Dynamic Technology Lab Private Ltd Buys New Stake in Steelcase Inc. (NYSE:SCS)

Dynamic Technology Lab Private Ltd purchased a new stake in Steelcase Inc. (NYSE:SCS) in the 3rd quarter, according to its most recent filing with the SEC. The institutional investor purchased 44,651 shares of the business services provider’s stock, valued at approximately $602,000.

Other hedge funds also recently added to or reduced their stakes in the company. Innealta Capital LLC purchased a new stake in shares of Steelcase in the second quarter worth about $93,000. DekaBank Deutsche Girozentrale purchased a new stake in shares of Steelcase during the first quarter valued at approximately $141,000. Creative Planning lifted its position in shares of 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 in the last quarter. Cannon Global Investment Management LLC purchased a new position in shares of Steelcase in the second quarter valued at $259,000. Finally, Hennion & Walsh Asset Management Inc. increased its stake in Steelcase by 45.5% during the 2nd quarter. Hennion & Walsh Asset Management Inc. now owns 22,350 shares of the business services provider’s stock worth $290,000 after buying an additional 6,984 shares during the period. 92.42% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

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 price objective for the company.

Steelcase Price Performance

SCS opened at $13.47 on Friday. The company has a market capitalization of $1.54 billion, a P/E ratio of 12.71, a PEG ratio of 1.37 and a beta of 1.34. The company has a 50-day moving average of $12.97 and a 200-day moving average of $13.17. The company has a debt-to-equity ratio of 0.48, a quick ratio of 1.23 and a current ratio of 1.62. Steelcase Inc. has a 1-year low of $11.50 and a 1-year high of $14.74.

Steelcase (NYSE:SCS) last posted its quarterly earnings results on Wednesday, September 18th. The business services provider reported $0.39 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.37 by $0.02. Steelcase had a return on equity of 14.41% and a net margin of 4.02%. The business had revenue of $855.80 million for the quarter, compared to analyst estimates of $864.17 million. During the same period in the prior year, the company posted $0.31 EPS. The business’s revenue was up .1% compared to the same quarter last year. Equities analysts expect that Steelcase Inc. will post 1 EPS 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. This represents a $0.40 annualized dividend and a dividend yield of 2.97%. The ex-dividend date was Monday, September 30th. Steelcase’s dividend payout ratio (DPR) is 37.74%.

Insider Buying and Selling at Steelcase

In other news, VP Robert G. Krestakos sold 4,000 shares of the stock in a transaction on Tuesday, October 15th. The stock was sold at an average price of $13.11, for a total value of $52,440.00. Following the completion of the transaction, 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 transaction was disclosed in a document filed with the SEC, which can be accessed through this link. 12.96% of the stock is currently owned by company insiders.

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.