Arrowstreet Capital Limited Partnership decreased its position in shares of Steelcase Inc. (NYSE:SCS - Free Report) by 20.2% during the 4th quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 1,234,770 shares of the business services provider's stock after selling 312,011 shares during the quarter. Arrowstreet Capital Limited Partnership owned approximately 1.09% of Steelcase worth $14,595,000 at the end of the most recent reporting period.
A number of other hedge funds and other institutional investors have also bought and sold shares of the company. Barclays PLC boosted its stake in shares of Steelcase by 203.1% during the third quarter. Barclays PLC now owns 178,002 shares of the business services provider's stock valued at $2,402,000 after purchasing an additional 119,268 shares in the last quarter. Geode Capital Management LLC raised its holdings in Steelcase by 1.0% in the 3rd quarter. Geode Capital Management LLC now owns 2,180,428 shares of the business services provider's stock valued at $29,420,000 after buying an additional 22,507 shares during the last quarter. State Street Corp boosted its position in Steelcase by 1.0% during the 3rd quarter. State Street Corp now owns 2,260,310 shares of the business services provider's stock worth $30,714,000 after buying an additional 22,226 shares during the period. SG Americas Securities LLC bought a new stake in Steelcase during the 4th quarter worth approximately $379,000. Finally, Fifth Third Bancorp increased its position in Steelcase by 7.4% in the 4th quarter. Fifth Third Bancorp now owns 3,579,117 shares of the business services provider's stock valued at $42,305,000 after acquiring an additional 245,981 shares during the period. Institutional investors own 92.42% of the company's stock.
Insider Activity at Steelcase
In other news, VP Robert G. Krestakos sold 5,000 shares of Steelcase stock in a transaction dated Wednesday, January 22nd. The stock was sold at an average price of $11.74, for a total value of $58,700.00. Following the completion of the transaction, the vice president now directly owns 114,481 shares of the company's stock, valued at approximately $1,344,006.94. This trade represents a 4.18 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. 12.96% of the stock is owned by company insiders.
Analyst Ratings Changes
Separately, Sidoti upgraded shares of Steelcase to a "hold" rating in a report on Friday, March 28th.
View Our Latest Report on SCS
Steelcase Trading Up 9.0 %
Shares of SCS stock traded up $0.88 on Wednesday, hitting $10.62. The company had a trading volume of 1,193,354 shares, compared to its average volume of 641,571. Steelcase Inc. has a twelve month low of $9.58 and a twelve month high of $14.74. The company has a debt-to-equity ratio of 0.48, a quick ratio of 1.21 and a current ratio of 1.57. The firm has a market cap of $1.21 billion, a P/E ratio of 11.06, a P/E/G ratio of 1.25 and a beta of 1.12. The stock's 50-day moving average is $11.39 and its two-hundred day moving average is $12.15.
Steelcase (NYSE:SCS - Get Free Report) last announced its earnings results on Wednesday, March 26th. The business services provider reported $0.26 EPS for the quarter, beating the consensus estimate 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 for the quarter, compared to analysts' expectations of $790.90 million. During the same period in the prior year, the business posted $0.23 earnings per share. The firm's revenue was up 1.7% on a year-over-year basis. On average, equities research analysts anticipate that Steelcase Inc. will post 1 earnings per share for the current fiscal year.
Steelcase Announces Dividend
The company also recently announced a quarterly dividend, which will be paid on Monday, April 21st. Investors of record on Monday, April 7th will be paid a dividend of $0.10 per share. This represents a $0.40 dividend on an annualized basis and a yield of 3.77%. The ex-dividend date of this dividend is Monday, April 7th. Steelcase's dividend payout ratio is presently 39.60%.
Steelcase Company Profile
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Free Report)
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.
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