Steelcase Inc. (NYSE:SCS) Shares Sold by New York State Common Retirement Fund

New York State Common Retirement Fund reduced its stake in shares of Steelcase Inc. (NYSE:SCS) by 14.0% in the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 23,382 shares of the business services provider’s stock after selling 3,818 shares during the period. New York State Common Retirement Fund’s holdings in Steelcase were worth $276,000 at the end of the most recent quarter.

A number of other large investors have also recently made changes to their positions in SCS. Fifth Third Bancorp lifted its stake in Steelcase by 7.4% during the 4th quarter. Fifth Third Bancorp now owns 3,579,117 shares of the business services provider’s stock valued at $42,305,000 after acquiring an additional 245,981 shares during the period. State Street Corp raised its holdings in shares of Steelcase by 1.0% during the third quarter. State Street Corp now owns 2,260,310 shares of the business services provider’s stock worth $30,714,000 after purchasing an additional 22,226 shares during the last quarter. Geode Capital Management LLC grew its position in Steelcase by 1.0% during the 3rd quarter. Geode Capital Management LLC now owns 2,180,428 shares of the business services provider’s stock worth $29,420,000 after purchasing an additional 22,507 shares during the period. Empowered Funds LLC boosted its position in Steelcase by 5.1% in the 4th quarter. Empowered Funds LLC now owns 586,354 shares of the business services provider’s stock worth $6,931,000 after purchasing an additional 28,610 shares in the last quarter. Finally, BNP Paribas Financial Markets grew its stake in shares of Steelcase by 322.3% during the 3rd quarter. BNP Paribas Financial Markets now owns 572,269 shares of the business services provider’s stock worth $7,720,000 after purchasing an additional 436,754 shares during the period. 92.42% of the stock is owned by hedge funds and other institutional investors.

Insider Activity at Steelcase

In related news, VP Robert G. Krestakos sold 5,000 shares of Steelcase stock in a transaction that occurred on Wednesday, January 22nd. The stock was sold at an average price of $11.74, for a total transaction of $58,700.00. Following the transaction, the vice president now owns 114,481 shares in the company, valued at approximately $1,344,006.94. This trade represents a 4.18 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through this link. 12.96% of the stock is owned by corporate insiders.

Steelcase Stock Performance

SCS opened at $11.48 on Thursday. The firm has a fifty day moving average price of $11.76 and a 200 day moving average price of $12.66. Steelcase Inc. has a 1 year low of $10.90 and a 1 year high of $14.74. The stock has a market cap of $1.30 billion, a P/E ratio of 11.95, a P/E/G ratio of 1.25 and a beta of 1.35. The company has a debt-to-equity ratio of 0.48, a current ratio of 1.57 and a quick ratio of 1.21.

Steelcase (NYSE:SCS) last released its quarterly earnings data 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 net margin of 3.63% and a return on equity of 14.20%. The company had revenue of $794.90 million during the quarter, compared to analysts’ expectations of $796.58 million. During the same quarter in the previous year, the company earned $0.30 earnings per share. The firm’s revenue for the quarter was up 2.2% on a year-over-year basis. Equities research analysts anticipate that Steelcase Inc. will post 1 earnings per share for the current year.

Steelcase Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Monday, January 13th. Stockholders of record on Monday, December 30th were paid a dividend of $0.10 per share. The ex-dividend date of this dividend was Monday, December 30th. This represents a $0.40 dividend on an annualized basis and a dividend yield of 3.49%. Steelcase’s dividend payout ratio is currently 41.67%.

Steelcase Company 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.