Douglas Lane & Associates LLC Lowers Position in Steelcase Inc. (NYSE:SCS)

Douglas Lane & Associates LLC lessened its holdings in Steelcase Inc. (NYSE:SCSFree Report) by 4.3% during the first quarter, according to its most recent disclosure with the SEC. The institutional investor owned 3,555,246 shares of the business services provider’s stock after selling 158,991 shares during the period. Douglas Lane & Associates LLC owned 3.11% of Steelcase worth $46,503,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds also recently made changes to their positions in the business. Vanguard Group Inc. raised its position in shares of Steelcase by 4.9% in the fourth quarter. Vanguard Group Inc. now owns 9,765,893 shares of the business services provider’s stock worth $132,035,000 after buying an additional 452,494 shares in the last quarter. Dimensional Fund Advisors LP raised its position in Steelcase by 8.0% during the fourth quarter. Dimensional Fund Advisors LP now owns 4,752,105 shares of the business services provider’s stock valued at $64,249,000 after purchasing an additional 352,078 shares in the last quarter. Charles Schwab Investment Management Inc. raised its position in Steelcase by 6.7% during the third quarter. Charles Schwab Investment Management Inc. now owns 2,322,643 shares of the business services provider’s stock valued at $25,944,000 after purchasing an additional 145,328 shares in the last quarter. Jacobs Levy Equity Management Inc. raised its position in Steelcase by 24.7% during the third quarter. Jacobs Levy Equity Management Inc. now owns 966,499 shares of the business services provider’s stock valued at $10,796,000 after purchasing an additional 191,361 shares in the last quarter. Finally, Earnest Partners LLC raised its position in Steelcase by 3.3% during the third quarter. Earnest Partners LLC now owns 883,007 shares of the business services provider’s stock valued at $9,863,000 after purchasing an additional 28,294 shares in the last quarter. Hedge funds and other institutional investors own 92.42% of the company’s stock.

Steelcase Trading Up 9.1 %

Shares of SCS traded up $1.11 during trading hours on Friday, hitting $13.29. The company had a trading volume of 1,959,229 shares, compared to its average volume of 624,485. The firm has a market cap of $1.52 billion, a P/E ratio of 17.49, a P/E/G ratio of 1.32 and a beta of 1.35. The stock’s 50 day moving average price is $12.71 and its 200 day moving average price is $12.83. The company has a quick ratio of 1.20, a current ratio of 1.58 and a debt-to-equity ratio of 0.50. Steelcase Inc. has a 52-week low of $7.10 and a 52-week high of $14.54.

Steelcase (NYSE:SCSGet Free Report) last released its quarterly earnings data on Thursday, June 20th. The business services provider reported $0.16 EPS for the quarter, topping the consensus estimate of $0.10 by $0.06. The firm had revenue of $727.30 million for the quarter, compared to the consensus estimate of $729.05 million. Steelcase had a return on equity of 13.66% and a net margin of 2.89%. The company’s quarterly revenue was down 3.3% on a year-over-year basis. During the same quarter in the previous year, the business earned $0.09 earnings per share. On average, research analysts predict that Steelcase Inc. will post 0.92 EPS for the current year.

Steelcase Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Monday, July 15th. Investors of record on Wednesday, July 3rd will be paid a $0.10 dividend. The ex-dividend date is Wednesday, July 3rd. This represents a $0.40 annualized dividend and a dividend yield of 3.01%. Steelcase’s payout ratio is presently 52.63%.

Wall Street Analyst Weigh In

SCS has been the topic of a number of research reports. Benchmark raised their price target on Steelcase from $17.00 to $18.00 and gave the company a “buy” rating in a research report on Friday. StockNews.com upgraded Steelcase from a “buy” rating to a “strong-buy” rating in a research report on Friday, March 29th.

Get Our Latest Analysis on SCS

Insider Buying and Selling

In related news, VP Robert G. Krestakos sold 4,000 shares of the firm’s stock in a transaction dated Monday, March 25th. The stock was sold at an average price of $12.61, for a total value of $50,440.00. Following the sale, the vice president now directly owns 108,081 shares of the company’s stock, valued at $1,362,901.41. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 12.96% of the stock is owned by insiders.

About Steelcase

(Free Report)

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.

Further Reading

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Institutional Ownership by Quarter for Steelcase (NYSE:SCS)

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