Dark Forest Capital Management LP Sells 1,626 Shares of Steelcase Inc. (NYSE:SCS)

Dark Forest Capital Management LP cut its stake in shares of Steelcase Inc. (NYSE:SCS) by 4.2% in the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 36,717 shares of the business services provider’s stock after selling 1,626 shares during the quarter. Dark Forest Capital Management LP’s holdings in Steelcase were worth $476,000 as of its most recent SEC filing.

Other large investors have also recently modified their holdings of the company. Jupiter Asset Management Ltd. increased its stake in Steelcase by 370.7% during the 1st quarter. Jupiter Asset Management Ltd. now owns 337,839 shares of the business services provider’s stock valued at $4,419,000 after purchasing an additional 266,070 shares in the last quarter. O Shaughnessy Asset Management LLC increased its position in shares of Steelcase by 177.4% during the first quarter. O Shaughnessy Asset Management LLC now owns 234,202 shares of the business services provider’s stock valued at $3,063,000 after acquiring an additional 149,776 shares in the last quarter. Caxton Associates LP raised its holdings in Steelcase by 273.3% in the 1st quarter. Caxton Associates LP now owns 74,266 shares of the business services provider’s stock worth $971,000 after acquiring an additional 54,369 shares during the last quarter. Vanguard Group Inc. lifted its position in Steelcase by 4.0% in the 1st quarter. Vanguard Group Inc. now owns 10,153,754 shares of the business services provider’s stock valued at $132,811,000 after acquiring an additional 387,861 shares in the last quarter. Finally, Kingsview Wealth Management LLC purchased a new stake in Steelcase during the 1st quarter valued at $2,427,000. Hedge funds and other institutional investors own 92.42% of the company’s stock.

Steelcase Price Performance

SCS opened at $13.25 on Friday. The company’s 50-day simple moving average is $13.46 and its two-hundred day simple moving average is $13.04. The company has a debt-to-equity ratio of 0.48, a quick ratio of 1.15 and a current ratio of 1.62. The stock has a market capitalization of $1.51 billion, a P/E ratio of 17.43, a P/E/G ratio of 1.29 and a beta of 1.33. Steelcase Inc. has a 52-week low of $10.29 and a 52-week high of $14.74.

Steelcase (NYSE:SCS) last issued its quarterly earnings data on Wednesday, September 18th. The business services provider reported $0.39 earnings per share for the quarter, beating analysts’ consensus estimates 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 for the quarter, compared to the consensus estimate of $864.17 million. During the same quarter in the prior year, the firm earned $0.31 earnings per share. The firm’s revenue for the quarter was up .1% compared to the same quarter last year. As a group, analysts predict that Steelcase Inc. will post 1.02 EPS for the current year.

Steelcase Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, October 15th. Investors of record on Monday, September 30th will be issued a $0.10 dividend. This represents a $0.40 annualized dividend and a dividend yield of 3.02%. The ex-dividend date is Monday, September 30th. Steelcase’s payout ratio is currently 52.63%.

Analyst Ratings Changes

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

Insider Activity at Steelcase

In other Steelcase news, CFO David C. Sylvester sold 73,184 shares of the firm’s stock in a transaction dated Wednesday, July 24th. The stock was sold at an average price of $13.84, for a total value 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 at the SEC website. In other Steelcase news, CFO David C. Sylvester sold 73,184 shares of the company’s stock in a transaction that occurred on 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 completion of the sale, 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 filing with the SEC, which can be accessed through this link. Also, CAO Nicole Cherie Mcgrath sold 15,749 shares of Steelcase stock in a transaction on Tuesday, July 23rd. The stock was sold at an average price of $13.94, for a total transaction of $219,541.06. Following the transaction, the chief accounting officer now owns 18,453 shares in the company, valued at approximately $257,234.82. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 160,877 shares of company stock worth $2,228,248. 12.96% of the stock is owned by insiders.

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.