LPL Financial LLC Takes $191,000 Position in Steelcase Inc. (NYSE:SCS)

LPL Financial LLC purchased a new position in shares of Steelcase Inc. (NYSE:SCS) in the fourth quarter, HoldingsChannel.com reports. The institutional investor purchased 16,184 shares of the business services provider’s stock, valued at approximately $191,000.

A number of other large investors have also recently made changes to their positions in SCS. Teacher Retirement System of Texas raised its position in Steelcase by 109.8% in the 4th quarter. Teacher Retirement System of Texas now owns 775,177 shares of the business services provider’s stock worth $9,163,000 after purchasing an additional 405,614 shares during the period. American Century Companies Inc. raised its holdings in shares of Steelcase by 10.0% in the fourth quarter. American Century Companies Inc. now owns 3,024,828 shares of the business services provider’s stock worth $35,753,000 after buying an additional 275,369 shares during the period. Fifth Third Bancorp raised its holdings in shares of Steelcase by 7.4% in the fourth quarter. Fifth Third Bancorp now owns 3,579,117 shares of the business services provider’s stock worth $42,305,000 after buying an additional 245,981 shares during the period. Pzena Investment Management LLC lifted its stake in shares of Steelcase by 2.6% during the 4th quarter. Pzena Investment Management LLC now owns 5,373,342 shares of the business services provider’s stock worth $63,513,000 after acquiring an additional 133,893 shares during the last quarter. Finally, Barclays PLC boosted its holdings in Steelcase by 203.1% during the 3rd quarter. Barclays PLC now owns 178,002 shares of the business services provider’s stock valued at $2,402,000 after acquiring an additional 119,268 shares during the period. 92.42% of the stock is owned by hedge funds and other institutional investors.

Insider Activity

In other Steelcase news, VP Robert G. Krestakos sold 6,000 shares of the stock in a transaction dated Monday, April 14th. The shares were sold at an average price of $10.13, for a total transaction of $60,780.00. Following the transaction, the vice president now directly owns 139,912 shares in the company, valued at $1,417,308.56. This represents a 4.11 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Insiders own 12.96% of the company’s stock.

Steelcase Price Performance

Steelcase stock opened at $10.00 on Wednesday. The company has a debt-to-equity ratio of 0.48, a current ratio of 1.57 and a quick ratio of 1.21. The stock has a market cap of $1.14 billion, a price-to-earnings ratio of 10.41, a price-to-earnings-growth ratio of 1.25 and a beta of 1.12. The firm has a 50-day moving average of $10.83 and a two-hundred day moving average of $11.84. Steelcase Inc. has a 1 year low of $9.32 and a 1 year high of $14.74.

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

Steelcase Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Monday, April 21st. Stockholders of record on Monday, April 7th were given a dividend of $0.10 per share. This represents a $0.40 dividend on an annualized basis and a dividend yield of 4.00%. The ex-dividend date of this dividend was Monday, April 7th. Steelcase’s payout ratio is 39.60%.

Analyst Ratings Changes

Separately, Sidoti upgraded 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.