Teacher Retirement System of Texas Has $4.41 Million Stake in Steelcase Inc. (NYSE:SCS)

Teacher Retirement System of Texas lessened its stake in Steelcase Inc. (NYSE:SCS - Free Report) by 48.1% during the first quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 402,486 shares of the business services provider's stock after selling 372,691 shares during the quarter. Teacher Retirement System of Texas owned approximately 0.35% of Steelcase worth $4,411,000 as of its most recent filing with the SEC.

Several other large investors have also modified their holdings of the stock. GAMMA Investing LLC lifted its position in shares of Steelcase by 1,468.7% in the 1st quarter. GAMMA Investing LLC now owns 5,710 shares of the business services provider's stock worth $63,000 after buying an additional 5,346 shares during the last quarter. Virtus Fund Advisers LLC lifted its position in shares of Steelcase by 228.9% in the 4th quarter. Virtus Fund Advisers LLC now owns 7,893 shares of the business services provider's stock worth $93,000 after buying an additional 5,493 shares during the last quarter. Quarry LP lifted its position in shares of Steelcase by 162.6% in the 4th quarter. Quarry LP now owns 8,344 shares of the business services provider's stock worth $99,000 after buying an additional 5,166 shares during the last quarter. Boothbay Fund Management LLC bought a new position in shares of Steelcase in the 4th quarter worth about $135,000. Finally, Mariner LLC bought a new position in shares of Steelcase in the 4th quarter worth about $139,000. Institutional investors own 92.42% of the company's stock.

Steelcase Stock Down 2.7%

NYSE:SCS traded down $0.30 during trading hours on Friday, hitting $10.61. 835,065 shares of the stock traded hands, compared to its average volume of 677,875. The firm has a 50 day moving average price of $10.49 and a 200 day moving average price of $10.95. The company has a current ratio of 1.65, a quick ratio of 1.15 and a debt-to-equity ratio of 0.46. The firm has a market cap of $1.22 billion, a price-to-earnings ratio of 10.30, a PEG ratio of 1.02 and a beta of 1.13. Steelcase Inc. has a fifty-two week low of $9.32 and a fifty-two week high of $14.74.

Steelcase (NYSE:SCS - Get Free Report) last posted its earnings results on Wednesday, June 25th. The business services provider reported $0.20 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.12 by $0.08. Steelcase had a net margin of 3.84% and a return on equity of 14.49%. The firm had revenue of $779.00 million during the quarter, compared to analysts' expectations of $759.90 million. During the same period in the previous year, the company earned $0.16 earnings per share. The company's revenue was up 7.1% compared to the same quarter last year. Equities 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 will be paid on Monday, July 21st. Shareholders of record on Monday, July 7th will be given a $0.10 dividend. The ex-dividend date of this dividend is Monday, July 7th. This represents a $0.40 annualized dividend and a yield of 3.77%. Steelcase's dividend payout ratio is 38.83%.

Analyst Ratings Changes

Several equities research analysts have commented on the stock. Sidoti upgraded shares of Steelcase to a "hold" rating in a research note on Friday, March 28th. Wall Street Zen downgraded Steelcase from a "strong-buy" rating to a "buy" rating in a research report on Friday, June 27th.

Insider Activity at Steelcase

In related news, VP Robert G. Krestakos sold 12,000 shares of Steelcase stock in a transaction dated Friday, July 11th. The stock was sold at an average price of $10.63, for a total transaction of $127,560.00. Following the sale, the vice president directly owned 127,912 shares of the company's stock, valued at $1,359,704.56. This trade represents a 8.58% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Corporate insiders own 6.75% of the company's stock.

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.