurcher Kantonalbank Zurich Cantonalbank grew its position in shares of Steelcase Inc. (NYSE:SCS) by 69.6% in the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 19,300 shares of the business services provider’s stock after buying an additional 7,922 shares during the quarter. Zurcher Kantonalbank Zurich Cantonalbank’s holdings in Steelcase were worth $261,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other institutional investors have also recently added to or reduced their stakes in the company. Cookson Peirce & Co. Inc. bought a new position in shares of Steelcase in the 4th quarter valued at approximately $191,000. Strs Ohio grew its holdings in Steelcase by 520.7% during the fourth quarter. Strs Ohio now owns 57,100 shares of the business services provider’s stock valued at $771,000 after purchasing an additional 47,900 shares during the last quarter. Mirae Asset Global Investments Co. Ltd. raised its position in shares of Steelcase by 18.2% in the fourth quarter. Mirae Asset Global Investments Co. Ltd. now owns 41,710 shares of the business services provider’s stock valued at $564,000 after purchasing an additional 6,415 shares during the period. Prime Capital Investment Advisors LLC lifted its stake in shares of Steelcase by 8.6% in the fourth quarter. Prime Capital Investment Advisors LLC now owns 18,680 shares of the business services provider’s stock worth $253,000 after buying an additional 1,476 shares during the last quarter. Finally, Ritholtz Wealth Management bought a new stake in shares of Steelcase during the 4th quarter worth $373,000. 92.42% of the stock is currently owned by institutional investors and hedge funds.

Insider Activity

In related news, VP Robert G. Krestakos sold 4,000 shares of Steelcase stock in a transaction dated Monday, March 25th. The stock was sold at an average price of $12.61, for a total transaction of $50,440.00. Following the sale, the vice president now directly owns 108,081 shares of the company’s stock, valued at $1,362,901.41. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. 12.72% of the stock is owned by company insiders.

Steelcase Price Performance

Shares of NYSE:SCS opened at $12.57 on Tuesday. The company has a market cap of $1.44 billion, a price-to-earnings ratio of 18.49, a PEG ratio of 1.36 and a beta of 1.32. The business has a 50 day moving average price of $12.60 and a 200 day moving average price of $12.48. The company has a quick ratio of 1.20, a current ratio of 1.58 and a debt-to-equity ratio of 0.50. Steelcase Inc. has a twelve month low of $6.39 and a twelve month high of $14.54.

Steelcase (NYSE:SCS) last issued its quarterly earnings results on Wednesday, March 20th. The business services provider reported $0.23 EPS for the quarter, topping 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 company had revenue of $775.20 million during the quarter, compared to analyst estimates of $780.25 million. During the same period in the previous year, the company earned $0.19 earnings per share. The company’s quarterly revenue was down 3.3% compared to the same quarter last year. Research analysts predict that Steelcase Inc. will post 0.92 earnings per share for the current year.

Steelcase Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Monday, April 15th. Stockholders of record on Wednesday, April 3rd were issued a dividend of $0.10 per share. The ex-dividend date was Tuesday, April 2nd. This represents a $0.40 annualized dividend and a dividend yield of 3.18%. Steelcase’s payout ratio is 58.82%.

Analyst Upgrades and Downgrades

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.