Empowered Funds LLC Buys 28,408 Shares of Steelcase Inc. (NYSE:SCS)

Empowered Funds LLC boosted its stake in Steelcase Inc. (NYSE:SCS) by 5.4% in the third quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 557,744 shares of the business services provider’s stock after purchasing an additional 28,408 shares during the quarter. Empowered Funds LLC owned about 0.49% of Steelcase worth $7,524,000 as of its most recent SEC filing.

Other institutional investors also recently modified their holdings of the company. Innealta Capital LLC acquired a new stake in Steelcase during the 2nd quarter worth $93,000. DekaBank Deutsche Girozentrale acquired a new stake in shares of Steelcase during the first quarter worth about $141,000. Allspring Global Investments Holdings LLC lifted its holdings in shares of Steelcase by 34,941.7% during the 1st quarter. Allspring Global Investments Holdings LLC now owns 12,615 shares of the business services provider’s stock valued at $165,000 after purchasing an additional 12,579 shares in the last quarter. Creative Planning grew its position in shares of Steelcase by 8.7% in the 3rd 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, ProShare Advisors LLC raised its holdings in Steelcase by 8.5% during the 1st quarter. ProShare Advisors LLC now owns 16,656 shares of the business services provider’s stock worth $218,000 after buying an additional 1,311 shares during the period. 92.42% of the stock is currently owned by institutional investors and hedge funds.

Steelcase Price Performance

Shares of SCS opened at $13.23 on Friday. 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 twelve month low of $11.50 and a twelve month high of $14.74. The stock has a market capitalization of $1.51 billion, a P/E ratio of 12.48, a P/E/G ratio of 1.32 and a beta of 1.34. The company has a 50 day moving average of $13.02 and a 200-day moving average of $13.14.

Steelcase (NYSE:SCS) last issued 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. The firm had revenue of $855.80 million for the quarter, compared to analyst estimates of $864.17 million. Steelcase had a net margin of 4.02% and a return on equity of 14.41%. The company’s revenue was up .1% compared to the same quarter last year. During the same period in the previous year, the business earned $0.31 EPS. As a group, equities research analysts forecast 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. Shareholders of record on Monday, September 30th were given a dividend of $0.10 per share. This represents a $0.40 annualized dividend and a dividend yield of 3.02%. The ex-dividend date was Monday, September 30th. Steelcase’s dividend payout ratio (DPR) is 37.74%.

Analyst Upgrades and Downgrades

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

Insider Activity

In other 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 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 sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. 12.96% of the stock is currently 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.