Steelcase Inc. (NYSE:SCS) Shares Sold by AQR Capital Management LLC

AQR Capital Management LLC lessened its holdings in Steelcase Inc. (NYSE:SCS) by 8.6% in the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 895,483 shares of the business services provider’s stock after selling 84,104 shares during the quarter. AQR Capital Management LLC owned approximately 0.78% of Steelcase worth $11,605,000 at the end of the most recent quarter.

Other institutional investors have also recently added to or reduced their stakes in the company. Jupiter Asset Management Ltd. boosted its holdings in shares of Steelcase by 370.7% in the 1st quarter. Jupiter Asset Management Ltd. now owns 337,839 shares of the business services provider’s stock valued at $4,419,000 after buying an additional 266,070 shares during the period. O Shaughnessy Asset Management LLC boosted its stake in Steelcase by 177.4% in the first quarter. O Shaughnessy Asset Management LLC now owns 234,202 shares of the business services provider’s stock valued at $3,063,000 after acquiring an additional 149,776 shares during the period. Caxton Associates LP grew its holdings in shares of Steelcase by 273.3% during the first quarter. Caxton Associates LP now owns 74,266 shares of the business services provider’s stock valued at $971,000 after purchasing an additional 54,369 shares during the last quarter. Vanguard Group Inc. raised its position in shares of Steelcase by 4.0% during the 1st quarter. Vanguard Group Inc. now owns 10,153,754 shares of the business services provider’s stock worth $132,811,000 after purchasing an additional 387,861 shares during the period. Finally, Kingsview Wealth Management LLC bought a new stake in shares of Steelcase in the 1st quarter worth approximately $2,427,000. Institutional investors own 92.42% of the company’s stock.

Steelcase Trading Down 2.1 %

Shares of NYSE:SCS opened at $13.20 on Wednesday. The company has a quick ratio of 1.15, a current ratio of 1.62 and a debt-to-equity ratio of 0.48. The company’s 50-day moving average price is $13.44 and its 200 day moving average price is $13.05. The company has a market cap of $1.50 billion, a PE ratio of 17.37, a P/E/G ratio of 1.30 and a beta of 1.33. Steelcase Inc. has a fifty-two week low of $10.29 and a fifty-two week high of $14.74.

Steelcase (NYSE:SCS) last released its quarterly earnings results on Wednesday, September 18th. The business services provider reported $0.39 earnings per share for the quarter, beating analysts’ consensus estimates of $0.37 by $0.02. The company had revenue of $855.80 million for the quarter, compared to analysts’ expectations of $864.17 million. Steelcase had a return on equity of 14.41% and a net margin of 4.02%. The business’s revenue for the quarter was up .1% compared to the same quarter last year. During the same quarter in the previous year, the company posted $0.31 earnings per share. Sell-side analysts anticipate that Steelcase Inc. will post 1.02 earnings per share for the current year.

Steelcase Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, October 15th. Shareholders of record on Monday, September 30th will be given a dividend of $0.10 per share. The ex-dividend date of this dividend is Monday, September 30th. This represents a $0.40 dividend on an annualized basis and a yield of 3.03%. Steelcase’s dividend payout ratio (DPR) is presently 52.63%.

Insider Transactions at Steelcase

In related news, CFO David C. Sylvester sold 73,184 shares of the company’s stock in a transaction dated Wednesday, July 24th. The shares were sold at an average price of $13.84, for a total value of $1,012,866.56. Following the completion of the sale, the chief financial officer now owns 551,592 shares of the company’s stock, valued at $7,634,033.28. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. In related news, SVP Allan W. Smith, Jr. sold 70,444 shares of Steelcase stock in a transaction dated Monday, July 22nd. The stock was sold at an average price of $13.84, for a total transaction of $974,944.96. Following the transaction, the senior vice president now directly owns 184,743 shares of the company’s stock, valued at $2,556,843.12. The transaction was disclosed in a filing with the SEC, which is available through this hyperlink. Also, CFO David C. Sylvester sold 73,184 shares of the company’s stock in a transaction dated 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 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 disclosure for this sale can be found here. Over the last quarter, insiders sold 160,877 shares of company stock valued at $2,228,248. 12.96% of the stock is currently owned by corporate insiders.

Wall Street Analyst Weigh In

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

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.