Steelcase Inc. (NYSE:SCS) Shares Bought by Fifth Third Bancorp

Fifth Third Bancorp increased its position in Steelcase Inc. (NYSE:SCS) by 7.4% during the fourth quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 3,579,117 shares of the business services provider’s stock after acquiring an additional 245,981 shares during the period. Fifth Third Bancorp owned approximately 3.15% of Steelcase worth $42,305,000 at the end of the most recent reporting period.

Several other hedge funds have also recently bought and sold shares of SCS. Barclays PLC grew its stake in shares of Steelcase by 203.1% in the third quarter. Barclays PLC now owns 178,002 shares of the business services provider’s stock worth $2,402,000 after purchasing an additional 119,268 shares in the last quarter. Geode Capital Management LLC grew its position in Steelcase by 1.0% in the 3rd quarter. Geode Capital Management LLC now owns 2,180,428 shares of the business services provider’s stock valued at $29,420,000 after buying an additional 22,507 shares in the last quarter. Renaissance Technologies LLC increased its stake in Steelcase by 380.2% during the 2nd quarter. Renaissance Technologies LLC now owns 133,500 shares of the business services provider’s stock valued at $1,730,000 after buying an additional 105,700 shares during the period. State Street Corp raised its position in shares of Steelcase by 1.0% during the 3rd quarter. State Street Corp now owns 2,260,310 shares of the business services provider’s stock worth $30,714,000 after buying an additional 22,226 shares in the last quarter. Finally, BNP Paribas Financial Markets raised its position in shares of Steelcase by 322.3% during the 3rd quarter. BNP Paribas Financial Markets now owns 572,269 shares of the business services provider’s stock worth $7,720,000 after buying an additional 436,754 shares in the last quarter. 92.42% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

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

Steelcase Price Performance

NYSE SCS opened at $11.55 on Friday. The stock has a market capitalization of $1.31 billion, a P/E ratio of 12.03, a P/E/G ratio of 1.16 and a beta of 1.36. The company has a debt-to-equity ratio of 0.48, a quick ratio of 1.21 and a current ratio of 1.57. The business’s fifty day moving average is $12.37 and its two-hundred day moving average is $12.94. Steelcase Inc. has a 1 year low of $10.90 and a 1 year high of $14.74.

Steelcase (NYSE:SCS) last announced its earnings results on Wednesday, December 18th. The business services provider reported $0.30 EPS for the quarter, beating the consensus estimate of $0.23 by $0.07. The business had revenue of $794.90 million during the quarter, compared to the consensus estimate of $796.58 million. Steelcase had a return on equity of 14.20% and a net margin of 3.63%. Steelcase’s revenue was up 2.2% compared to the same quarter last year. During the same period in the prior year, the business posted $0.30 earnings per share. On average, research 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 Monday, January 13th. Stockholders of record on Monday, December 30th were issued a dividend of $0.10 per share. The ex-dividend date of this dividend was Monday, December 30th. This represents a $0.40 dividend on an annualized basis and a dividend yield of 3.46%. Steelcase’s dividend payout ratio is currently 41.67%.

Insider Activity at Steelcase

In other Steelcase news, VP Robert G. Krestakos sold 5,000 shares of the business’s stock in a transaction on Wednesday, January 22nd. The shares were sold at an average price of $11.74, for a total transaction of $58,700.00. Following the sale, the vice president now directly owns 114,481 shares of the company’s stock, valued at $1,344,006.94. The trade was a 4.18 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. 12.96% of the stock is owned by insiders.

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.