Bank of America Corp DE Sells 113,600 Shares of Steelcase Inc. (NYSE:SCS)

Bank of America Corp DE decreased its position in Steelcase Inc. (NYSE:SCS - Free Report) by 5.8% during the 4th quarter, according to the company in its most recent filing with the SEC. The fund owned 1,855,572 shares of the business services provider's stock after selling 113,600 shares during the quarter. Bank of America Corp DE owned 1.63% of Steelcase worth $21,933,000 at the end of the most recent reporting period.

A number of other hedge funds have also made changes to their positions in SCS. R Squared Ltd bought a new stake in Steelcase during the fourth quarter worth about $36,000. Quarry LP boosted its holdings in shares of Steelcase by 162.6% in the 4th quarter. Quarry LP now owns 8,344 shares of the business services provider's stock worth $99,000 after acquiring an additional 5,166 shares in the last quarter. Olympiad Research LP acquired a new position in shares of Steelcase in the 4th quarter worth approximately $134,000. Boothbay Fund Management LLC bought a new stake in Steelcase during the 4th quarter worth approximately $135,000. Finally, Mariner LLC bought a new stake in Steelcase during the 4th quarter worth approximately $139,000. Institutional investors and hedge funds own 92.42% of the company's stock.

Insider Activity

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

Wall Street Analysts Forecast Growth

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

Steelcase Trading Up 0.0%

SCS opened at $10.51 on Monday. Steelcase Inc. has a 1-year low of $9.32 and a 1-year high of $14.74. The stock has a market capitalization of $1.20 billion, a PE ratio of 10.94, a PEG ratio of 1.25 and a beta of 1.15. The company has a current ratio of 1.57, a quick ratio of 1.21 and a debt-to-equity ratio of 0.48. The firm has a 50-day moving average price of $10.40 and a two-hundred day moving average price of $11.62.

Steelcase (NYSE:SCS - Get Free Report) last issued its quarterly earnings results on Wednesday, March 26th. The business services provider reported $0.26 earnings per share for the quarter, beating analysts' consensus estimates of $0.20 by $0.06. Steelcase had a net margin of 3.63% and a return on equity of 14.20%. The business had revenue of $788.00 million during the quarter, compared to analyst estimates of $790.90 million. During the same quarter last year, the business posted $0.23 earnings per share. Steelcase's revenue for the quarter was up 1.7% compared to the same quarter last year. As a group, equities analysts anticipate that Steelcase Inc. will post 1 earnings per share for the current fiscal year.

Steelcase Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Monday, April 21st. Stockholders of record on Monday, April 7th were paid a dividend of $0.10 per share. This represents a $0.40 annualized dividend and a dividend yield of 3.81%. The ex-dividend date of this dividend was Monday, April 7th. Steelcase's dividend payout ratio (DPR) is presently 39.60%.

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.

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