Cooke & Bieler LP lowered its position in Steelcase Inc. (NYSE:SCS - Free Report) by 2.8% during the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 3,651,227 shares of the business services provider's stock after selling 104,384 shares during the quarter. Cooke & Bieler LP owned approximately 3.18% of Steelcase worth $40,017,000 at the end of the most recent quarter.
A number of other institutional investors and hedge funds have also recently bought and sold shares of SCS. Commonwealth Equity Services LLC grew its stake in Steelcase by 3.1% in the fourth quarter. Commonwealth Equity Services LLC now owns 424,802 shares of the business services provider's stock valued at $5,021,000 after purchasing an additional 12,846 shares in the last quarter. Teacher Retirement System of Texas grew its stake in Steelcase by 109.8% in the fourth quarter. Teacher Retirement System of Texas now owns 775,177 shares of the business services provider's stock valued at $9,163,000 after purchasing an additional 405,614 shares in the last quarter. Semanteon Capital Management LP purchased a new position in Steelcase in the fourth quarter valued at about $412,000. American Century Companies Inc. grew its stake in Steelcase by 10.0% in the fourth quarter. American Century Companies Inc. now owns 3,024,828 shares of the business services provider's stock valued at $35,753,000 after purchasing an additional 275,369 shares in the last quarter. Finally, Hillsdale Investment Management Inc. boosted its stake in shares of Steelcase by 0.5% during the 4th quarter. Hillsdale Investment Management Inc. now owns 284,800 shares of the business services provider's stock worth $3,366,000 after acquiring an additional 1,500 shares in the last quarter. Hedge funds and other institutional investors own 92.42% of the company's stock.
Analyst Ratings Changes
Several research firms have recently issued reports on SCS. Wall Street Zen downgraded Steelcase from a "strong-buy" rating to a "buy" rating in a research note on Friday, June 27th. Sidoti upgraded Steelcase to a "hold" rating in a research note on Friday, March 28th.
Get Our Latest Stock Analysis on Steelcase
Insider Activity at Steelcase
In related news, VP Robert G. Krestakos sold 12,000 shares of the business's stock in a transaction that occurred on Friday, July 11th. The stock was sold at an average price of $10.63, for a total value of $127,560.00. Following the completion of the sale, the vice president directly owned 127,912 shares in the company, valued at approximately $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 SEC, which is accessible through this link. Insiders own 6.75% of the company's stock.
Steelcase Trading Down 1.3%
SCS traded down $0.13 during mid-day trading on Friday, reaching $10.18. The stock had a trading volume of 1,134,258 shares, compared to its average volume of 684,775. 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 $1.17 billion, a P/E ratio of 9.88, a P/E/G ratio of 0.97 and a beta of 1.13. The firm's fifty day simple moving average is $10.51 and its two-hundred day simple moving average is $10.88.
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 for the quarter, topping the consensus estimate of $0.12 by $0.08. The firm had revenue of $779.00 million for the quarter, compared to analyst estimates of $759.90 million. Steelcase had a return on equity of 14.49% and a net margin of 3.84%. The company'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, equities analysts predict that Steelcase Inc. will post 1 EPS for the current year.
Steelcase Announces Dividend
The company also recently announced a quarterly dividend, which will be paid on Monday, July 21st. Stockholders of record on Monday, July 7th will be given a $0.10 dividend. This represents a $0.40 annualized dividend and a dividend yield of 3.93%. The ex-dividend date of this dividend is Monday, July 7th. Steelcase's payout ratio is 38.83%.
Steelcase Profile
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Free Report)
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.
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