D. E. Shaw & Co. Inc. Sells 59,862 Shares of Steelcase Inc. (NYSE:SCS)

D. E. Shaw & Co. Inc. cut its holdings in Steelcase Inc. (NYSE:SCS - Free Report) by 53.8% in the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 51,352 shares of the business services provider's stock after selling 59,862 shares during the period. D. E. Shaw & Co. Inc.'s holdings in Steelcase were worth $607,000 at the end of the most recent reporting period.

Other hedge funds also recently bought and sold shares of the company. R Squared Ltd bought a new stake in Steelcase during the fourth quarter valued at about $36,000. Quarry LP boosted its holdings in Steelcase by 162.6% during the fourth quarter. Quarry LP now owns 8,344 shares of the business services provider's stock valued at $99,000 after acquiring an additional 5,166 shares during the period. Olympiad Research LP bought a new stake in Steelcase during the fourth quarter valued at about $134,000. Boothbay Fund Management LLC bought a new stake in Steelcase during the fourth quarter valued at about $135,000. Finally, Mariner LLC bought a new stake in Steelcase during the fourth quarter valued at about $139,000. 92.42% of the stock is currently owned by institutional investors.

Insider Buying and Selling

In related news, VP Robert G. Krestakos sold 6,000 shares of the stock in a transaction dated Monday, April 14th. The shares were sold at an average price of $10.13, for a total value of $60,780.00. Following the completion of the transaction, the vice president now owns 139,912 shares of the company's stock, valued at $1,417,308.56. This represents a 4.11% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Company insiders own 12.96% of the company's stock.

Steelcase Stock Performance

Shares of NYSE SCS traded down $0.19 during mid-day trading on Wednesday, hitting $10.31. The company had a trading volume of 645,446 shares, compared to its average volume of 651,187. The company has a debt-to-equity ratio of 0.48, a current ratio of 1.57 and a quick ratio of 1.21. The business's 50-day simple moving average is $10.30 and its 200-day simple moving average is $11.51. Steelcase Inc. has a 12 month low of $9.32 and a 12 month high of $14.74. The firm has a market cap of $1.18 billion, a P/E ratio of 10.74, a PEG ratio of 1.25 and a beta of 1.15.

Steelcase (NYSE:SCS - Get Free Report) last released its earnings results on Wednesday, March 26th. The business services provider reported $0.26 earnings per share 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 last year, the company earned $0.23 earnings per share. The firm's revenue was up 1.7% on a year-over-year basis. As a group, analysts predict that Steelcase Inc. will post 1 earnings per share for the current fiscal year.

Steelcase Announces Dividend

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. This represents a $0.40 annualized dividend and a yield of 3.88%. The ex-dividend date of this dividend was Monday, April 7th. Steelcase's dividend payout ratio (DPR) is presently 39.60%.

Analysts Set New Price Targets

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

About Steelcase

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.