Diversified Trust Co Lowers Position in Steelcase Inc. (NYSE:SCS)

Diversified Trust Co lessened its stake in Steelcase Inc. (NYSE:SCSFree Report) by 40.5% during the 1st quarter, according to its most recent disclosure with the SEC. The institutional investor owned 27,121 shares of the business services provider’s stock after selling 18,482 shares during the quarter. Diversified Trust Co’s holdings in Steelcase were worth $355,000 at the end of the most recent reporting period.

Other hedge funds have also recently modified their holdings of the company. USA Financial Formulas purchased a new position in shares of Steelcase in the fourth quarter worth $28,000. FinTrust Capital Advisors LLC bought a new stake in Steelcase in the fourth quarter worth $44,000. Quest Partners LLC bought a new stake in Steelcase in the fourth quarter worth $71,000. Scotia Capital Inc. bought a new stake in Steelcase in the third quarter worth $114,000. Finally, Guardian Capital LP bought a new stake in Steelcase in the fourth quarter worth $150,000. Hedge funds and other institutional investors own 92.42% of the company’s stock.

Insider Activity

In other news, VP Donna K. Flynn sold 13,310 shares of the business’s stock in a transaction on Monday, June 24th. The shares were sold at an average price of $13.72, for a total transaction of $182,613.20. Following the completion of the sale, the vice president now directly owns 78,733 shares of the company’s stock, valued at $1,080,216.76. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Insiders own 12.96% of the company’s stock.

Wall Street Analysts Forecast Growth

Several equities research analysts recently weighed in on the stock. StockNews.com upgraded shares of Steelcase from a “buy” rating to a “strong-buy” rating in a research report on Friday, March 29th. Benchmark boosted their price objective on shares of Steelcase from $17.00 to $18.00 and gave the company a “buy” rating in a research report on Friday, June 21st.

Get Our Latest Stock Analysis on Steelcase

Steelcase Trading Down 0.8 %

SCS stock opened at $12.94 on Friday. The company has a quick ratio of 1.15, a current ratio of 1.61 and a debt-to-equity ratio of 0.51. Steelcase Inc. has a twelve month low of $7.38 and a twelve month high of $14.54. The stock has a market capitalization of $1.48 billion, a price-to-earnings ratio of 17.03, a price-to-earnings-growth ratio of 1.31 and a beta of 1.34. The firm’s fifty day simple moving average is $12.90 and its two-hundred day simple moving average is $12.86.

Steelcase (NYSE:SCSGet Free Report) last posted its quarterly earnings data on Thursday, June 20th. The business services provider reported $0.16 earnings per share for the quarter, beating analysts’ consensus estimates of $0.10 by $0.06. Steelcase had a net margin of 2.89% and a return on equity of 13.66%. The business had revenue of $727.30 million for the quarter, compared to analysts’ expectations of $729.05 million. During the same quarter in the previous year, the business posted $0.09 earnings per share. The business’s revenue was down 3.3% compared to the same quarter last year. As a group, analysts anticipate that Steelcase Inc. will post 1 earnings per share for the current year.

Steelcase Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Monday, July 15th. Stockholders of record on Wednesday, July 3rd will be paid a dividend of $0.10 per share. This represents a $0.40 dividend on an annualized basis and a dividend yield of 3.09%. The ex-dividend date of this dividend is Wednesday, July 3rd. Steelcase’s dividend payout ratio is currently 52.63%.

About Steelcase

(Free Report)

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.

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Institutional Ownership by Quarter for Steelcase (NYSE:SCS)

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