D. E. Shaw & Co. Inc. lowered its holdings in Steelcase Inc. (NYSE:SCS - Free Report) by 53.8% during the fourth quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 51,352 shares of the business services provider's stock after selling 59,862 shares during the quarter. D. E. Shaw & Co. Inc.'s holdings in Steelcase were worth $607,000 as of its most recent SEC filing.
A number of other hedge funds have also modified their holdings of the business. R Squared Ltd purchased a new stake in Steelcase during the fourth quarter worth about $36,000. Quarry LP grew its holdings 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 purchasing an additional 5,166 shares in the last quarter. Olympiad Research LP acquired a new position in shares of Steelcase in the fourth quarter valued at approximately $134,000. Boothbay Fund Management LLC acquired a new stake in Steelcase during the 4th quarter worth approximately $135,000. Finally, Mariner LLC purchased a new position in Steelcase in the 4th quarter valued at approximately $139,000. 92.42% of the stock is currently owned by hedge funds and other institutional investors.
Steelcase Stock Up 0.2%
Shares of SCS traded up $0.03 during midday trading on Friday, reaching $10.39. The stock had a trading volume of 58,643 shares, compared to its average volume of 648,276. The company has a market cap of $1.19 billion, a price-to-earnings ratio of 10.81, a PEG ratio of 1.25 and a beta of 1.15. The company's fifty day simple moving average is $10.28 and its two-hundred day simple moving average is $11.48. Steelcase Inc. has a 1-year low of $9.32 and a 1-year high of $14.74. The company has a debt-to-equity ratio of 0.48, a current ratio of 1.57 and a quick ratio of 1.21.
Steelcase (NYSE:SCS - Get Free Report) last issued its earnings results on Wednesday, March 26th. The business services provider reported $0.26 earnings per share (EPS) for the quarter, beating the consensus estimate 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 analysts' expectations of $790.90 million. During the same quarter in the prior year, the business posted $0.23 EPS. The company's revenue for the quarter was up 1.7% on a year-over-year basis. Equities research analysts expect that Steelcase Inc. will post 1 earnings per share for the current year.
Steelcase Dividend Announcement
The firm also recently declared a quarterly dividend, which was paid on Monday, April 21st. Investors of record on Monday, April 7th were given a $0.10 dividend. The ex-dividend date was Monday, April 7th. This represents a $0.40 annualized dividend and a yield of 3.85%. Steelcase's dividend payout ratio (DPR) is 39.60%.
Insider Buying and Selling
In related news, VP Robert G. Krestakos sold 6,000 shares of the firm's stock in a transaction dated Monday, April 14th. The stock was sold at an average price of $10.13, for a total transaction of $60,780.00. Following the transaction, the vice president now owns 139,912 shares of the company's stock, valued at $1,417,308.56. This trade represents a 4.11% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through this link. 12.96% of the stock is owned by company insiders.
Analyst Ratings Changes
Separately, Sidoti upgraded Steelcase to a "hold" rating in a research note on Friday, March 28th.
View Our Latest Research Report on SCS
About Steelcase
(
Free Report)
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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