Ritholtz Wealth Management Sells 24,287 Shares of Steelcase Inc. (NYSE:SCS)

Ritholtz Wealth Management decreased its stake in shares of Steelcase Inc. (NYSE:SCS) by 35.8% in the 4th quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 43,485 shares of the business services provider’s stock after selling 24,287 shares during the period. Ritholtz Wealth Management’s holdings in Steelcase were worth $514,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also made changes to their positions in SCS. Hotchkis & Wiley Capital Management LLC bought a new position in Steelcase during the 3rd quarter worth about $6,167,000. BNP Paribas Financial Markets boosted its position in shares of Steelcase by 322.3% during the third quarter. BNP Paribas Financial Markets now owns 572,269 shares of the business services provider’s stock worth $7,720,000 after buying an additional 436,754 shares during the period. Dimensional Fund Advisors LP grew its holdings in shares of Steelcase by 4.2% during 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 in the last quarter. Robeco Institutional Asset Management B.V. raised its position in Steelcase by 70.6% in the 3rd quarter. Robeco Institutional Asset Management B.V. now owns 448,530 shares of the business services provider’s stock valued at $6,051,000 after buying an additional 185,630 shares during the last quarter. Finally, Segall Bryant & Hamill LLC bought a new stake in Steelcase in the 3rd quarter valued at approximately $2,273,000. 92.42% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

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

Steelcase Trading Up 1.1 %

Steelcase stock opened at $11.69 on Tuesday. The company has a debt-to-equity ratio of 0.48, a current ratio of 1.57 and a quick ratio of 1.21. The firm has a 50-day moving average of $12.51 and a 200-day moving average of $12.97. The company has a market cap of $1.33 billion, a price-to-earnings ratio of 12.17, a P/E/G ratio of 1.10 and a beta of 1.36. Steelcase Inc. has a one year low of $10.90 and a one year 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 analysts’ consensus estimates of $0.23 by $0.07. Steelcase had a return on equity of 14.20% and a net margin of 3.63%. The firm had revenue of $794.90 million during the quarter, compared to the consensus estimate of $796.58 million. During the same period last year, the company earned $0.30 earnings per share. The business’s revenue was up 2.2% compared to the same quarter last year. On average, equities analysts expect that Steelcase Inc. will post 1 earnings per share for the current fiscal year.

Steelcase Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Monday, January 13th. Shareholders of record on Monday, December 30th were given a dividend of $0.10 per share. This represents a $0.40 annualized dividend and a yield of 3.42%. The ex-dividend date was Monday, December 30th. Steelcase’s dividend payout ratio (DPR) is currently 41.67%.

About Steelcase

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.