Steelcase Inc. (NYSE:SCS) Stock Position Decreased by AQR Capital Management LLC

AQR Capital Management LLC reduced its stake in Steelcase Inc. (NYSE:SCS - Free Report) by 8.6% in the second quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 895,483 shares of the business services provider's stock after selling 84,104 shares during the period. AQR Capital Management LLC owned 0.78% of Steelcase worth $11,605,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors also recently bought and sold shares of the stock. DekaBank Deutsche Girozentrale lifted its holdings in shares of Steelcase by 8.1% in the 2nd 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 boosted its holdings in shares of Steelcase by 5.5% during 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 period. ProShare Advisors LLC grew its position in shares of 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 during the last quarter. Diversified Trust Co increased its holdings in shares of Steelcase by 7.2% in the 2nd quarter. Diversified Trust Co now owns 29,078 shares of the business services provider's stock worth $377,000 after acquiring an additional 1,957 shares during the period. Finally, First Hawaiian Bank lifted its position in Steelcase by 2.8% in the 1st quarter. First Hawaiian Bank now owns 76,004 shares of the business services provider's stock valued at $994,000 after purchasing an additional 2,082 shares during the last quarter. 92.42% of the stock is currently owned by institutional investors and hedge funds.

Steelcase Price Performance

Shares of SCS stock traded down $0.33 during midday trading on Wednesday, reaching $12.87. 576,524 shares of the company were exchanged, compared to its average volume of 713,892. The company's 50 day moving average price is $13.44 and its two-hundred day moving average price is $13.05. 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 company has a market cap of $1.47 billion, a P/E ratio of 17.05, a PEG ratio of 1.30 and a beta of 1.33. Steelcase Inc. has a 12 month low of $10.29 and a 12 month high of $14.74.

Steelcase (NYSE:SCS - Get Free Report) last posted its quarterly earnings data on Wednesday, September 18th. The business services provider reported $0.39 EPS 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 company had revenue of $855.80 million for the quarter, compared to the consensus estimate of $864.17 million. During the same quarter in the previous year, the business earned $0.31 EPS. The company's quarterly revenue was up .1% compared to the same quarter last year. On average, sell-side analysts expect that Steelcase Inc. will post 1.02 earnings per share for the current year.

Steelcase Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, October 15th. Stockholders of record on Monday, September 30th will be paid a $0.10 dividend. The ex-dividend date is Monday, September 30th. This represents a $0.40 annualized dividend and a dividend yield of 3.11%. Steelcase's dividend payout ratio is currently 52.63%.

Analyst Ratings Changes

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.

Insider Buying and Selling

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

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.