Pzena Investment Management LLC Sells 2,026,798 Shares of Steelcase Inc. (NYSE:SCS)

Pzena Investment Management LLC lowered its stake in shares of Steelcase Inc. (NYSE:SCS - Free Report) by 20.5% during the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 7,843,245 shares of the business services provider's stock after selling 2,026,798 shares during the quarter. Pzena Investment Management LLC owned about 6.87% of Steelcase worth $106,041,000 at the end of the most recent reporting period.

A number of other large investors have also added to or reduced their stakes in SCS. Bank of New York Mellon Corp boosted its holdings in shares of Steelcase by 2.0% in the 3rd quarter. Bank of New York Mellon Corp now owns 1,147,888 shares of the business services provider's stock valued at $12,822,000 after purchasing an additional 22,810 shares in the last quarter. Strs Ohio acquired a new stake in shares of Steelcase in the 3rd quarter valued at $102,000. Allspring Global Investments Holdings LLC boosted its holdings in shares of Steelcase by 219.9% in the 3rd quarter. Allspring Global Investments Holdings LLC now owns 5,828 shares of the business services provider's stock valued at $65,000 after purchasing an additional 4,006 shares in the last quarter. Teacher Retirement System of Texas boosted its holdings in shares of Steelcase by 122.9% in the 3rd quarter. Teacher Retirement System of Texas now owns 130,002 shares of the business services provider's stock valued at $1,452,000 after purchasing an additional 71,691 shares in the last quarter. Finally, Principal Financial Group Inc. acquired a new stake in shares of Steelcase during the 3rd quarter valued at $152,000. Institutional investors and hedge funds own 92.42% of the company's stock.

Insider Buying and Selling at Steelcase

In other Steelcase news, VP Robert G. Krestakos sold 4,000 shares of Steelcase stock in a transaction dated Monday, March 25th. The stock was sold at an average price of $12.61, for a total transaction of $50,440.00. Following the completion of the transaction, the vice president now owns 108,081 shares in the company, valued at approximately $1,362,901.41. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Company insiders own 12.72% of the company's stock.

Wall Street Analyst Weigh In

Separately, StockNews.com raised Steelcase from a "buy" rating to a "strong-buy" rating in a report on Friday, March 29th.

Steelcase Price Performance

Shares of NYSE SCS traded down $0.06 during mid-day trading on Wednesday, hitting $13.23. 493,238 shares of the stock traded hands, compared to its average volume of 743,603. The company has a debt-to-equity ratio of 0.50, a current ratio of 1.58 and a quick ratio of 1.20. Steelcase Inc. has a twelve month low of $6.39 and a twelve month high of $14.54. The company has a market cap of $1.52 billion, a PE ratio of 19.45, a price-to-earnings-growth ratio of 1.44 and a beta of 1.32. The firm has a 50 day simple moving average of $12.65 and a two-hundred day simple moving average of $12.69.

Steelcase (NYSE:SCS - Get Free Report) last posted its quarterly earnings data on Wednesday, March 20th. The business services provider reported $0.23 earnings per share for the quarter, topping the consensus estimate of $0.21 by $0.02. The firm had revenue of $775.20 million during the quarter, compared to analyst estimates of $780.25 million. Steelcase had a return on equity of 12.87% and a net margin of 2.57%. The business's quarterly revenue was down 3.3% on a year-over-year basis. During the same period last year, the company posted $0.19 EPS. As a group, equities research analysts forecast that Steelcase Inc. will post 0.92 EPS for the current fiscal year.

Steelcase Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Monday, April 15th. Shareholders of record on Wednesday, April 3rd were paid a dividend of $0.10 per share. The ex-dividend date was Tuesday, April 2nd. This represents a $0.40 dividend on an annualized basis and a yield of 3.02%. Steelcase's dividend payout ratio (DPR) is currently 58.82%.

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.