The Manufacturers Life Insurance Company Cuts Position in Steelcase Inc. (NYSE:SCS)

The Manufacturers Life Insurance Company lessened its position in shares of Steelcase Inc. (NYSE:SCS) by 5.0% in the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 45,070 shares of the business services provider’s stock after selling 2,394 shares during the quarter. The Manufacturers Life Insurance Company’s holdings in Steelcase were worth $533,000 as of its most recent SEC filing.

Several other institutional investors have also added to or reduced their stakes in the company. Teacher Retirement System of Texas boosted its holdings in shares of 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 worth $9,163,000 after purchasing an additional 405,614 shares during the period. Brandywine Global Investment Management LLC purchased a new position in shares of Steelcase in the 4th quarter worth approximately $3,769,000. Prudential Financial Inc. boosted its holdings in shares of Steelcase by 150.6% in the 4th quarter. Prudential Financial Inc. now owns 528,658 shares of the business services provider’s stock worth $6,249,000 after purchasing an additional 317,700 shares during the period. Norges Bank purchased a new position in shares of Steelcase in the 4th quarter worth approximately $3,279,000. Finally, American Century Companies Inc. lifted its stake in shares of Steelcase by 10.0% during the 4th quarter. American Century Companies Inc. now owns 3,024,828 shares of the business services provider’s stock worth $35,753,000 after acquiring an additional 275,369 shares during the last quarter. Hedge funds and other institutional investors own 92.42% of the company’s stock.

Analysts Set New Price Targets

Separately, Sidoti raised Steelcase to a “hold” rating in a research note on Friday, March 28th.

Insiders Place Their Bets

In related news, VP Robert G. Krestakos sold 6,000 shares of Steelcase stock in a transaction on Monday, April 14th. The stock was sold at an average price of $10.13, for a total value of $60,780.00. Following the completion of the transaction, the vice president now directly owns 139,912 shares in the company, valued at approximately $1,417,308.56. This trade represents a 4.11% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. 12.96% of the stock is owned by insiders.

Steelcase Stock Up 0.0%

Shares of SCS opened at $10.51 on Friday. Steelcase Inc. has a 52 week low of $9.32 and a 52 week 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 company has a market capitalization of $1.20 billion, a price-to-earnings ratio of 10.94, a PEG ratio of 1.25 and a beta of 1.15. The stock’s 50-day moving average price is $10.40 and its 200-day moving average price is $11.63.

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

Steelcase Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Monday, April 21st. Shareholders of record on Monday, April 7th were paid a dividend of $0.10 per share. The ex-dividend date was Monday, April 7th. This represents a $0.40 annualized dividend and a yield of 3.81%. Steelcase’s dividend payout ratio (DPR) is 39.60%.

Steelcase Company 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.