Allspring Global Investments Holdings LLC Sells 115,230 Shares of Steelcase Inc. (NYSE:SCS)

Allspring Global Investments Holdings LLC lessened its holdings in Steelcase Inc. (NYSE:SCSGet Rating) by 43.4% in the 3rd quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor owned 150,545 shares of the business services provider’s stock after selling 115,230 shares during the quarter. Allspring Global Investments Holdings LLC owned 0.13% of Steelcase worth $981,000 at the end of the most recent reporting period.

Several other institutional investors have also added to or reduced their stakes in SCS. Point72 Hong Kong Ltd acquired a new stake in Steelcase in the first quarter worth about $33,000. Captrust Financial Advisors boosted its holdings in Steelcase by 179.6% in the first quarter. Captrust Financial Advisors now owns 4,141 shares of the business services provider’s stock worth $49,000 after acquiring an additional 2,660 shares in the last quarter. Raymond James & Associates acquired a new stake in Steelcase in the third quarter worth about $69,000. First Horizon Advisors Inc. acquired a new stake in Steelcase in the second quarter worth about $82,000. Finally, Lazard Asset Management LLC acquired a new stake in Steelcase in the second quarter worth about $105,000. Institutional investors and hedge funds own 74.01% of the company’s stock.

Analyst Ratings Changes

Several research analysts have recently issued reports on the company. StockNews.com assumed coverage on Steelcase in a research note on Wednesday, October 12th. They issued a “hold” rating for the company. Benchmark cut Steelcase from a “buy” rating to a “hold” rating in a research note on Tuesday, November 29th. Finally, Sidoti upgraded Steelcase from a “neutral” rating to a “buy” rating and set a $11.00 price objective for the company in a research note on Tuesday, October 4th.

Steelcase Stock Down 0.3 %

Shares of SCS stock opened at $7.35 on Friday. The stock has a 50 day moving average of $7.50 and a 200 day moving average of $8.86. The company has a current ratio of 1.35, a quick ratio of 0.79 and a debt-to-equity ratio of 0.55. The stock has a market cap of $828.96 million, a P/E ratio of 49.00 and a beta of 1.36. Steelcase Inc. has a twelve month low of $6.20 and a twelve month high of $12.75.

Steelcase Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, January 13th. Investors of record on Tuesday, January 3rd were given a dividend of $0.10 per share. This represents a $0.40 annualized dividend and a yield of 5.44%. The ex-dividend date of this dividend was Friday, December 30th. Steelcase’s dividend payout ratio is currently 266.67%.

About Steelcase

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Steelcase Inc provides a portfolio of furniture and architectural products in the United States and internationally. It operates through Americas, EMEA, and Other 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, and mobile power and screens.

Further Reading

Institutional Ownership by Quarter for Steelcase (NYSE:SCS)

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