Steelcase Inc. (NYSE:SCS) Shares Sold by Versor Investments LP

Versor Investments LP lowered its stake in shares of Steelcase Inc. (NYSE:SCS) by 33.1% in the second quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 49,008 shares of the business services provider’s stock after selling 24,200 shares during the period. Versor Investments LP’s holdings in Steelcase were worth $635,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds have also recently modified their holdings of SCS. Zurcher Kantonalbank Zurich Cantonalbank increased its stake in Steelcase by 69.6% during the 4th quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 19,300 shares of the business services provider’s stock worth $261,000 after buying an additional 7,922 shares in the last quarter. New York State Common Retirement Fund increased its position in shares of Steelcase by 12.1% during the fourth quarter. New York State Common Retirement Fund now owns 37,619 shares of the business services provider’s stock worth $509,000 after purchasing an additional 4,075 shares in the last quarter. Russell Investments Group Ltd. raised its stake in Steelcase by 76.4% in the 4th quarter. Russell Investments Group Ltd. now owns 147,425 shares of the business services provider’s stock valued at $1,994,000 after purchasing an additional 63,834 shares during the last quarter. Victory Capital Management Inc. acquired a new position in Steelcase in the 4th quarter valued at $153,000. Finally, Teacher Retirement System of Texas lifted its holdings in Steelcase by 14.6% in the 4th quarter. Teacher Retirement System of Texas now owns 148,974 shares of the business services provider’s stock valued at $2,014,000 after purchasing an additional 18,972 shares in the last quarter. Institutional investors and hedge funds own 92.42% of the company’s stock.

Steelcase Trading Down 1.6 %

SCS opened at $13.92 on Wednesday. The firm has a market capitalization of $1.59 billion, a price-to-earnings ratio of 18.32, a price-to-earnings-growth ratio of 1.41 and a beta of 1.33. The company’s 50 day simple moving average is $13.38 and its two-hundred day simple moving average is $12.99. Steelcase Inc. has a 1-year low of $8.39 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.

Steelcase (NYSE:SCS) last announced its quarterly earnings data on Thursday, June 20th. The business services provider reported $0.16 EPS for the quarter, topping analysts’ consensus estimates 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 firm’s revenue was down 3.3% compared to the same quarter last year. During the same quarter last year, the business posted $0.09 earnings per share. Analysts expect that Steelcase Inc. will post 1 EPS for the current fiscal year.

Steelcase Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Monday, July 15th. Investors of record on Wednesday, July 3rd were issued a $0.10 dividend. This represents a $0.40 dividend on an annualized basis and a dividend yield of 2.87%. The ex-dividend date was Wednesday, July 3rd. Steelcase’s dividend payout ratio is currently 52.63%.

Analyst Ratings Changes

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

Insider Buying and Selling

In other Steelcase news, CFO David C. Sylvester sold 73,184 shares of Steelcase stock in a transaction dated Wednesday, July 24th. The shares were sold at an average price of $13.84, for a total transaction of $1,012,866.56. Following the transaction, the chief financial officer now directly owns 551,592 shares of the company’s stock, valued at $7,634,033.28. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. In other Steelcase news, VP Donna K. Flynn sold 13,310 shares of the firm’s stock in a transaction on Monday, June 24th. The stock was sold at an average price of $13.72, for a total transaction of $182,613.20. Following the completion of the sale, the vice president now owns 78,733 shares of the company’s stock, valued at $1,080,216.76. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, CFO David C. Sylvester sold 73,184 shares of Steelcase stock in a transaction on Wednesday, July 24th. The shares were sold at an average price of $13.84, for a total value of $1,012,866.56. Following the completion of the sale, the chief financial officer now owns 551,592 shares in the company, valued at approximately $7,634,033.28. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 174,187 shares of company stock worth $2,410,861. Insiders own 12.96% of the company’s stock.

About Steelcase

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.