Steelcase Inc. (NYSE:SCS) Shares Sold by Rhumbline Advisers

Rhumbline Advisers cut its holdings in shares of Steelcase Inc. (NYSE:SCS) by 4.9% during the first quarter, according to its most recent filing with the Securities & Exchange Commission. The firm owned 147,406 shares of the business services provider’s stock after selling 7,607 shares during the period. Rhumbline Advisers owned approximately 0.13% of Steelcase worth $1,616,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also recently modified their holdings of the company. MetLife Investment Management LLC grew its holdings in Steelcase by 2.0% in the fourth quarter. MetLife Investment Management LLC now owns 54,643 shares of the business services provider’s stock valued at $646,000 after purchasing an additional 1,079 shares during the period. Hillsdale Investment Management Inc. lifted its position in shares of Steelcase by 0.5% during the 4th quarter. Hillsdale Investment Management Inc. now owns 284,800 shares of the business services provider’s stock valued at $3,366,000 after buying an additional 1,500 shares in the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. lifted its position in shares of Steelcase by 3.4% during the 4th quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 52,596 shares of the business services provider’s stock valued at $622,000 after buying an additional 1,741 shares in the last quarter. State of Wyoming grew its stake in Steelcase by 9.3% in the 4th quarter. State of Wyoming now owns 20,668 shares of the business services provider’s stock valued at $244,000 after acquiring an additional 1,762 shares during the period. Finally, Sterling Capital Management LLC raised its position in Steelcase by 8.3% during the fourth quarter. Sterling Capital Management LLC now owns 34,486 shares of the business services provider’s stock worth $408,000 after acquiring an additional 2,644 shares during the period. Hedge funds and other institutional investors own 92.42% of the company’s stock.

Steelcase Price Performance

NYSE:SCS opened at $10.18 on Wednesday. The stock has a 50 day moving average of $10.20 and a two-hundred day moving average of $11.20. Steelcase Inc. has a 12 month low of $9.32 and a 12 month high of $14.74. The firm has a market cap of $1.17 billion, a P/E ratio of 10.08, a price-to-earnings-growth ratio of 1.00 and a beta of 1.14. The company has a current ratio of 1.54, a quick ratio of 1.17 and a debt-to-equity ratio of 0.47.

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. The firm had revenue of $788.00 million for the quarter, compared to analyst estimates of $790.90 million. Steelcase had a return on equity of 14.37% and a net margin of 3.81%. The business’s revenue was up 1.7% on a year-over-year basis. During the same period in the previous year, the company posted $0.23 earnings per share. On average, analysts expect that Steelcase Inc. will post 1 earnings per share for the current fiscal year.

Steelcase Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Monday, April 21st. Stockholders of record on Monday, April 7th were paid a $0.10 dividend. This represents a $0.40 annualized dividend and a dividend yield of 3.93%. The ex-dividend date of this dividend was Monday, April 7th. Steelcase’s dividend payout ratio is currently 39.60%.

Analyst Ratings Changes

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

Insider Buying and Selling

In other Steelcase news, VP Robert G. Krestakos sold 6,000 shares of the business’s stock in a transaction on Monday, April 14th. The stock was sold at an average price of $10.13, for a total transaction of $60,780.00. Following the transaction, the vice president now owns 139,912 shares of the company’s stock, valued at approximately $1,417,308.56. The trade was a 4.11% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. 6.75% of the stock is currently owned by company insiders.

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.