Man Group plc Sells 30,631 Shares of Steelcase Inc. (NYSE:SCS)

Man Group plc lowered its stake in Steelcase Inc. (NYSE:SCS - Free Report) by 43.7% during the 4th quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 39,431 shares of the business services provider's stock after selling 30,631 shares during the period. Man Group plc's holdings in Steelcase were worth $466,000 at the end of the most recent reporting period.

Several other large investors have also added to or reduced their stakes in the stock. Barclays PLC boosted its holdings in shares of Steelcase by 203.1% during the 3rd quarter. Barclays PLC now owns 178,002 shares of the business services provider's stock valued at $2,402,000 after buying an additional 119,268 shares in the last quarter. Northern Trust Corp boosted its holdings in shares of Steelcase by 6.1% during 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 buying an additional 58,079 shares in the last quarter. Millennium Management LLC boosted its holdings in shares of Steelcase by 93.6% during the 4th quarter. Millennium Management LLC now owns 694,625 shares of the business services provider's stock valued at $8,210,000 after buying an additional 335,889 shares in the last quarter. SG Americas Securities LLC bought a new stake in shares of Steelcase during the 4th quarter valued at $379,000. Finally, MetLife Investment Management LLC raised its position in shares of Steelcase by 2.0% in the 4th quarter. MetLife Investment Management LLC now owns 54,643 shares of the business services provider's stock worth $646,000 after purchasing an additional 1,079 shares during the last quarter. Institutional investors own 92.42% of the company's stock.

Analyst Ratings Changes

Separately, Sidoti raised Steelcase to a "hold" rating in a research report on Friday, March 28th.

Steelcase Stock Performance

NYSE:SCS traded up $0.07 during mid-day trading on Thursday, reaching $10.36. The company's stock had a trading volume of 471,419 shares, compared to its average volume of 651,016. Steelcase Inc. has a 12-month low of $9.32 and a 12-month high of $14.74. The firm's fifty day moving average price is $10.29 and its two-hundred day moving average price is $11.50. The company has a current ratio of 1.57, a quick ratio of 1.21 and a debt-to-equity ratio of 0.48. The stock has a market cap of $1.19 billion, a P/E ratio of 10.79, a PEG ratio of 1.25 and a beta of 1.15.

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 for the quarter, topping analysts' consensus estimates of $0.20 by $0.06. Steelcase had a return on equity of 14.20% and a net margin of 3.63%. The business had revenue of $788.00 million during the quarter, compared to analyst estimates of $790.90 million. During the same quarter in the previous year, the firm earned $0.23 EPS. Steelcase's revenue was up 1.7% on a year-over-year basis. On average, equities analysts forecast that Steelcase Inc. will post 1 EPS for the current fiscal year.

Steelcase Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Monday, April 21st. Stockholders of record on Monday, April 7th were given a dividend of $0.10 per share. This represents a $0.40 annualized dividend and a dividend yield of 3.86%. The ex-dividend date was Monday, April 7th. Steelcase's payout ratio is currently 39.60%.

Insider Activity

In other news, VP Robert G. Krestakos sold 6,000 shares of the company's stock in a transaction dated Monday, April 14th. The shares were 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 owns 139,912 shares of the company's stock, valued at $1,417,308.56. This represents a 4.11% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Insiders own 12.96% of the company's stock.

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.