First Trust Advisors LP lowered its position in Steelcase (NYSE:SCS) by 5.8% in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 182,136 shares of the business services provider’s stock after selling 11,301 shares during the quarter. First Trust Advisors LP owned 0.16% of Steelcase worth $2,768,000 at the end of the most recent quarter.
Several other hedge funds have also recently made changes to their positions in the company. California Public Employees Retirement System boosted its stake in shares of Steelcase by 13.6% during the fourth quarter. California Public Employees Retirement System now owns 275,740 shares of the business services provider’s stock valued at $4,191,000 after acquiring an additional 32,948 shares during the last quarter. Macquarie Group Ltd. acquired a new stake in Steelcase in the 3rd quarter worth about $263,000. Mork Capital Management LLC boosted its stake in Steelcase by 38.1% in the 4th quarter. Mork Capital Management LLC now owns 65,600 shares of the business services provider’s stock worth $997,000 after buying an additional 18,100 shares during the last quarter. Trexquant Investment LP acquired a new stake in Steelcase in the 3rd quarter worth about $947,000. Finally, SeaBridge Investment Advisors LLC boosted its stake in Steelcase by 10.0% in the 4th quarter. SeaBridge Investment Advisors LLC now owns 385,338 shares of the business services provider’s stock worth $5,857,000 after buying an additional 35,018 shares during the last quarter. Institutional investors and hedge funds own 64.62% of the company’s stock.
A number of brokerages have issued reports on SCS. Zacks Investment Research raised Steelcase from a “sell” rating to a “hold” rating in a research note on Wednesday, March 28th. Seaport Global Securities reissued a “neutral” rating on shares of Steelcase in a research note on Monday, March 26th. One analyst has rated the stock with a sell rating, four have issued a hold rating and two have assigned a buy rating to the company’s stock. The company has a consensus rating of “Hold” and a consensus price target of $16.00.
Shares of NYSE SCS traded down $0.30 during midday trading on Friday, hitting $13.90. The stock had a trading volume of 345,608 shares, compared to its average volume of 717,909. The firm has a market capitalization of $1,649.12, a P/E ratio of 15.44 and a beta of 1.24. Steelcase has a 1-year low of $12.50 and a 1-year high of $18.15. The company has a debt-to-equity ratio of 0.36, a current ratio of 1.58 and a quick ratio of 1.23.
Steelcase (NYSE:SCS) last released its quarterly earnings data on Tuesday, March 20th. The business services provider reported $0.24 earnings per share for the quarter, beating the consensus estimate of $0.16 by $0.08. The business had revenue of $772.70 million for the quarter, compared to analyst estimates of $750.70 million. Steelcase had a return on equity of 13.66% and a net margin of 2.64%. The company’s revenue was up .5% compared to the same quarter last year. During the same period in the previous year, the company posted $0.27 EPS. equities research analysts expect that Steelcase will post 0.98 EPS for the current fiscal year.
The company also recently disclosed a quarterly dividend, which will be paid on Friday, April 13th. Stockholders of record on Friday, March 30th will be paid a $0.135 dividend. This is a positive change from Steelcase’s previous quarterly dividend of $0.13. This represents a $0.54 annualized dividend and a dividend yield of 3.88%. The ex-dividend date of this dividend is Wednesday, March 28th. Steelcase’s payout ratio is currently 59.34%.
In other news, Director Peter M. Wege II sold 7,000 shares of Steelcase stock in a transaction dated Thursday, March 29th. The stock was sold at an average price of $13.46, for a total value of $94,220.00. Following the transaction, the director now directly owns 246,391 shares of the company’s stock, valued at approximately $3,316,422.86. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Insiders own 18.87% of the company’s stock.
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Steelcase Inc manufactures and sells integrated portfolio of furniture settings, user-centered technologies, and interior architectural products. The company operates through Americas, EMEA, and Other Category segments. Its furniture systems portfolio comprises panel-based and freestanding furniture systems, storage, desks, benches, tables, and complementary products, such as worktools.
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