Greenleaf Trust Grows Position in Steelcase Inc. (SCS)
Greenleaf Trust boosted its holdings in Steelcase Inc. (NYSE:SCS) by 1.5% in the 4th quarter, Holdings Channel reports. The firm owned 589,681 shares of the business services provider’s stock after purchasing an additional 8,704 shares during the period. Steelcase accounts for about 0.2% of Greenleaf Trust’s investment portfolio, making the stock its 27th biggest holding. Greenleaf Trust’s holdings in Steelcase were worth $8,963,000 at the end of the most recent reporting period.
A number of other hedge funds have also added to or reduced their stakes in SCS. New York State Teachers Retirement System acquired a new position in Steelcase in the 3rd quarter valued at $117,000. Public Employees Retirement System of Ohio increased its stake in Steelcase by 9.6% in the 2nd quarter. Public Employees Retirement System of Ohio now owns 10,833 shares of the business services provider’s stock valued at $152,000 after buying an additional 947 shares during the period. Amalgamated Bank increased its stake in Steelcase by 3.4% in the 2nd quarter. Amalgamated Bank now owns 10,913 shares of the business services provider’s stock valued at $153,000 after buying an additional 358 shares during the period. Verity Asset Management Inc. acquired a new position in Steelcase in the 4th quarter valued at $183,000. Finally, Acadian Asset Management LLC acquired a new position in Steelcase in the 4th quarter valued at $184,000. Hedge funds and other institutional investors own 62.95% of the company’s stock.
Steelcase Inc. (NYSE:SCS) opened at $13.95 on Wednesday. The company has a debt-to-equity ratio of 0.36, a current ratio of 1.58 and a quick ratio of 1.23. The stock has a market cap of $1,654.92, a price-to-earnings ratio of 15.83 and a beta of 1.20. Steelcase Inc. has a 12 month low of $12.50 and a 12 month high of $18.15.
The company also recently disclosed a quarterly dividend, which was paid on Monday, January 15th. Shareholders of record on Friday, December 29th were paid a $0.1275 dividend. The ex-dividend date of this dividend was Thursday, December 28th. This represents a $0.51 annualized dividend and a yield of 3.66%. Steelcase’s dividend payout ratio is currently 57.30%.
In other news, VP Sara E. Armbruster sold 3,000 shares of the company’s stock in a transaction on Friday, December 22nd. The shares were sold at an average price of $14.80, for a total transaction of $44,400.00. Following the transaction, the vice president now directly owns 69,870 shares of the company’s stock, valued at approximately $1,034,076. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, Director Peter M. Wege II sold 13,300 shares of the company’s stock in a transaction on Thursday, January 4th. The stock was sold at an average price of $15.14, for a total transaction of $201,362.00. Following the transaction, the director now directly owns 254,244 shares in the company, valued at $3,849,254.16. The disclosure for this sale can be found here. Insiders own 18.87% of the company’s stock.
Separately, Zacks Investment Research cut shares of Steelcase from a “hold” rating to a “sell” rating in a research note on Tuesday, December 12th. Two research analysts have rated the stock with a sell rating, two have issued a hold rating and two have assigned a buy rating to the stock. The company presently has an average rating of “Hold” and an average price target of $16.00.
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Steelcase Inc provides an integrated portfolio of furniture settings, user-centered technologies and interior architectural products. The Company’s segments include Americas, EMEA and Other Category. The Company’s furniture portfolio includes panel-based and freestanding furniture systems and complementary products, such as storage, tables and ergonomic worktools.
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