Susquehanna Portfolio Strategies LLC Sells 151,508 Shares of Steelcase Inc. (NYSE:SCS)

Susquehanna Portfolio Strategies LLC lowered its holdings in shares of Steelcase Inc. (NYSE:SCS - Free Report) by 73.3% during the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 55,177 shares of the business services provider's stock after selling 151,508 shares during the quarter. Susquehanna Portfolio Strategies LLC's holdings in Steelcase were worth $715,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also modified their holdings of the business. DekaBank Deutsche Girozentrale boosted its holdings in Steelcase by 8.1% during the second quarter. DekaBank Deutsche Girozentrale now owns 12,017 shares of the business services provider's stock worth $153,000 after purchasing an additional 897 shares during the last quarter. Alhambra Investment Management LLC increased its position in shares of Steelcase by 5.5% in the second quarter. Alhambra Investment Management LLC now owns 24,226 shares of the business services provider's stock valued at $314,000 after acquiring an additional 1,257 shares during the last quarter. ProShare Advisors LLC raised its holdings in Steelcase by 8.5% during the first quarter. ProShare Advisors LLC now owns 16,656 shares of the business services provider's stock worth $218,000 after acquiring an additional 1,311 shares in the last quarter. The Manufacturers Life Insurance Company boosted its position in Steelcase by 3.0% during the second quarter. The Manufacturers Life Insurance Company now owns 48,292 shares of the business services provider's stock valued at $626,000 after purchasing an additional 1,426 shares during the last quarter. Finally, Diversified Trust Co grew its stake in Steelcase by 7.2% in the second quarter. Diversified Trust Co now owns 29,078 shares of the business services provider's stock valued at $377,000 after purchasing an additional 1,957 shares in the last quarter. 92.42% of the stock is currently owned by institutional investors and hedge funds.

Steelcase Stock Performance

Steelcase stock traded up $0.04 during midday trading on Friday, reaching $13.25. 437,236 shares of the company's stock were exchanged, compared to its average volume of 665,637. The stock's 50-day simple moving average is $13.46 and its 200 day simple moving average is $13.05. The firm has a market cap of $1.51 billion, a price-to-earnings ratio of 17.43, a P/E/G ratio of 1.29 and a beta of 1.33. The company has a debt-to-equity ratio of 0.48, a quick ratio of 1.15 and a current ratio of 1.62. Steelcase Inc. has a 52 week low of $10.29 and a 52 week high of $14.74.

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

Steelcase Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, October 15th. Stockholders of record on Monday, September 30th will be issued a dividend of $0.10 per share. This represents a $0.40 dividend on an annualized basis and a dividend yield of 3.02%. The ex-dividend date is Monday, September 30th. Steelcase's dividend payout ratio is presently 52.63%.

Analyst Upgrades and Downgrades

Separately, Benchmark increased their price objective on Steelcase from $17.00 to $18.00 and gave the company a "buy" rating in a report on Friday, June 21st.

Insider Transactions at Steelcase

In related news, SVP Allan W. Smith, Jr. sold 70,444 shares of the business's stock in a transaction on Monday, July 22nd. The stock was sold at an average price of $13.84, for a total value of $974,944.96. Following the completion of the sale, the senior vice president now directly owns 184,743 shares in the company, valued at approximately $2,556,843.12. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. In other Steelcase news, SVP Allan W. Smith, Jr. sold 70,444 shares of Steelcase stock in a transaction on Monday, July 22nd. The stock was sold at an average price of $13.84, for a total value of $974,944.96. Following the completion of the transaction, the senior vice president now directly owns 184,743 shares of the company's stock, valued at approximately $2,556,843.12. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CFO David C. Sylvester sold 73,184 shares of the firm's stock in a transaction dated Wednesday, July 24th. The shares were sold at an average price of $13.84, for a total value of $1,012,866.56. Following the completion of the sale, the chief financial officer now directly owns 551,592 shares in the company, valued at $7,634,033.28. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 160,877 shares of company stock worth $2,228,248. Company insiders own 12.96% of the company's stock.

Steelcase 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.