Steelcase Inc. (NYSE:SCS) Shares Sold by Quest Partners LLC

Quest Partners LLC reduced its position in shares of Steelcase Inc. (NYSE:SCS) by 83.7% in the second quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 6,061 shares of the business services provider’s stock after selling 31,087 shares during the quarter. Quest Partners LLC’s holdings in Steelcase were worth $79,000 as of its most recent SEC filing.

Several other hedge funds also recently modified their holdings of SCS. Victory Capital Management Inc. grew its stake in shares of Steelcase by 129.9% in the 2nd quarter. Victory Capital Management Inc. now owns 522,956 shares of the business services provider’s stock worth $6,778,000 after purchasing an additional 295,482 shares during the last quarter. Cooke & Bieler LP grew its position in Steelcase by 4.9% in the second quarter. Cooke & Bieler LP now owns 4,002,442 shares of the business services provider’s stock worth $51,872,000 after buying an additional 186,596 shares during the last quarter. Cannon Global Investment Management LLC acquired a new position in Steelcase in the second quarter worth approximately $259,000. Pzena Investment Management LLC increased its holdings in shares of 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 valued at $91,921,000 after buying an additional 33,024 shares in the last quarter. Finally, Rhumbline Advisers lifted its position in shares of Steelcase by 2.3% during the 2nd quarter. Rhumbline Advisers now owns 169,562 shares of the business services provider’s stock valued at $2,198,000 after acquiring an additional 3,734 shares during the last quarter. 92.42% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

Separately, Benchmark boosted their price objective on Steelcase from $17.00 to $18.00 and gave the stock a “buy” rating in a report on Friday, June 21st.

Insider Transactions at Steelcase

In other news, VP Donna K. Flynn sold 13,310 shares of the firm’s stock in a transaction dated Monday, June 24th. The stock was sold at an average price of $13.72, for a total value of $182,613.20. Following the sale, the vice president now directly owns 78,733 shares of the company’s stock, valued at $1,080,216.76. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. In related news, VP Donna K. Flynn sold 13,310 shares of the business’s stock in a transaction on Monday, June 24th. The shares were sold at an average price of $13.72, for a total transaction of $182,613.20. Following the transaction, the vice president now owns 78,733 shares of the company’s stock, valued at $1,080,216.76. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CFO David C. Sylvester sold 73,184 shares of the company’s stock in a transaction on Wednesday, July 24th. The shares were sold at an average price of $13.84, for a total transaction of $1,012,866.56. Following the transaction, the chief financial officer now owns 551,592 shares of the company’s stock, valued at $7,634,033.28. The disclosure for this sale can be found here. Over the last three months, insiders sold 174,187 shares of company stock worth $2,410,861. 12.96% of the stock is owned by insiders.

Steelcase Stock Up 0.4 %

Shares of Steelcase stock opened at $14.01 on Wednesday. The firm has a market cap of $1.60 billion, a price-to-earnings ratio of 18.43, a P/E/G ratio of 1.34 and a beta of 1.33. The stock has a 50-day simple moving average of $13.48 and a 200-day simple moving average of $13.02. Steelcase Inc. has a 52-week low of $8.66 and a 52-week high of $14.74. The company has a debt-to-equity ratio of 0.51, a current ratio of 1.61 and a quick ratio of 1.15.

Steelcase (NYSE:SCS) last issued its quarterly earnings data on Thursday, June 20th. The business services provider reported $0.16 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.10 by $0.06. Steelcase had a net margin of 2.89% and a return on equity of 13.66%. The firm had revenue of $727.30 million during the quarter, compared to analysts’ expectations of $729.05 million. During the same period in the prior year, the company posted $0.09 earnings per share. Steelcase’s revenue for the quarter was down 3.3% on a year-over-year basis. On average, equities research 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, July 15th. Stockholders of record on Wednesday, July 3rd were given a $0.10 dividend. This represents a $0.40 dividend on an annualized basis and a dividend yield of 2.86%. The ex-dividend date of this dividend was Wednesday, July 3rd. Steelcase’s dividend payout ratio is 52.63%.

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.