Norges Bank Takes Position in Steelcase Inc. (NYSE:SCS)

Norges Bank acquired a new position in Steelcase Inc. (NYSE:SCS) in the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund acquired 277,419 shares of the business services provider’s stock, valued at approximately $3,279,000. Norges Bank owned about 0.24% of Steelcase as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also added to or reduced their stakes in the business. R Squared Ltd bought a new stake in shares of Steelcase in the 4th quarter worth $36,000. Olympiad Research LP purchased a new stake in shares of Steelcase during the fourth quarter valued at $134,000. Aigen Investment Management LP bought a new stake in Steelcase in the 4th quarter worth about $155,000. Centiva Capital LP purchased a new position in Steelcase in the 3rd quarter worth about $181,000. Finally, LPL Financial LLC bought a new position in Steelcase during the 4th quarter valued at about $191,000. 92.42% of the stock is owned by institutional investors.

Insiders Place Their Bets

In other Steelcase news, VP Robert G. Krestakos sold 5,000 shares of the business’s stock in a transaction dated Wednesday, January 22nd. The stock was sold at an average price of $11.74, for a total transaction of $58,700.00. Following the completion of the sale, the vice president now owns 114,481 shares of the company’s stock, valued at approximately $1,344,006.94. The trade was a 4.18 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Insiders own 12.96% of the company’s stock.

Steelcase Stock Performance

SCS stock opened at $10.22 on Friday. The company has a debt-to-equity ratio of 0.48, a current ratio of 1.57 and a quick ratio of 1.21. Steelcase Inc. has a 1 year low of $9.58 and a 1 year high of $14.74. The company has a market cap of $1.16 billion, a P/E ratio of 10.64, a price-to-earnings-growth ratio of 1.25 and a beta of 1.12. The stock’s fifty day moving average price is $11.38 and its 200-day moving average price is $12.13.

Steelcase (NYSE:SCS) last announced its earnings results on Wednesday, March 26th. The business services provider reported $0.26 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.20 by $0.06. Steelcase had a return on equity of 14.20% and a net margin of 3.63%. The business had revenue of $788.00 million for the quarter, compared to analysts’ expectations of $790.90 million. During the same period last year, the firm posted $0.23 earnings per share. The business’s revenue for the quarter was up 1.7% on a year-over-year basis. On average, equities analysts forecast that Steelcase Inc. will post 1 earnings per share for the current year.

Steelcase Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Monday, April 21st. Shareholders of record on Monday, April 7th will be issued a dividend of $0.10 per share. The ex-dividend date is Monday, April 7th. This represents a $0.40 dividend on an annualized basis and a yield of 3.92%. Steelcase’s dividend payout ratio is currently 39.60%.

Analyst Ratings Changes

Separately, Sidoti upgraded shares of Steelcase to a “hold” rating in a research note on Friday, March 28th.

Steelcase 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.