Y Intercept Hong Kong Ltd Purchases New Position in Steelcase Inc. (NYSE:SCS)

Y Intercept Hong Kong Ltd purchased a new position in shares of Steelcase Inc. (NYSE:SCS) during the third quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor purchased 54,980 shares of the business services provider’s stock, valued at approximately $742,000.

Other institutional investors also recently bought and sold shares of the company. Innealta Capital LLC acquired a new position in shares of Steelcase during the 2nd quarter worth approximately $93,000. DekaBank Deutsche Girozentrale raised its position in Steelcase by 8.1% during the second quarter. DekaBank Deutsche Girozentrale now owns 12,017 shares of the business services provider’s stock worth $153,000 after acquiring an additional 897 shares during the period. Centiva Capital LP purchased a new position in Steelcase during the third quarter valued at $181,000. Creative Planning grew its position in shares of Steelcase by 8.7% in the third quarter. Creative Planning now owns 13,470 shares of the business services provider’s stock valued at $182,000 after purchasing an additional 1,075 shares during the period. Finally, Cannon Global Investment Management LLC purchased a new stake in shares of Steelcase during the second quarter worth about $259,000. 92.42% of the stock is owned by institutional investors and hedge funds.

Steelcase Trading Up 0.5 %

Shares of SCS stock opened at $13.00 on Friday. Steelcase Inc. has a fifty-two week low of $11.50 and a fifty-two week high of $14.74. The company has a debt-to-equity ratio of 0.48, a quick ratio of 1.23 and a current ratio of 1.62. The stock’s fifty day moving average is $13.03 and its two-hundred day moving average is $13.17. The firm has a market capitalization of $1.48 billion, a P/E ratio of 12.26, a PEG ratio of 1.31 and a beta of 1.35.

Steelcase (NYSE:SCS) last posted its quarterly earnings results on Wednesday, September 18th. The business services provider reported $0.39 earnings per share for the quarter, topping the consensus estimate of $0.37 by $0.02. Steelcase had a net margin of 4.02% and a return on equity of 14.41%. The firm had revenue of $855.80 million for the quarter, compared to the consensus estimate of $864.17 million. During the same period last year, the firm posted $0.31 earnings per share. The company’s revenue for the quarter was up .1% on a year-over-year basis. Research analysts expect that Steelcase Inc. will post 1 earnings per share for the current fiscal year.

Steelcase Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Tuesday, October 15th. Investors of record on Monday, September 30th were issued a $0.10 dividend. The ex-dividend date of this dividend was Monday, September 30th. This represents a $0.40 annualized dividend and a dividend yield of 3.08%. Steelcase’s dividend payout ratio is presently 37.74%.

Analyst Upgrades and Downgrades

Separately, Noble Financial initiated coverage on Steelcase in a report on Wednesday, October 9th. They issued an “outperform” rating and a $16.00 price objective on the stock.

Insider Activity at Steelcase

In related news, VP Robert G. Krestakos sold 4,000 shares of the company’s stock in a transaction dated Tuesday, October 15th. The shares were sold at an average price of $13.11, for a total value of $52,440.00. Following the completion of the sale, the vice president now owns 119,481 shares of the company’s stock, valued at approximately $1,566,395.91. This represents a 3.24 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this link. Insiders own 12.96% of the company’s stock.

About Steelcase

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.