Steelcase Inc. (NYSE:SCS) Position Decreased by Stifel Financial Corp

Stifel Financial Corp lowered its holdings in Steelcase Inc. (NYSE:SCS) by 0.9% during the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 98,821 shares of the business services provider’s stock after selling 932 shares during the period. Stifel Financial Corp owned about 0.09% of Steelcase worth $1,333,000 at the end of the most recent reporting period.

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

Insider Activity at Steelcase

In other news, VP Robert G. Krestakos sold 4,000 shares of the stock in a transaction dated Tuesday, October 15th. The stock was sold at an average price of $13.11, for a total transaction of $52,440.00. Following the transaction, the vice president now owns 119,481 shares of the company’s stock, valued at approximately $1,566,395.91. This represents a 3.24 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. 12.96% of the stock is currently owned by insiders.

Analyst Ratings Changes

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

Steelcase Price Performance

Shares of NYSE:SCS opened at $11.74 on Friday. The company has a market cap of $1.34 billion, a P/E ratio of 11.08, a price-to-earnings-growth ratio of 1.29 and a beta of 1.35. The company’s fifty day moving average is $13.00 and its two-hundred day moving average is $13.15. The company has a quick ratio of 1.23, a current ratio of 1.62 and a debt-to-equity ratio of 0.48. Steelcase Inc. has a 12-month low of $11.50 and a 12-month high of $14.74.

Steelcase (NYSE:SCS) last posted its quarterly earnings results on Wednesday, December 18th. The business services provider reported $0.30 earnings per share for the quarter, beating the consensus estimate of $0.23 by $0.07. Steelcase had a return on equity of 14.41% and a net margin of 4.02%. The firm had revenue of $794.90 million for the quarter, compared to analyst estimates of $796.58 million. During the same period in the previous year, the firm earned $0.30 earnings per share. Steelcase’s quarterly revenue was up 2.2% on a year-over-year basis. Equities analysts expect 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 will be paid on Monday, January 13th. Investors of record on Monday, December 30th will be issued a dividend of $0.10 per share. This represents a $0.40 annualized dividend and a dividend yield of 3.41%. The ex-dividend date is Monday, December 30th. Steelcase’s dividend payout ratio is currently 37.74%.

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.