Cookson Peirce & Co. Inc. Acquires New Stake in Steelcase Inc. (NYSE:SCS)

Cookson Peirce & Co. Inc. acquired a new stake in shares of Steelcase Inc. (NYSE:SCS) in the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor acquired 14,145 shares of the business services provider’s stock, valued at approximately $191,000.

A number of other hedge funds also recently bought and sold shares of SCS. Point72 Hong Kong Ltd purchased a new stake in Steelcase during the first quarter valued at $33,000. Captrust Financial Advisors increased its position in Steelcase by 179.6% in the first quarter. Captrust Financial Advisors now owns 4,141 shares of the business services provider’s stock worth $49,000 after buying an additional 2,660 shares in the last quarter. Tower Research Capital LLC TRC increased its position in Steelcase by 208.9% in the first quarter. Tower Research Capital LLC TRC now owns 6,091 shares of the business services provider’s stock worth $51,000 after buying an additional 4,119 shares in the last quarter. Allspring Global Investments Holdings LLC increased its position in Steelcase by 219.9% in the third quarter. Allspring Global Investments Holdings LLC now owns 5,828 shares of the business services provider’s stock worth $65,000 after buying an additional 4,006 shares in the last quarter. Finally, Point72 Middle East FZE purchased a new stake in Steelcase in the fourth quarter worth about $65,000. Hedge funds and other institutional investors own 92.42% of the company’s stock.

Insider Transactions at Steelcase

In other news, VP Robert G. Krestakos sold 4,000 shares of the company’s stock in a transaction dated Monday, March 25th. The stock was sold at an average price of $12.61, for a total value of $50,440.00. Following the completion of the transaction, the vice president now owns 108,081 shares of the company’s stock, valued at $1,362,901.41. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Corporate insiders own 12.72% of the company’s stock.

Steelcase Stock Performance

Shares of SCS opened at $11.82 on Thursday. The company has a quick ratio of 1.12, a current ratio of 1.58 and a debt-to-equity ratio of 0.50. The business has a 50-day simple moving average of $12.81 and a two-hundred day simple moving average of $12.39. The stock has a market cap of $1.35 billion, a price-to-earnings ratio of 17.38, a PEG ratio of 1.29 and a beta of 1.35. Steelcase Inc. has a 52 week low of $6.39 and a 52 week high of $14.54.

Steelcase (NYSE:SCS) last released its quarterly earnings data on Wednesday, March 20th. The business services provider reported $0.23 earnings per share for the quarter, topping analysts’ consensus estimates of $0.21 by $0.02. The firm had revenue of $775.20 million during the quarter, compared to analyst estimates of $780.25 million. Steelcase had a return on equity of 12.87% and a net margin of 2.57%. The business’s quarterly revenue was down 3.3% compared to the same quarter last year. During the same quarter in the prior year, the company posted $0.19 earnings per share. On average, analysts expect that Steelcase Inc. will post 0.92 EPS for the current year.

Steelcase Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Monday, April 15th. Stockholders of record on Wednesday, April 3rd were paid a $0.10 dividend. This represents a $0.40 dividend on an annualized basis and a dividend yield of 3.38%. The ex-dividend date of this dividend was Tuesday, April 2nd. Steelcase’s dividend payout ratio (DPR) is 58.82%.

Wall Street Analysts Forecast Growth

Separately, StockNews.com upgraded Steelcase from a “buy” rating to a “strong-buy” rating in a research report on Friday, March 29th.

Steelcase Company Profile

Steelcase Inc provides a portfolio of furniture and architectural products in the United States and internationally. It operates through Americas, EMEA, and Other 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, and mobile power and screens.