Quantedge Capital Pte Ltd Has $1.93 Million Position in Steelcase Inc. (NYSE:SCS)

Quantedge Capital Pte Ltd reduced its position in Steelcase Inc. (NYSE:SCS - Free Report) by 57.7% during the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 162,909 shares of the business services provider's stock after selling 222,091 shares during the period. Quantedge Capital Pte Ltd owned about 0.14% of Steelcase worth $1,926,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. R Squared Ltd acquired a new position in shares of Steelcase during the 4th quarter valued at about $36,000. Quarry LP boosted its position in Steelcase by 162.6% during the fourth quarter. Quarry LP now owns 8,344 shares of the business services provider's stock worth $99,000 after purchasing an additional 5,166 shares during the period. Olympiad Research LP acquired a new position in Steelcase during the fourth quarter valued at approximately $134,000. Boothbay Fund Management LLC bought a new position in shares of Steelcase in the fourth quarter valued at approximately $135,000. Finally, Mariner LLC acquired a new stake in shares of Steelcase in the fourth quarter worth $139,000. 92.42% of the stock is owned by hedge funds and other institutional investors.

Steelcase Stock Performance

Shares of NYSE SCS traded down $0.14 during trading hours on Monday, hitting $10.36. 399,677 shares of the company's stock were exchanged, compared to its average volume of 648,318. The company's 50-day moving average price is $10.40 and its 200-day moving average price is $11.62. Steelcase Inc. has a 1-year low of $9.32 and a 1-year high of $14.74. The stock has a market capitalization of $1.19 billion, a price-to-earnings ratio of 10.79, a PEG ratio of 1.25 and a beta of 1.15. The company has a debt-to-equity ratio of 0.48, a current ratio of 1.57 and a quick ratio of 1.21.

Steelcase (NYSE:SCS - Get Free Report) last announced its 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 net margin of 3.63% and a return on equity of 14.20%. The business had revenue of $788.00 million for the quarter, compared to analyst estimates of $790.90 million. During the same quarter in the previous year, the firm posted $0.23 earnings per share. Steelcase's revenue was up 1.7% compared to the same quarter last year. On average, sell-side analysts expect that Steelcase Inc. will post 1 earnings per share for the current fiscal 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 given a $0.10 dividend. The ex-dividend date was Monday, April 7th. This represents a $0.40 dividend on an annualized basis and a dividend yield of 3.86%. Steelcase's dividend payout ratio is currently 39.60%.

Insider Transactions at Steelcase

In related news, VP Robert G. Krestakos sold 6,000 shares of the company's stock in a transaction on Monday, April 14th. The stock was sold at an average price of $10.13, for a total value of $60,780.00. Following the completion of the transaction, the vice president now directly owns 139,912 shares in the company, valued at approximately $1,417,308.56. This represents a 4.11% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. 12.96% of the stock is owned by insiders.

Analyst Upgrades and Downgrades

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

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.