Skandinaviska Enskilda Banken AB publ Has $1.43 Million Stake in Steelcase Inc. (NYSE:SCS)

Skandinaviska Enskilda Banken AB publ decreased its position in Steelcase Inc. (NYSE:SCS) by 43.0% during the 2nd quarter, Holdings Channel.com reports. The firm owned 110,659 shares of the business services provider’s stock after selling 83,629 shares during the period. Skandinaviska Enskilda Banken AB publ’s holdings in Steelcase were worth $1,434,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors and hedge funds also recently made changes to their positions in SCS. FinTrust Capital Advisors LLC acquired a new position in shares of Steelcase in the fourth quarter valued at approximately $44,000. Quest Partners LLC acquired a new position in shares of Steelcase in the fourth quarter valued at approximately $71,000. Innealta Capital LLC acquired a new position in shares of Steelcase in the second quarter valued at approximately $93,000. SpiderRock Advisors LLC acquired a new position in shares of Steelcase in the first quarter valued at approximately $135,000. Finally, DekaBank Deutsche Girozentrale acquired a new position in shares of Steelcase in the first quarter valued at approximately $141,000. Institutional investors and hedge funds own 92.42% of the company’s stock.

Insiders Place Their Bets

In other Steelcase news, CFO David C. Sylvester sold 73,184 shares of the company’s 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 in the company, valued at $7,634,033.28. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In other Steelcase news, CFO David C. Sylvester sold 73,184 shares of the company’s 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 in the company, valued at $7,634,033.28. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CAO Nicole Cherie Mcgrath sold 15,749 shares of the company’s stock in a transaction on Tuesday, July 23rd. The stock was sold at an average price of $13.94, for a total value of $219,541.06. Following the sale, the chief accounting officer now owns 18,453 shares of the company’s stock, valued at $257,234.82. The disclosure for this sale can be found here. Insiders sold 160,877 shares of company stock worth $2,228,248 over the last three months. Insiders own 12.96% of the company’s stock.

Wall Street Analysts Forecast Growth

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

Steelcase Trading Up 0.7 %

Shares of NYSE:SCS opened at $13.01 on Tuesday. The company has a market capitalization of $1.48 billion, a P/E ratio of 17.12, a P/E/G ratio of 1.39 and a beta of 1.33. Steelcase Inc. has a 1 year low of $10.29 and a 1 year 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. The business’s 50 day simple moving average is $13.51 and its 200 day simple moving average is $13.04.

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

Steelcase Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, October 15th. Shareholders of record on Monday, September 30th will be paid a dividend of $0.10 per share. This represents a $0.40 annualized dividend and a yield of 3.07%. The ex-dividend date is Monday, September 30th. Steelcase’s payout ratio is presently 52.63%.

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.