Caxton Associates LP Sells 40,178 Shares of Steelcase Inc. (NYSE:SCS)

Caxton Associates LP lowered its holdings in Steelcase Inc. (NYSE:SCS - Free Report) by 54.1% in the 2nd quarter, according to the company in its most recent filing with the SEC. The firm owned 34,088 shares of the business services provider's stock after selling 40,178 shares during the quarter. Caxton Associates LP's holdings in Steelcase were worth $442,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also bought and sold shares of the company. FinTrust Capital Advisors LLC purchased a new position in shares of Steelcase during the fourth quarter valued at about $44,000. Innealta Capital LLC purchased a new position in shares of Steelcase in the 2nd quarter valued at approximately $93,000. SpiderRock Advisors LLC bought a new stake in shares of Steelcase during the first quarter valued at approximately $135,000. DekaBank Deutsche Girozentrale purchased a new stake in Steelcase in the first quarter worth $141,000. Finally, Allspring Global Investments Holdings LLC raised its holdings in Steelcase by 34,941.7% in the first quarter. Allspring Global Investments Holdings LLC now owns 12,615 shares of the business services provider's stock worth $165,000 after purchasing an additional 12,579 shares in the last quarter. Hedge funds and other institutional investors own 92.42% of the company's stock.

Steelcase Stock Up 0.3 %

Shares of Steelcase stock traded up $0.04 during midday trading on Friday, hitting $13.25. The company had a trading volume of 437,236 shares, compared to its average volume of 665,637. Steelcase Inc. has a 52-week low of $10.29 and a 52-week high of $14.74. The company has a debt-to-equity ratio of 0.48, a quick ratio of 1.15 and a current ratio of 1.62. The stock has a market capitalization of $1.51 billion, a P/E ratio of 17.43, a P/E/G ratio of 1.29 and a beta of 1.33. The company has a 50 day moving average of $13.46 and a 200 day moving average of $13.04.

Steelcase (NYSE:SCS - Get Free Report) last issued its quarterly earnings results on Wednesday, September 18th. The business services provider reported $0.39 earnings per share for the quarter, beating the consensus estimate of $0.37 by $0.02. Steelcase had a return on equity of 14.41% and a net margin of 4.02%. The firm had revenue of $855.80 million during the quarter, compared to the consensus estimate of $864.17 million. During the same period last year, the company earned $0.31 earnings per share. The company's revenue was up .1% on a year-over-year basis. On average, equities analysts predict that Steelcase Inc. will post 1.02 earnings per share for the current fiscal year.

Steelcase Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, October 15th. Investors of record on Monday, September 30th will be given a $0.10 dividend. The ex-dividend date of this dividend is Monday, September 30th. This represents a $0.40 annualized dividend and a yield of 3.02%. Steelcase's dividend payout ratio (DPR) is presently 52.63%.

Insider Buying and Selling at Steelcase

In other news, CAO Nicole Cherie Mcgrath sold 15,749 shares of the business's stock in a transaction on Tuesday, July 23rd. The stock was sold at an average price of $13.94, for a total value of $219,541.06. Following the completion of the transaction, the chief accounting officer now owns 18,453 shares in the company, valued at $257,234.82. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. In other news, CAO Nicole Cherie Mcgrath sold 15,749 shares of Steelcase stock in a transaction that occurred on Tuesday, July 23rd. The shares were sold at an average price of $13.94, for a total value of $219,541.06. Following the completion of the sale, the chief accounting officer now directly owns 18,453 shares in the company, valued at $257,234.82. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CFO David C. Sylvester sold 73,184 shares of the stock in a transaction that occurred on Wednesday, July 24th. The shares were sold at an average price of $13.84, for a total transaction of $1,012,866.56. Following the transaction, the chief financial officer now owns 551,592 shares in the company, valued at approximately $7,634,033.28. The disclosure for this sale can be found here. In the last three months, insiders have sold 160,877 shares of company stock worth $2,228,248. Insiders own 12.96% of the company's stock.

Wall Street Analyst Weigh In

Separately, Benchmark upped their target price on shares of Steelcase from $17.00 to $18.00 and gave the stock a "buy" rating in a research report on Friday, June 21st.

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.