Steelcase Inc. (NYSE:SCS) Shares Sold by Douglas Lane & Associates LLC

Douglas Lane & Associates LLC lessened its stake in shares of Steelcase Inc. (NYSE:SCS - Free Report) by 5.9% in the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 3,034,625 shares of the business services provider's stock after selling 188,930 shares during the quarter. Douglas Lane & Associates LLC owned about 2.67% of Steelcase worth $35,869,000 at the end of the most recent reporting period.

Other large investors have also modified their holdings of the company. Hotchkis & Wiley Capital Management LLC purchased a new stake in Steelcase in the third quarter valued at $6,167,000. BNP Paribas Financial Markets lifted its holdings in shares of Steelcase by 322.3% in the 3rd quarter. BNP Paribas Financial Markets now owns 572,269 shares of the business services provider's stock valued at $7,720,000 after purchasing an additional 436,754 shares during the last quarter. Victory Capital Management Inc. lifted its holdings in shares of Steelcase by 129.9% in the 2nd quarter. Victory Capital Management Inc. now owns 522,956 shares of the business services provider's stock valued at $6,778,000 after purchasing an additional 295,482 shares during the last quarter. American Century Companies Inc. boosted its position in shares of Steelcase by 13.5% in the 2nd quarter. American Century Companies Inc. now owns 2,450,799 shares of the business services provider's stock valued at $31,762,000 after purchasing an additional 291,070 shares during the period. Finally, Dimensional Fund Advisors LP grew its stake in Steelcase by 4.2% during the 2nd quarter. Dimensional Fund Advisors LP now owns 5,297,183 shares of the business services provider's stock worth $68,652,000 after buying an additional 215,729 shares during the last quarter. Institutional investors and hedge funds own 92.42% of the company's stock.

Insiders Place Their Bets

In other news, VP Robert G. Krestakos sold 4,000 shares of the business's stock in a transaction dated Tuesday, October 15th. The shares were sold at an average price of $13.11, for a total transaction of $52,440.00. Following the transaction, the vice president now directly owns 119,481 shares in the company, valued at $1,566,395.91. The trade was a 3.24 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this link. 12.96% of the stock is owned by insiders.

Wall Street Analyst Weigh In

Separately, Noble Financial started coverage on Steelcase in a research note on Wednesday, October 9th. They issued an "outperform" rating and a $16.00 price objective for the company.

Steelcase Stock Performance

Shares of NYSE:SCS traded up $0.10 on Wednesday, reaching $11.30. The company's stock had a trading volume of 618,054 shares, compared to its average volume of 670,504. Steelcase Inc. has a 52-week low of $11.00 and a 52-week high of $14.74. The stock has a market capitalization of $1.29 billion, a P/E ratio of 10.66, a PEG ratio of 1.29 and a beta of 1.36. The stock's 50-day moving average is $12.72 and its two-hundred day moving average is $13.06. The company has a debt-to-equity ratio of 0.48, a current ratio of 1.62 and a quick ratio of 1.23.

Steelcase (NYSE:SCS - Get Free Report) last posted its quarterly earnings data on Wednesday, December 18th. The business services provider reported $0.30 earnings per share for the quarter, topping analysts' consensus estimates of $0.23 by $0.07. The company had revenue of $794.90 million during the quarter, compared to analysts' expectations of $796.58 million. Steelcase had a return on equity of 14.41% and a net margin of 4.02%. The firm's revenue for the quarter was up 2.2% on a year-over-year basis. During the same period last year, the firm earned $0.30 EPS. As a group, sell-side analysts forecast that Steelcase Inc. will post 1 EPS for the current year.

Steelcase Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Monday, January 13th. Shareholders of record on Monday, December 30th will be paid a $0.10 dividend. The ex-dividend date is Monday, December 30th. This represents a $0.40 annualized dividend and a yield of 3.54%. Steelcase's dividend payout ratio is currently 41.67%.

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.