Man Group plc Cuts Position in Steelcase Inc. (NYSE:SCS)

Man Group plc trimmed its holdings in Steelcase Inc. (NYSE:SCS - Free Report) by 43.7% in the fourth quarter, according to the company in its most recent filing with the SEC. The fund owned 39,431 shares of the business services provider's stock after selling 30,631 shares during the quarter. Man Group plc's holdings in Steelcase were worth $466,000 at the end of the most recent quarter.

Several other hedge funds also recently made changes to their positions in the company. Barclays PLC grew its position in shares of Steelcase by 203.1% in the 3rd quarter. Barclays PLC now owns 178,002 shares of the business services provider's stock worth $2,402,000 after buying an additional 119,268 shares during the period. SG Americas Securities LLC purchased a new stake in shares of Steelcase in the 4th quarter worth about $379,000. R Squared Ltd purchased a new stake in shares of Steelcase in the 4th quarter worth about $36,000. Robeco Institutional Asset Management B.V. grew its position in shares of Steelcase by 1.8% in the 4th quarter. Robeco Institutional Asset Management B.V. now owns 456,720 shares of the business services provider's stock worth $5,398,000 after buying an additional 8,190 shares during the period. Finally, Jennison Associates LLC purchased a new stake in shares of Steelcase in the 4th quarter worth about $797,000. 92.42% of the stock is owned by hedge funds and other institutional investors.

Steelcase Stock Performance

SCS traded down $0.03 during midday trading on Friday, hitting $10.33. 754,054 shares of the company traded hands, compared to its average volume of 650,687. The company's 50-day moving average is $10.28 and its 200 day moving average is $11.44. Steelcase Inc. has a 52 week low of $9.32 and a 52 week high of $14.74. The company has a quick ratio of 1.21, a current ratio of 1.57 and a debt-to-equity ratio of 0.48. The firm has a market capitalization of $1.18 billion, a PE ratio of 10.76, a price-to-earnings-growth 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 EPS for the quarter, topping 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 company had revenue of $788.00 million for the quarter, compared to analysts' expectations of $790.90 million. During the same quarter last year, the business earned $0.23 EPS. The firm's revenue was up 1.7% compared to the same quarter last year. On average, research analysts expect that Steelcase Inc. will post 1 EPS 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 paid a dividend of $0.10 per share. This represents a $0.40 dividend on an annualized basis and a dividend yield of 3.87%. The ex-dividend date was Monday, April 7th. Steelcase's dividend payout ratio is currently 39.60%.

Analyst Upgrades and Downgrades

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

Insider Buying and Selling

In other Steelcase news, VP Robert G. Krestakos sold 6,000 shares of Steelcase stock in a transaction on Monday, April 14th. The stock was 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 position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. 12.96% of the stock is owned by corporate insiders.

Steelcase 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.