UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC Decreases Stock Holdings in Steelcase Inc. (NYSE:SCS)

UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC lessened its holdings in Steelcase Inc. (NYSE:SCS) by 17.2% during the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 157,402 shares of the business services provider’s stock after selling 32,702 shares during the period. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC owned about 0.14% of Steelcase worth $2,123,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also made changes to their positions in the company. Pzena Investment Management LLC increased its holdings in Steelcase by 0.5% in the 2nd quarter. Pzena Investment Management LLC now owns 7,092,675 shares of the business services provider’s stock valued at $91,921,000 after purchasing an additional 33,024 shares in the last quarter. Dimensional Fund Advisors LP boosted its position in shares of Steelcase by 4.2% in the second quarter. Dimensional Fund Advisors LP now owns 5,297,183 shares of the business services provider’s stock worth $68,652,000 after buying an additional 215,729 shares during the period. Cooke & Bieler LP grew its stake in shares of Steelcase by 4.9% in the second quarter. Cooke & Bieler LP now owns 4,002,442 shares of the business services provider’s stock valued at $51,872,000 after buying an additional 186,596 shares in the last quarter. American Century Companies Inc. raised its holdings in shares of Steelcase by 13.5% during the 2nd quarter. American Century Companies Inc. now owns 2,450,799 shares of the business services provider’s stock valued at $31,762,000 after buying an additional 291,070 shares during the period. Finally, Bank of New York Mellon Corp lifted its position in Steelcase by 6.5% during the 2nd quarter. Bank of New York Mellon Corp now owns 995,083 shares of the business services provider’s stock worth $12,896,000 after acquiring an additional 60,951 shares in the last quarter. Institutional investors and hedge funds own 92.42% of the company’s stock.

Insider Buying and Selling

In other Steelcase news, VP Robert G. Krestakos sold 4,000 shares of the company’s stock in a transaction that occurred on Tuesday, October 15th. The stock was sold at an average price of $13.11, for a total transaction of $52,440.00. Following the sale, the vice president now owns 119,481 shares in the company, valued at $1,566,395.91. This represents a 3.24 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through this link. Insiders own 12.96% of the company’s stock.

Steelcase Stock Performance

Shares of SCS stock opened at $13.01 on Monday. The company has a debt-to-equity ratio of 0.48, a current ratio of 1.62 and a quick ratio of 1.23. The company’s fifty day moving average price is $13.03 and its two-hundred day moving average price is $13.18. The firm has a market capitalization of $1.48 billion, a P/E ratio of 12.27, a P/E/G ratio of 1.29 and a beta of 1.35. Steelcase Inc. has a 12 month low of $11.50 and a 12 month high of $14.74.

Steelcase (NYSE:SCS) last released its quarterly earnings results on Wednesday, September 18th. The business services provider reported $0.39 EPS for the quarter, topping the consensus estimate of $0.37 by $0.02. Steelcase had a return on equity of 14.41% and a net margin of 4.02%. The business had revenue of $855.80 million for the quarter, compared to analysts’ expectations of $864.17 million. During the same quarter in the previous year, the firm posted $0.31 earnings per share. The company’s revenue was up .1% compared to the same quarter last year. On average, research analysts anticipate that Steelcase Inc. will post 1 earnings per share for the current fiscal year.

Steelcase Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Tuesday, October 15th. Stockholders of record on Monday, September 30th were given a dividend of $0.10 per share. This represents a $0.40 dividend on an annualized basis and a dividend yield of 3.07%. The ex-dividend date of this dividend was Monday, September 30th. Steelcase’s payout ratio is currently 37.74%.

Wall Street Analysts Forecast Growth

Separately, Noble Financial began coverage on shares of Steelcase in a research report on Wednesday, October 9th. They issued an “outperform” rating and a $16.00 price objective for the company.

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.