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

Los Angeles Capital Management LLC cut its position in shares of Steelcase Inc. (NYSE:SCS) by 9.8% in the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 104,069 shares of the business services provider’s stock after selling 11,370 shares during the quarter. Los Angeles Capital Management LLC owned approximately 0.09% of Steelcase worth $1,404,000 at the end of the most recent quarter.

Other institutional investors have also modified their holdings of the company. Innealta Capital LLC purchased a new position in Steelcase during the second quarter worth about $93,000. DekaBank Deutsche Girozentrale acquired a new stake in shares of Steelcase in the first quarter worth approximately $141,000. Allspring Global Investments Holdings LLC grew its holdings in Steelcase by 34,941.7% in the first quarter. Allspring Global Investments Holdings LLC now owns 12,615 shares of the business services provider’s stock valued at $165,000 after purchasing an additional 12,579 shares during the period. Creative Planning increased its position in Steelcase by 8.7% during the third quarter. Creative Planning now owns 13,470 shares of the business services provider’s stock worth $182,000 after purchasing an additional 1,075 shares during the last quarter. Finally, ProShare Advisors LLC raised its stake in Steelcase by 8.5% during the first quarter. ProShare Advisors LLC now owns 16,656 shares of the business services provider’s stock worth $218,000 after purchasing an additional 1,311 shares during the period. Institutional investors and hedge funds own 92.42% of the company’s stock.

Wall Street Analysts Forecast Growth

Separately, Noble Financial started coverage on Steelcase in a report on Wednesday, October 9th. They set an “outperform” rating and a $16.00 price objective for the company.

Insider Transactions at Steelcase

In related news, VP Robert G. Krestakos sold 4,000 shares of the business’s stock in a transaction that occurred on Tuesday, October 15th. The stock was sold at an average price of $13.11, for a total transaction of $52,440.00. Following the transaction, the vice president now directly owns 119,481 shares of the company’s stock, valued at approximately $1,566,395.91. The trade was a 3.24 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Company insiders own 12.96% of the company’s stock.

Steelcase Stock Down 0.8 %

Shares of NYSE:SCS opened at $13.27 on Friday. The stock has a 50-day simple moving average of $13.02 and a 200-day simple moving average of $13.12. The stock has a market capitalization of $1.51 billion, a P/E ratio of 12.51, a PEG ratio of 1.36 and a beta of 1.34. Steelcase Inc. has a 1 year low of $11.50 and a 1 year high of $14.74. The company has a debt-to-equity ratio of 0.48, a quick ratio of 1.23 and a current ratio of 1.62.

Steelcase (NYSE:SCS) last released its quarterly earnings data on Wednesday, September 18th. The business services provider reported $0.39 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.37 by $0.02. Steelcase had a net margin of 4.02% and a return on equity of 14.41%. The company had revenue of $855.80 million during the quarter, compared to the consensus estimate of $864.17 million. During the same period in the previous year, the firm earned $0.31 earnings per share. Steelcase’s revenue for the quarter was up .1% on a year-over-year basis. Equities analysts forecast that Steelcase Inc. will post 1 earnings per share for the current year.

Steelcase Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Tuesday, October 15th. Shareholders of record on Monday, September 30th were paid a dividend of $0.10 per share. This represents a $0.40 dividend on an annualized basis and a dividend yield of 3.02%. The ex-dividend date was Monday, September 30th. Steelcase’s dividend payout ratio is presently 37.74%.

Steelcase 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.