Avantax Advisory Services Inc. Trims Position in Steelcase Inc. (NYSE:SCS)

Avantax Advisory Services Inc. trimmed its holdings in Steelcase Inc. (NYSE:SCS) by 25.6% in the fourth quarter, according to its most recent disclosure with the SEC. The fund owned 66,426 shares of the business services provider’s stock after selling 22,857 shares during the period. Avantax Advisory Services Inc. owned 0.06% of Steelcase worth $785,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also made changes to their positions in the business. Diversified Trust Co raised its holdings in shares of Steelcase by 2.9% in the fourth quarter. Diversified Trust Co now owns 31,801 shares of the business services provider’s stock valued at $376,000 after buying an additional 886 shares during the last quarter. Rhumbline Advisers raised its holdings in shares of Steelcase by 0.6% in the fourth quarter. Rhumbline Advisers now owns 155,013 shares of the business services provider’s stock valued at $1,832,000 after buying an additional 932 shares during the last quarter. Franklin Resources Inc. raised its holdings in shares of Steelcase by 2.9% in the third quarter. Franklin Resources Inc. now owns 99,574 shares of the business services provider’s stock valued at $1,292,000 after buying an additional 2,791 shares during the last quarter. R Squared Ltd purchased a new position in Steelcase during the fourth quarter worth about $36,000. Finally, Handelsbanken Fonder AB raised its holdings in Steelcase by 33.3% during the fourth quarter. Handelsbanken Fonder AB now owns 26,418 shares of the business services provider’s stock worth $312,000 after purchasing an additional 6,600 shares in the last quarter. 92.42% of the stock is owned by hedge funds and other institutional investors.

Insider Buying and Selling

In related news, VP Robert G. Krestakos sold 5,000 shares of the stock in a transaction dated Wednesday, January 22nd. The shares were sold at an average price of $11.74, for a total transaction of $58,700.00. Following the completion of the transaction, the vice president now directly owns 114,481 shares of the company’s stock, valued at $1,344,006.94. This represents a 4.18 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this link. 12.96% of the stock is currently owned by corporate insiders.

Steelcase Trading Down 0.7 %

NYSE SCS opened at $10.99 on Friday. The stock has a market capitalization of $1.25 billion, a P/E ratio of 11.44, a P/E/G ratio of 1.25 and a beta of 1.33. Steelcase Inc. has a 52-week low of $10.78 and a 52-week high of $14.74. The firm has a 50-day moving average price of $11.66 and a 200 day moving average price of $12.47. The company has a quick ratio of 1.21, a current ratio of 1.57 and a debt-to-equity ratio of 0.48.

Steelcase (NYSE:SCS) last posted its quarterly earnings results on Wednesday, December 18th. The business services provider reported $0.30 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.23 by $0.07. The firm had revenue of $794.90 million during the quarter, compared to analysts’ expectations of $796.58 million. Steelcase had a net margin of 3.63% and a return on equity of 14.20%. The firm’s revenue for the quarter was up 2.2% on a year-over-year basis. During the same period in the prior year, the company posted $0.30 earnings per share. Equities research analysts expect that Steelcase Inc. will post 1 EPS for the current year.

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.