Skandinaviska Enskilda Banken AB publ Sells 83,629 Shares of Steelcase Inc. (NYSE:SCS)

Skandinaviska Enskilda Banken AB publ lowered its position in Steelcase Inc. (NYSE:SCS) by 43.0% in the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm owned 110,659 shares of the business services provider’s stock after selling 83,629 shares during the quarter. Skandinaviska Enskilda Banken AB publ owned 0.10% of Steelcase worth $1,434,000 as of its most recent SEC filing.

A number of other hedge funds also recently modified their holdings of SCS. Victory Capital Management Inc. bought a new position in shares of Steelcase during the 4th quarter worth approximately $153,000. Dimensional Fund Advisors LP lifted its position in shares of Steelcase by 8.0% during the 4th quarter. Dimensional Fund Advisors LP now owns 4,752,105 shares of the business services provider’s stock worth $64,249,000 after buying an additional 352,078 shares during the period. Norges Bank bought a new position in shares of Steelcase during the 4th quarter worth approximately $8,215,000. Quest Partners LLC bought a new position in shares of Steelcase during the 4th quarter worth approximately $71,000. Finally, Allianz Asset Management GmbH lifted its position in shares of Steelcase by 46.5% during the 4th quarter. Allianz Asset Management GmbH now owns 206,890 shares of the business services provider’s stock worth $2,797,000 after buying an additional 65,636 shares during the period. Institutional investors own 92.42% of the company’s stock.

Analyst Upgrades and Downgrades

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

Insider Activity

In related news, CFO David C. Sylvester sold 73,184 shares of Steelcase stock in a transaction on Wednesday, July 24th. The stock was sold at an average price of $13.84, for a total transaction of $1,012,866.56. Following the completion of the sale, the chief financial officer now directly owns 551,592 shares of the company’s stock, valued at $7,634,033.28. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. In other Steelcase news, CFO David C. Sylvester sold 73,184 shares of Steelcase stock in a transaction dated Wednesday, July 24th. The stock was 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 directly owns 551,592 shares in the company, valued at $7,634,033.28. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, CAO Nicole Cherie Mcgrath sold 15,749 shares of Steelcase stock in a transaction dated Tuesday, July 23rd. The stock was sold at an average price of $13.94, for a total value of $219,541.06. Following the transaction, the chief accounting officer now owns 18,453 shares in the company, valued at $257,234.82. The disclosure for this sale can be found here. In the last ninety days, insiders sold 160,877 shares of company stock valued at $2,228,248. Company insiders own 12.96% of the company’s stock.

Steelcase Trading Up 0.7 %

Shares of SCS opened at $13.01 on Tuesday. The stock has a fifty day moving average price of $13.51 and a two-hundred day moving average price of $13.04. The company has a debt-to-equity ratio of 0.51, a quick ratio of 1.15 and a current ratio of 1.61. Steelcase Inc. has a 52-week low of $10.29 and a 52-week high of $14.74. The company has a market cap of $1.48 billion, a price-to-earnings ratio of 17.12, a PEG ratio of 1.39 and a beta of 1.33.

Steelcase (NYSE:SCS) last issued its quarterly earnings data on Wednesday, September 18th. The business services provider reported $0.39 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.37 by $0.02. Steelcase had a return on equity of 13.66% and a net margin of 2.89%. The firm had revenue of $855.80 million during the quarter, compared to the consensus estimate of $864.17 million. During the same quarter in the previous year, the company posted $0.31 EPS. The business’s revenue for the quarter was up .1% compared to the same quarter last year. Analysts predict that Steelcase Inc. will post 1 EPS for the current fiscal year.

Steelcase Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Tuesday, October 15th. Stockholders of record on Monday, September 30th will be paid a $0.10 dividend. The ex-dividend date is Monday, September 30th. This represents a $0.40 annualized dividend and a dividend yield of 3.07%. Steelcase’s dividend payout ratio (DPR) is currently 52.63%.

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.