Allianz Asset Management GmbH Sells 307,732 Shares of Steelcase Inc. (NYSE:SCS)

Key Points

• Allianz Asset Management GmbH has reduced its stake in Steelcase Inc. by 17.8%, selling 307,732 shares and retaining 1,424,163 shares, valued at approximately $15.6 million.
• Steelcase recently announced its quarterly earnings, reporting $0.20 EPS, exceeding expectations of $0.12, with a revenue of $779 million for the quarter, up 7.1% year-over-year.
• The firm declared a quarterly dividend of $0.10, translating to an annual yield of 3.78%, with a payout ratio of 38.83%.

Allianz Asset Management GmbH decreased its position in shares of Steelcase Inc. (NYSE:SCS - Free Report) by 17.8% in the 1st quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 1,424,163 shares of the business services provider's stock after selling 307,732 shares during the quarter. Allianz Asset Management GmbH owned 1.24% of Steelcase worth $15,609,000 at the end of the most recent reporting period.

Several other hedge funds have also recently bought and sold shares of the company. GAMMA Investing LLC grew its holdings in shares of Steelcase by 1,468.7% during the 1st quarter. GAMMA Investing LLC now owns 5,710 shares of the business services provider's stock valued at $63,000 after purchasing an additional 5,346 shares during the last quarter. Virtus Fund Advisers LLC increased its position in Steelcase by 228.9% in the 4th quarter. Virtus Fund Advisers LLC now owns 7,893 shares of the business services provider's stock valued at $93,000 after acquiring an additional 5,493 shares during the period. Quarry LP increased its stake in shares of Steelcase by 162.6% in the fourth quarter. Quarry LP now owns 8,344 shares of the business services provider's stock valued at $99,000 after buying an additional 5,166 shares during the period. Boothbay Fund Management LLC acquired a new stake in shares of Steelcase during the fourth quarter worth $135,000. Finally, Mariner LLC bought a new position in shares of Steelcase in the 4th quarter worth about $139,000. 92.42% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

Separately, Wall Street Zen downgraded shares of Steelcase from a "strong-buy" rating to a "buy" rating in a research report on Friday, June 27th.

Insider Activity

In related news, VP Robert G. Krestakos sold 12,000 shares of the firm's stock in a transaction dated Friday, July 11th. The shares were sold at an average price of $10.63, for a total value of $127,560.00. Following the transaction, the vice president owned 127,912 shares of the company's stock, valued at approximately $1,359,704.56. This trade represents a 8.58% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 6.75% of the stock is owned by corporate insiders.

Steelcase Stock Up 2.3%

Shares of NYSE SCS traded up $0.24 during trading on Monday, hitting $10.82. 453,124 shares of the company traded hands, compared to its average volume of 769,504. The firm has a market capitalization of $1.24 billion, a price-to-earnings ratio of 10.49, a P/E/G ratio of 1.01 and a beta of 1.13. The business's fifty day moving average is $10.50 and its 200 day moving average is $10.85. The company has a debt-to-equity ratio of 0.46, a quick ratio of 1.15 and a current ratio of 1.65. Steelcase Inc. has a fifty-two week low of $9.31 and a fifty-two week high of $14.74.

Steelcase (NYSE:SCS - Get Free Report) last posted its quarterly earnings results on Wednesday, June 25th. The business services provider reported $0.20 earnings per share for the quarter, topping analysts' consensus estimates of $0.12 by $0.08. Steelcase had a return on equity of 14.49% and a net margin of 3.84%. The business had revenue of $779.00 million for the quarter, compared to the consensus estimate of $759.90 million. During the same period in the prior year, the business earned $0.16 EPS. The firm's revenue for the quarter was up 7.1% on a year-over-year basis. Equities research analysts predict that Steelcase Inc. will post 1 earnings per share for the current fiscal year.

Steelcase Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Monday, July 21st. Shareholders of record on Monday, July 7th were paid a $0.10 dividend. This represents a $0.40 dividend on an annualized basis and a dividend yield of 3.70%. The ex-dividend date of this dividend was Monday, July 7th. Steelcase's dividend payout ratio (DPR) is 38.83%.

Steelcase Company 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.