Quantedge Capital Pte Ltd Reduces Stock Position in Steelcase Inc. (NYSE:SCS)

Quantedge Capital Pte Ltd lowered its stake in Steelcase Inc. (NYSE:SCS - Free Report) by 57.7% during the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 162,909 shares of the business services provider's stock after selling 222,091 shares during the quarter. Quantedge Capital Pte Ltd owned approximately 0.14% of Steelcase worth $1,926,000 as of its most recent filing with the Securities and Exchange Commission.

Other large investors have also made changes to their positions in the company. R Squared Ltd bought a new position in shares of Steelcase during the fourth quarter valued at $36,000. Quarry LP grew its stake in shares of 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 bought a new stake in shares of Steelcase in the 4th quarter valued at about $134,000. Boothbay Fund Management LLC bought a new position in shares of Steelcase during the fourth quarter worth $135,000. Finally, Mariner LLC bought a new position in Steelcase during the fourth quarter worth about $139,000. Institutional investors and hedge funds own 92.42% of the company's stock.

Insider Buying and Selling at Steelcase

In other news, VP Robert G. Krestakos sold 6,000 shares of Steelcase stock in a transaction on Monday, April 14th. The shares were sold at an average price of $10.13, for a total transaction of $60,780.00. Following the completion of the sale, the vice president now directly owns 139,912 shares of the company's stock, valued at approximately $1,417,308.56. The trade was a 4.11% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Corporate insiders own 12.96% of the company's stock.

Steelcase Price Performance

Shares of SCS traded down $0.05 during midday trading on Tuesday, hitting $10.31. The company's stock had a trading volume of 78,361 shares, compared to its average volume of 683,625. Steelcase Inc. has a one year low of $9.31 and a one year high of $14.74. The company has a quick ratio of 1.21, a current ratio of 1.57 and a debt-to-equity ratio of 0.48. The stock has a market capitalization of $1.18 billion, a price-to-earnings ratio of 10.73, a price-to-earnings-growth ratio of 1.25 and a beta of 1.15. The company's fifty day simple moving average is $10.39 and its two-hundred day simple moving average is $11.61.

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 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 firm had revenue of $788.00 million during the quarter, compared to the consensus estimate of $790.90 million. During the same period last year, the business posted $0.23 EPS. The business's revenue was up 1.7% compared to the same quarter last year. As a group, equities analysts expect that Steelcase Inc. will post 1 earnings per share for the current fiscal year.

Steelcase Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Monday, April 21st. Stockholders of record on Monday, April 7th were given a dividend of $0.10 per share. This represents a $0.40 dividend on an annualized basis and a dividend yield of 3.88%. The ex-dividend date was Monday, April 7th. Steelcase's dividend payout ratio is currently 39.60%.

Analyst Ratings Changes

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

About Steelcase

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.