AQR Capital Management LLC Decreases Stock Holdings in Steelcase Inc. (NYSE:SCS)

AQR Capital Management LLC cut its holdings in Steelcase Inc. (NYSE:SCS - Free Report) by 14.9% during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 637,729 shares of the business services provider's stock after selling 111,318 shares during the period. AQR Capital Management LLC owned about 0.56% of Steelcase worth $7,538,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors also recently bought and sold shares of the business. Dimensional Fund Advisors LP raised its stake in Steelcase by 0.9% during the 4th quarter. Dimensional Fund Advisors LP now owns 5,425,529 shares of the business services provider's stock worth $64,129,000 after acquiring an additional 47,748 shares in the last quarter. Pzena Investment Management LLC increased its position in shares of Steelcase by 2.6% during the fourth quarter. Pzena Investment Management LLC now owns 5,373,342 shares of the business services provider's stock worth $63,513,000 after purchasing an additional 133,893 shares in the last quarter. Fifth Third Bancorp lifted its holdings in shares of Steelcase by 7.4% in the 4th quarter. Fifth Third Bancorp now owns 3,579,117 shares of the business services provider's stock valued at $42,305,000 after purchasing an additional 245,981 shares during the last quarter. American Century Companies Inc. boosted its position in shares of Steelcase by 10.0% in the 4th quarter. American Century Companies Inc. now owns 3,024,828 shares of the business services provider's stock valued at $35,753,000 after purchasing an additional 275,369 shares during the period. Finally, Northern Trust Corp grew its stake in Steelcase by 6.1% during the 4th quarter. Northern Trust Corp now owns 1,011,144 shares of the business services provider's stock worth $11,952,000 after buying an additional 58,079 shares during the last quarter. 92.42% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

Separately, Sidoti raised Steelcase to a "hold" rating in a report on Friday, March 28th.

Steelcase Price Performance

Shares of NYSE:SCS opened at $9.92 on Thursday. The company has a debt-to-equity ratio of 0.48, a quick ratio of 1.21 and a current ratio of 1.57. Steelcase Inc. has a one year low of $9.32 and a one year high of $14.74. The company has a 50-day simple moving average of $10.54 and a 200-day simple moving average of $11.72. The stock has a market capitalization of $1.14 billion, a price-to-earnings ratio of 10.33, a PEG ratio of 1.25 and a beta of 1.15.

Steelcase (NYSE:SCS - Get Free Report) last posted its quarterly earnings data on Wednesday, March 26th. The business services provider reported $0.26 EPS for the quarter, beating the consensus estimate of $0.20 by $0.06. The firm had revenue of $788.00 million during the quarter, compared to the consensus estimate of $790.90 million. Steelcase had a return on equity of 14.20% and a net margin of 3.63%. The firm's revenue was up 1.7% compared to the same quarter last year. During the same period in the prior year, the business earned $0.23 EPS. On average, analysts predict that Steelcase Inc. will post 1 EPS for the current year.

Steelcase Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Monday, April 21st. Shareholders of record on Monday, April 7th were paid a $0.10 dividend. The ex-dividend date of this dividend was Monday, April 7th. This represents a $0.40 annualized dividend and a yield of 4.03%. Steelcase's dividend payout ratio is currently 39.60%.

Insiders Place Their Bets

In other news, VP Robert G. Krestakos sold 6,000 shares of the stock in a transaction that occurred on Monday, April 14th. The stock was sold at an average price of $10.13, for a total transaction of $60,780.00. Following the completion of the transaction, the vice president now directly owns 139,912 shares of the company's stock, valued at approximately $1,417,308.56. This represents a 4.11 % decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through this hyperlink. 12.96% of the stock is owned by insiders.

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.

Want to see what other hedge funds are holding SCS? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Steelcase Inc. (NYSE:SCS - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.