Tocqueville Asset Management L.P. Grows Stake in Steelcase Inc. (NYSE:SCS)

Tocqueville Asset Management L.P. boosted its stake in shares of Steelcase Inc. (NYSE:SCS) by 2.0% during the 1st quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 142,773 shares of the business services provider’s stock after purchasing an additional 2,810 shares during the period. Tocqueville Asset Management L.P. owned about 0.12% of Steelcase worth $1,867,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds also recently bought and sold shares of SCS. USA Financial Formulas purchased a new position in Steelcase during the fourth quarter valued at $28,000. FinTrust Capital Advisors LLC purchased a new position in shares of Steelcase in the fourth quarter valued at about $44,000. Quest Partners LLC purchased a new position in shares of Steelcase in the fourth quarter valued at about $71,000. SpiderRock Advisors LLC purchased a new position in shares of Steelcase in the first quarter valued at about $135,000. Finally, Guardian Capital LP purchased a new position in shares of Steelcase in the fourth quarter valued at about $150,000. 92.42% of the stock is currently owned by hedge funds and other institutional investors.

Insider Transactions at Steelcase

In other Steelcase news, VP Donna K. Flynn sold 13,310 shares of the company’s stock in a transaction that occurred on Monday, June 24th. The stock was sold at an average price of $13.72, for a total transaction of $182,613.20. Following the sale, the vice president now directly owns 78,733 shares in the company, valued at $1,080,216.76. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Insiders own 12.96% of the company’s stock.

Steelcase Price Performance

Shares of SCS stock traded down $0.16 during trading hours on Friday, hitting $13.54. The stock had a trading volume of 423,950 shares, compared to its average volume of 804,769. Steelcase Inc. has a one year low of $7.83 and a one year high of $14.54. The company has a debt-to-equity ratio of 0.51, a current ratio of 1.61 and a quick ratio of 1.15. The stock’s 50-day moving average price is $13.08 and its two-hundred day moving average price is $12.84. The stock has a market capitalization of $1.55 billion, a price-to-earnings ratio of 17.82, a PEG ratio of 1.35 and a beta of 1.34.

Steelcase (NYSE:SCS) last issued its earnings results on Thursday, June 20th. The business services provider reported $0.16 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.10 by $0.06. Steelcase had a return on equity of 13.66% and a net margin of 2.89%. The firm had revenue of $727.30 million for the quarter, compared to analysts’ expectations of $729.05 million. During the same period in the previous year, the firm posted $0.09 earnings per share. The business’s revenue was down 3.3% compared to the same quarter last year. Equities analysts forecast that Steelcase Inc. will post 1 EPS for the current year.

Steelcase Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Monday, July 15th. Stockholders of record on Wednesday, July 3rd were issued a $0.10 dividend. The ex-dividend date was Wednesday, July 3rd. This represents a $0.40 annualized dividend and a dividend yield of 2.95%. Steelcase’s dividend payout ratio (DPR) is 52.63%.

Analysts Set New Price Targets

SCS has been the topic of several research analyst reports. Benchmark boosted their price objective on Steelcase from $17.00 to $18.00 and gave the company a “buy” rating in a research report on Friday, June 21st. StockNews.com upgraded Steelcase from a “buy” rating to a “strong-buy” rating in a research report on Friday, March 29th.

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.