First Trust Advisors LP Sells 115,520 Shares of Steelcase Inc. (NYSE:SCS)

First Trust Advisors LP trimmed its position in Steelcase Inc. (NYSE:SCS - Free Report) by 37.8% during the 4th quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 189,778 shares of the business services provider's stock after selling 115,520 shares during the period. First Trust Advisors LP owned 0.17% of Steelcase worth $2,243,000 at the end of the most recent reporting period.

Other institutional investors have also added to or reduced their stakes in the company. Pzena Investment Management LLC lifted its position in Steelcase by 2.6% during the 4th quarter. Pzena Investment Management LLC now owns 5,373,342 shares of the business services provider's stock valued at $63,513,000 after acquiring an additional 133,893 shares during the period. Fifth Third Bancorp grew its stake in shares of Steelcase by 7.4% in the 4th quarter. Fifth Third Bancorp now owns 3,579,117 shares of the business services provider's stock worth $42,305,000 after buying an additional 245,981 shares during the last quarter. American Century Companies Inc. increased its position in Steelcase by 10.0% during the 4th quarter. American Century Companies Inc. now owns 3,024,828 shares of the business services provider's stock valued at $35,753,000 after buying an additional 275,369 shares in the last quarter. Teacher Retirement System of Texas boosted its holdings 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 worth $9,163,000 after acquiring an additional 405,614 shares in the last quarter. Finally, Empowered Funds LLC grew its stake in shares of Steelcase by 5.1% in the fourth quarter. Empowered Funds LLC now owns 586,354 shares of the business services provider's stock worth $6,931,000 after acquiring an additional 28,610 shares during the last quarter. Institutional investors own 92.42% of the company's stock.

Insider Transactions at Steelcase

In related news, VP Robert G. Krestakos sold 6,000 shares of the business's stock in a transaction on Monday, April 14th. The shares were sold at an average price of $10.13, for a total value of $60,780.00. Following the sale, the vice president now owns 139,912 shares in the company, valued at approximately $1,417,308.56. The trade was 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. Insiders own 12.96% of the company's stock.

Wall Street Analysts Forecast Growth

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

Steelcase Stock Performance

SCS stock traded up $0.02 during midday trading on Friday, reaching $10.50. 424,068 shares of the company's stock traded hands, compared to its average volume of 646,449. Steelcase Inc. has a 52-week low of $9.32 and a 52-week high of $14.74. The stock's 50-day moving average is $10.52 and its 200 day moving average is $11.71. The stock has a market cap of $1.20 billion, a P/E ratio of 10.94, a PEG ratio of 1.25 and a beta of 1.15. The company has a current ratio of 1.57, a quick ratio of 1.21 and a debt-to-equity ratio of 0.48.

Steelcase (NYSE:SCS - Get Free Report) last issued its quarterly earnings results on Wednesday, March 26th. The business services provider reported $0.26 earnings per share (EPS) 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 prior year, the business posted $0.23 EPS. Steelcase's revenue for the quarter was up 1.7% compared to the same quarter last year. As a group, analysts anticipate that Steelcase Inc. will post 1 EPS for the current year.

Steelcase Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Monday, April 21st. Shareholders of record on Monday, April 7th were paid a $0.10 dividend. This represents a $0.40 dividend on an annualized basis and a yield of 3.81%. The ex-dividend date was Monday, April 7th. Steelcase's payout ratio is 39.60%.

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.