O Shaughnessy Asset Management LLC Sells 70,454 Shares of Steelcase Inc. (NYSE:SCS)

O Shaughnessy Asset Management LLC lowered its stake in shares of Steelcase Inc. (NYSE:SCS - Free Report) by 23.8% in the 4th quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 225,521 shares of the business services provider's stock after selling 70,454 shares during the period. O Shaughnessy Asset Management LLC owned 0.20% of Steelcase worth $2,666,000 at the end of the most recent quarter.

A number of other hedge funds also recently modified their holdings of the stock. Hotchkis & Wiley Capital Management LLC purchased a new stake in Steelcase in the third quarter worth $6,167,000. Teacher Retirement System of Texas raised its stake in Steelcase by 109.8% in the 4th quarter. Teacher Retirement System of Texas now owns 775,177 shares of the business services provider's stock valued at $9,163,000 after acquiring an additional 405,614 shares during the period. Brandywine Global Investment Management LLC purchased a new stake in Steelcase during the fourth quarter valued at about $3,769,000. Prudential Financial Inc. lifted its holdings in Steelcase by 150.6% during the fourth quarter. Prudential Financial Inc. now owns 528,658 shares of the business services provider's stock valued at $6,249,000 after purchasing an additional 317,700 shares during the last quarter. Finally, Norges Bank bought a new position in Steelcase during the fourth quarter worth about $3,279,000. Institutional investors own 92.42% of the company's stock.

Wall Street Analyst Weigh In

Separately, Sidoti upgraded shares of Steelcase to a "hold" rating in a research note on Friday, March 28th.

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Steelcase Price Performance

NYSE SCS traded up $0.08 during trading hours on Tuesday, hitting $10.28. The company had a trading volume of 168,646 shares, compared to its average volume of 693,035. The firm has a 50 day simple moving average of $11.51 and a 200 day simple moving average of $12.21. The company has a debt-to-equity ratio of 0.48, a quick ratio of 1.21 and a current ratio of 1.57. Steelcase Inc. has a 52 week low of $9.96 and a 52 week high of $14.74. The firm has a market capitalization of $1.17 billion, a price-to-earnings ratio of 10.71, a PEG ratio of 1.25 and a beta of 1.12.

Steelcase (NYSE:SCS - Get Free Report) last posted its earnings results on Wednesday, March 26th. The business services provider reported $0.26 EPS for the quarter, topping 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 during the quarter, compared to analysts' expectations of $790.90 million. During the same period in the previous year, the business earned $0.23 earnings per share. The firm's revenue was up 1.7% on a year-over-year basis. Equities research analysts expect that Steelcase Inc. will post 1 earnings per share for the current year.

Steelcase Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Monday, April 21st. Shareholders of record on Monday, April 7th will be paid a $0.10 dividend. The ex-dividend date is Monday, April 7th. This represents a $0.40 dividend on an annualized basis and a yield of 3.89%. Steelcase's dividend payout ratio is presently 39.60%.

Insider Transactions at Steelcase

In related news, VP Robert G. Krestakos sold 5,000 shares of the stock in a transaction on Wednesday, January 22nd. The stock was sold at an average price of $11.74, for a total value of $58,700.00. Following the transaction, the vice president now owns 114,481 shares of the company's stock, valued at $1,344,006.94. This represents a 4.18 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. 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.