Jupiter Asset Management Ltd. Sells 144,481 Shares of Steelcase Inc. (NYSE:SCS)

Jupiter Asset Management Ltd. lowered its position in shares of Steelcase Inc. (NYSE:SCS - Free Report) by 29.0% in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 352,942 shares of the business services provider's stock after selling 144,481 shares during the period. Jupiter Asset Management Ltd. owned 0.31% of Steelcase worth $3,868,000 as of its most recent SEC filing.

Several other hedge funds also recently bought and sold shares of the company. US Bancorp DE grew its stake in Steelcase by 4,509.8% during the first quarter. US Bancorp DE now owns 4,702 shares of the business services provider's stock valued at $52,000 after acquiring an additional 4,600 shares in the last quarter. Vestcor Inc lifted its position in Steelcase by 19.2% during the first quarter. Vestcor Inc now owns 83,847 shares of the business services provider's stock valued at $919,000 after purchasing an additional 13,500 shares during the last quarter. Mackenzie Financial Corp lifted its position in Steelcase by 85.7% during the first quarter. Mackenzie Financial Corp now owns 186,487 shares of the business services provider's stock valued at $2,044,000 after purchasing an additional 86,055 shares during the last quarter. Kapitalo Investimentos Ltda bought a new stake in Steelcase during the first quarter valued at approximately $121,000. Finally, Pacer Advisors Inc. bought a new stake in Steelcase during the first quarter valued at approximately $11,642,000. Hedge funds and other institutional investors own 92.42% of the company's stock.

Insider Activity

In other 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 transaction of $127,560.00. Following the sale, the vice president owned 127,912 shares of the company's stock, valued at $1,359,704.56. This trade represents a 8.58% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this link. 6.75% of the stock is currently owned by insiders.

Steelcase Stock Down 3.7%

Shares of NYSE:SCS traded down $0.61 during midday trading on Tuesday, reaching $15.97. The company's stock had a trading volume of 7,748,421 shares, compared to its average volume of 1,875,148. The firm has a 50 day moving average of $10.66 and a 200-day moving average of $10.85. The firm has a market capitalization of $1.83 billion, a P/E ratio of 15.51, a PEG ratio of 1.58 and a beta of 1.18. The company has a quick ratio of 1.15, a current ratio of 1.65 and a debt-to-equity ratio of 0.46. Steelcase Inc. has a 12-month low of $9.31 and a 12-month high of $17.13.

Steelcase (NYSE:SCS - Get Free Report) last released its 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. The firm had revenue of $779.00 million for the quarter, compared to the consensus estimate of $759.90 million. Steelcase had a net margin of 3.84% and a return on equity of 14.49%. The company's revenue was up 7.1% compared to the same quarter last year. During the same period in the prior year, the firm earned $0.16 EPS. On average, research analysts anticipate that Steelcase Inc. will post 1 earnings per share for the current year.

Steelcase Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Monday, July 21st. Stockholders of record on Monday, July 7th were issued a dividend of $0.10 per share. This represents a $0.40 dividend on an annualized basis and a dividend yield of 2.5%. The ex-dividend date of this dividend was Monday, July 7th. Steelcase's dividend payout ratio (DPR) is presently 38.83%.

Analyst Ratings Changes

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

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.