Cooke & Bieler LP Cuts Stock Position in Steelcase Inc. (NYSE:SCS)

Cooke & Bieler LP reduced its holdings in shares of Steelcase Inc. (NYSE:SCS - Free Report) by 2.8% in the 1st quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 3,651,227 shares of the business services provider's stock after selling 104,384 shares during the quarter. Cooke & Bieler LP owned 3.18% of Steelcase worth $40,017,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also modified their holdings of SCS. Bailard Inc. bought a new position in Steelcase in the first quarter valued at about $510,000. Victory Capital Management Inc. raised its position in Steelcase by 208.4% in the first quarter. Victory Capital Management Inc. now owns 1,413,845 shares of the business services provider's stock valued at $15,496,000 after purchasing an additional 955,431 shares during the last quarter. MQS Management LLC bought a new position in Steelcase in the first quarter valued at about $195,000. Xponance Inc. bought a new position in Steelcase in the first quarter valued at about $269,000. Finally, Envestnet Asset Management Inc. raised its position in Steelcase by 40.4% in the first quarter. Envestnet Asset Management Inc. now owns 556,520 shares of the business services provider's stock valued at $6,099,000 after purchasing an additional 160,030 shares during the last quarter. 92.42% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

Several equities analysts have commented on the company. Sidoti upgraded Steelcase to a "hold" rating in a research report 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.

Steelcase Trading Up 1.2%

Shares of SCS traded up $0.13 during mid-day trading on Thursday, reaching $10.31. 935,305 shares of the company were exchanged, compared to its average volume of 681,453. Steelcase Inc. has a 52 week low of $9.32 and a 52 week high of $14.74. The company has a debt-to-equity ratio of 0.46, a quick ratio of 1.15 and a current ratio of 1.65. The stock has a market capitalization of $1.18 billion, a PE ratio of 10.01, a PEG ratio of 0.97 and a beta of 1.13. The business has a 50 day simple moving average of $10.52 and a two-hundred day simple moving average of $10.90.

Steelcase (NYSE:SCS - Get Free Report) last issued 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 business had revenue of $779.00 million during the quarter, compared to the consensus estimate of $759.90 million. Steelcase had a return on equity of 14.49% and a net margin of 3.84%. The firm's revenue for the quarter was up 7.1% on a year-over-year basis. During the same period in the previous year, the company posted $0.16 earnings per share. On average, analysts predict that Steelcase Inc. will post 1 earnings per share for the current fiscal year.

Steelcase Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Monday, July 21st. Shareholders of record on Monday, July 7th will be paid a $0.10 dividend. The ex-dividend date of this dividend is Monday, July 7th. This represents a $0.40 dividend on an annualized basis and a yield of 3.88%. Steelcase's dividend payout ratio (DPR) is presently 38.83%.

Insider Buying and Selling

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

Steelcase Company 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.