Nuveen Asset Management LLC Sells 370,943 Shares of Steelcase Inc. (NYSE:SCS)

Nuveen Asset Management LLC reduced its position in shares of Steelcase Inc. (NYSE:SCS - Free Report) by 50.5% in the fourth quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 364,154 shares of the business services provider's stock after selling 370,943 shares during the quarter. Nuveen Asset Management LLC owned approximately 0.32% of Steelcase worth $4,304,000 as of its most recent filing with the Securities & Exchange Commission.

Several other institutional investors and hedge funds have also recently modified their holdings of the stock. Rhumbline Advisers increased its stake in shares of Steelcase by 0.6% in the 4th quarter. Rhumbline Advisers now owns 155,013 shares of the business services provider's stock worth $1,832,000 after purchasing an additional 932 shares in the last quarter. MetLife Investment Management LLC lifted its holdings 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 valued at $646,000 after acquiring an additional 1,079 shares during the last quarter. Hillsdale Investment Management Inc. boosted its position in shares of Steelcase by 0.5% during the fourth quarter. Hillsdale Investment Management Inc. now owns 284,800 shares of the business services provider's stock valued at $3,366,000 after buying an additional 1,500 shares during the period. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew its stake in Steelcase by 3.4% in the fourth quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 52,596 shares of the business services provider's stock worth $622,000 after purchasing an additional 1,741 shares in the last quarter. Finally, Sterling Capital Management LLC raised its position in shares of Steelcase by 8.3% in the 4th quarter. Sterling Capital Management LLC now owns 34,486 shares of the business services provider's stock worth $408,000 after acquiring an additional 2,644 shares in the last quarter. 92.42% of the stock is owned by hedge funds and other institutional investors.

Insider Transactions at Steelcase

In other news, VP Robert G. Krestakos sold 6,000 shares of the 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 transaction, the vice president now owns 139,912 shares of the company's stock, valued at approximately $1,417,308.56. This trade represents a 4.11% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Company insiders own 12.96% of the company's stock.

Wall Street Analysts Forecast Growth

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

Steelcase Trading Down 0.7%

NYSE:SCS traded down $0.08 during trading hours on Wednesday, reaching $10.45. 78,988 shares of the stock were exchanged, compared to its average volume of 649,690. The business has a 50-day moving average of $10.25 and a two-hundred day moving average of $11.40. The company has a quick ratio of 1.21, a current ratio of 1.57 and a debt-to-equity ratio of 0.48. Steelcase Inc. has a twelve month low of $9.32 and a twelve month high of $14.74. The company has a market capitalization of $1.20 billion, a price-to-earnings ratio of 10.88, 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 (EPS) for the quarter, beating the consensus estimate of $0.20 by $0.06. The business had revenue of $788.00 million during the quarter, compared to analysts' expectations of $790.90 million. Steelcase had a net margin of 3.63% and a return on equity of 14.20%. The company's revenue for the quarter was up 1.7% on a year-over-year basis. During the same quarter in the prior year, the business posted $0.23 EPS. On average, equities analysts predict that Steelcase Inc. will post 1 EPS for the current year.

Steelcase Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Monday, April 21st. Investors of record on Monday, April 7th were given a dividend of $0.10 per share. This represents a $0.40 annualized dividend and a yield of 3.83%. The ex-dividend date was Monday, April 7th. Steelcase's dividend payout ratio (DPR) is 39.60%.

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.