Vestcor Inc Acquires 39,600 Shares of Steelcase Inc. (NYSE:SCS)

Vestcor Inc increased its stake in Steelcase Inc. (NYSE:SCS) by 128.8% in the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 70,347 shares of the business services provider’s stock after buying an additional 39,600 shares during the quarter. Vestcor Inc’s holdings in Steelcase were worth $949,000 as of its most recent SEC filing.

A number of other large investors have also recently added to or reduced their stakes in the company. DekaBank Deutsche Girozentrale increased its holdings in shares of Steelcase by 8.1% during the 2nd 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 last quarter. Creative Planning boosted its position in Steelcase by 8.7% during the third quarter. Creative Planning now owns 13,470 shares of the business services provider’s stock worth $182,000 after purchasing an additional 1,075 shares during the period. The Manufacturers Life Insurance Company grew its stake in Steelcase by 3.0% in the 2nd quarter. The Manufacturers Life Insurance Company now owns 48,292 shares of the business services provider’s stock valued at $626,000 after buying an additional 1,426 shares during the last quarter. Harbor Capital Advisors Inc. boosted its holdings in shares of Steelcase by 4.0% during the third quarter. Harbor Capital Advisors Inc. now owns 40,938 shares of the business services provider’s stock worth $552,000 after acquiring an additional 1,561 shares during the period. Finally, Arjuna Capital grew its position in shares of Steelcase by 1.1% in the third quarter. Arjuna Capital now owns 152,400 shares of the business services provider’s stock valued at $2,056,000 after purchasing an additional 1,674 shares during the last quarter. Institutional investors and hedge funds own 92.42% of the company’s stock.

Analyst Ratings Changes

Separately, Noble Financial assumed coverage on shares of Steelcase in a research report on Wednesday, October 9th. They issued an “outperform” rating and a $16.00 target price for the company.

Insiders Place Their Bets

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

Steelcase Trading Down 2.0 %

Shares of Steelcase stock opened at $12.93 on Friday. The firm’s 50-day moving average price is $13.03 and its two-hundred day moving average price is $13.18. The company has a market capitalization of $1.47 billion, a price-to-earnings ratio of 12.20, a PEG ratio of 1.31 and a beta of 1.35. The company has a quick ratio of 1.23, a current ratio of 1.62 and a debt-to-equity ratio of 0.48. Steelcase Inc. has a 12-month low of $11.50 and a 12-month high of $14.74.

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

Steelcase Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Tuesday, October 15th. Stockholders of record on Monday, September 30th were paid a dividend of $0.10 per share. This represents a $0.40 dividend on an annualized basis and a dividend yield of 3.09%. The ex-dividend date was Monday, September 30th. Steelcase’s payout ratio is 37.74%.

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.