Man Group plc Cuts Position in Steelcase Inc. (NYSE:SCS)

Man Group plc cut its holdings in Steelcase Inc. (NYSE:SCS) by 43.7% in the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 39,431 shares of the business services provider’s stock after selling 30,631 shares during the quarter. Man Group plc’s holdings in Steelcase were worth $466,000 as of its most recent SEC filing.

A number of other institutional investors have also recently added to or reduced their stakes in the stock. Teacher Retirement System of Texas increased its position in shares of Steelcase by 109.8% during the fourth 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 in the last quarter. Millennium Management LLC boosted its holdings in shares of Steelcase by 93.6% during the 4th quarter. Millennium Management LLC now owns 694,625 shares of the business services provider’s stock worth $8,210,000 after purchasing an additional 335,889 shares during the last quarter. Brandywine Global Investment Management LLC purchased a new stake in shares of Steelcase in the fourth quarter valued at approximately $3,769,000. Prudential Financial Inc. lifted its position in Steelcase by 150.6% during the fourth quarter. Prudential Financial Inc. now owns 528,658 shares of the business services provider’s stock worth $6,249,000 after buying an additional 317,700 shares in the last quarter. Finally, Norges Bank purchased a new stake in Steelcase in the 4th quarter valued at $3,279,000. Institutional investors and hedge funds own 92.42% of the company’s stock.

Insiders Place Their Bets

In other Steelcase news, VP Robert G. Krestakos sold 6,000 shares of the company’s stock in a transaction dated Monday, April 14th. The stock was sold at an average price of $10.13, for a total transaction of $60,780.00. Following the sale, the vice president now owns 139,912 shares in the company, valued at $1,417,308.56. This represents a 4.11% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Insiders own 12.96% of the company’s stock.

Steelcase Stock Down 0.5%

Shares of SCS opened at $10.10 on Tuesday. The company’s 50-day moving average price is $10.30 and its 200 day moving average price is $11.52. Steelcase Inc. has a 12-month low of $9.32 and a 12-month high of $14.74. The company has a current ratio of 1.57, a quick ratio of 1.21 and a debt-to-equity ratio of 0.48. The firm has a market cap of $1.16 billion, a P/E ratio of 10.52, a price-to-earnings-growth ratio of 1.25 and a beta of 1.15.

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

Steelcase Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Monday, April 21st. Shareholders of record on Monday, April 7th were given a $0.10 dividend. This represents a $0.40 annualized dividend and a yield of 3.96%. The ex-dividend date was Monday, April 7th. Steelcase’s dividend payout ratio is currently 39.60%.

Wall Street Analysts Forecast Growth

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

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.