Douglas Lane & Associates LLC lowered its holdings in Steelcase Inc. (NYSE:SCS - Free Report) by 19.9% during the first quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 2,431,842 shares of the business services provider's stock after selling 602,783 shares during the quarter. Douglas Lane & Associates LLC owned 2.14% of Steelcase worth $26,653,000 as of its most recent SEC filing.
Other large investors have also modified their holdings of the company. Dimensional Fund Advisors LP increased its position in shares of 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 purchasing an additional 47,748 shares during the last quarter. Pzena Investment Management LLC boosted its stake in 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 buying an additional 133,893 shares during the period. American Century Companies Inc. increased its position in shares of Steelcase by 10.0% during the fourth quarter. American Century Companies Inc. now owns 3,024,828 shares of the business services provider's stock valued at $35,753,000 after acquiring an additional 275,369 shares during the last quarter. Bridgeway Capital Management LLC raised its stake in shares of Steelcase by 2.7% in the 4th quarter. Bridgeway Capital Management LLC now owns 1,081,354 shares of the business services provider's stock valued at $12,782,000 after acquiring an additional 28,610 shares during the period. Finally, Northern Trust Corp raised its stake in shares of Steelcase by 6.1% in the 4th quarter. Northern Trust Corp now owns 1,011,144 shares of the business services provider's stock valued at $11,952,000 after acquiring an additional 58,079 shares during the period. Institutional investors and hedge funds own 92.42% of the company's stock.
Steelcase Stock Down 0.1%
Shares of SCS traded down $0.01 during mid-day trading on Thursday, hitting $10.36. 249,351 shares of the company's stock were exchanged, compared to its average volume of 649,057. The stock's 50-day moving average is $10.24 and its 200-day moving average is $11.39. 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 fifty-two week low of $9.32 and a fifty-two week high of $14.74. The company has a market cap of $1.19 billion, a price-to-earnings ratio of 10.79, a P/E/G 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 (EPS) for the quarter, topping analysts' consensus estimates of $0.20 by $0.06. The company had revenue of $788.00 million for the quarter, compared to analyst estimates of $790.90 million. Steelcase had a net margin of 3.63% and a return on equity of 14.20%. The firm's quarterly revenue was up 1.7% on a year-over-year basis. During the same period in the prior year, the business earned $0.23 EPS. On average, sell-side analysts anticipate that Steelcase Inc. will post 1 earnings per share for the current fiscal year.
Steelcase Dividend Announcement
The firm also recently declared a quarterly dividend, which was paid on Monday, April 21st. Shareholders of record on Monday, April 7th were paid a $0.10 dividend. This represents a $0.40 dividend on an annualized basis and a yield of 3.86%. The ex-dividend date of this dividend was Monday, April 7th. Steelcase's dividend payout ratio is presently 39.60%.
Analyst Upgrades and Downgrades
Separately, Sidoti upgraded shares of Steelcase to a "hold" rating in a report on Friday, March 28th.
Read Our Latest Stock Analysis on SCS
Insiders Place Their Bets
In other news, VP Robert G. Krestakos sold 6,000 shares of the company's stock in a transaction on 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 in the company, 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 link. 12.96% of the stock is owned by company insiders.
Steelcase Profile
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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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