California State Teachers Retirement System cut its holdings in shares of Steelcase Inc. (NYSE:SCS – Free Report) by 1.3% in the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 109,399 shares of the business services provider’s stock after selling 1,460 shares during the quarter. California State Teachers Retirement System owned about 0.10% of Steelcase worth $921,000 as of its most recent filing with the Securities and Exchange Commission.
A number of other hedge funds and other institutional investors have also recently modified their holdings of the business. Point72 Hong Kong Ltd purchased a new position in Steelcase during the first quarter worth about $33,000. Captrust Financial Advisors boosted its position in shares of Steelcase by 179.6% during the 1st quarter. Captrust Financial Advisors now owns 4,141 shares of the business services provider’s stock worth $49,000 after purchasing an additional 2,660 shares during the period. Point72 Middle East FZE acquired a new stake in Steelcase in the 4th quarter valued at approximately $65,000. Two Sigma Investments LP purchased a new stake in Steelcase in the fourth quarter valued at approximately $72,000. Finally, Alpine Global Management LLC acquired a new position in Steelcase during the fourth quarter worth $78,000. 69.51% of the stock is owned by institutional investors and hedge funds.
Insider Transactions at Steelcase
In other Steelcase news, VP Robert G. Krestakos sold 5,000 shares of the firm’s stock in a transaction on Tuesday, July 18th. The stock was sold at an average price of $7.84, for a total value of $39,200.00. Following the sale, the vice president now directly owns 114,289 shares in the company, valued at $896,025.76. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Corporate insiders own 12.72% of the company’s stock.
Analyst Ratings Changes
Steelcase Trading Up 1.1 %
NYSE:SCS opened at $9.17 on Friday. Steelcase Inc. has a 12-month low of $6.20 and a 12-month high of $11.63. The firm has a market cap of $1.05 billion, a PE ratio of 22.37, a price-to-earnings-growth ratio of 1.53 and a beta of 1.42. The company has a current ratio of 1.53, a quick ratio of 0.95 and a debt-to-equity ratio of 0.54. The stock has a fifty day moving average price of $8.26 and a 200 day moving average price of $7.86.
Steelcase (NYSE:SCS – Get Free Report) last announced its quarterly earnings data on Thursday, June 22nd. The business services provider reported $0.09 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.01 by $0.08. The business had revenue of $751.90 million during the quarter, compared to analysts’ expectations of $719.23 million. Steelcase had a return on equity of 9.95% and a net margin of 1.49%. The business’s quarterly revenue was up 1.5% compared to the same quarter last year. During the same quarter last year, the business posted ($0.05) EPS. Sell-side analysts anticipate that Steelcase Inc. will post 0.57 earnings per share for the current fiscal year.
Steelcase Dividend Announcement
The company also recently disclosed a quarterly dividend, which was paid on Monday, July 17th. Stockholders of record on Thursday, July 6th were issued a $0.10 dividend. The ex-dividend date was Wednesday, July 5th. This represents a $0.40 dividend on an annualized basis and a dividend yield of 4.36%. Steelcase’s payout ratio is 97.56%.
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.
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