Russell Investments Group Ltd. Sells 19,915 Shares of Steelcase Inc. (NYSE:SCS)

Russell Investments Group Ltd. reduced its position in Steelcase Inc. (NYSE:SCS) by 20.8% in the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 75,843 shares of the business services provider’s stock after selling 19,915 shares during the quarter. Russell Investments Group Ltd. owned about 0.07% of Steelcase worth $896,000 at the end of the most recent quarter.

Several other hedge funds also recently bought and sold shares of SCS. Barclays PLC boosted its holdings in Steelcase by 203.1% in the 3rd quarter. Barclays PLC now owns 178,002 shares of the business services provider’s stock valued at $2,402,000 after purchasing an additional 119,268 shares during the period. Geode Capital Management LLC boosted its stake in Steelcase by 1.0% during the third quarter. Geode Capital Management LLC now owns 2,180,428 shares of the business services provider’s stock valued at $29,420,000 after buying an additional 22,507 shares during the period. SG Americas Securities LLC purchased a new position in Steelcase during the fourth quarter worth about $379,000. Sanctuary Advisors LLC increased its stake in Steelcase by 36.7% in the 4th quarter. Sanctuary Advisors LLC now owns 101,997 shares of the business services provider’s stock worth $1,187,000 after acquiring an additional 27,392 shares during the last quarter. Finally, Fifth Third Bancorp raised its holdings in shares of Steelcase by 7.4% in the 4th quarter. Fifth Third Bancorp now owns 3,579,117 shares of the business services provider’s stock valued at $42,305,000 after acquiring an additional 245,981 shares in the last quarter. Hedge funds and other institutional investors own 92.42% of the company’s stock.

Insider Transactions at Steelcase

In related news, VP Robert G. Krestakos sold 6,000 shares of Steelcase stock in a transaction on Monday, April 14th. The shares were sold at an average price of $10.13, for a total value of $60,780.00. Following the transaction, the vice president now directly owns 139,912 shares of the company’s stock, valued at $1,417,308.56. The trade was a 4.11 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Company insiders own 12.96% of the company’s stock.

Analyst Upgrades and Downgrades

Separately, Sidoti upgraded shares of Steelcase to a “hold” rating in a research report on Friday, March 28th.

Steelcase Trading Down 3.2 %

Shares of SCS stock opened at $9.45 on Tuesday. The business has a 50-day moving average price of $11.13 and a two-hundred day moving average price of $11.96. Steelcase Inc. has a 12-month low of $9.32 and a 12-month high of $14.74. The company has a quick ratio of 1.21, a current ratio of 1.57 and a debt-to-equity ratio of 0.48. The firm has a market cap of $1.07 billion, a P/E ratio of 9.84, a price-to-earnings-growth ratio of 1.25 and a beta of 1.12.

Steelcase (NYSE:SCS) last issued its earnings results on Wednesday, March 26th. The business services provider reported $0.26 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.20 by $0.06. The business had revenue of $788.00 million during the quarter, compared to analyst estimates of $790.90 million. Steelcase had a return on equity of 14.20% and a net margin of 3.63%. Steelcase’s revenue for the quarter was up 1.7% on a year-over-year basis. During the same quarter in the prior year, the firm earned $0.23 earnings per share. Equities analysts anticipate that Steelcase Inc. will post 1 EPS for the current fiscal year.

Steelcase Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Monday, April 21st. Stockholders of record on Monday, April 7th were paid a dividend of $0.10 per share. The ex-dividend date of this dividend was Monday, April 7th. This represents a $0.40 dividend on an annualized basis and a dividend yield of 4.23%. Steelcase’s dividend payout ratio (DPR) is currently 39.60%.

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.