Millennium Management LLC Has $3.92 Million Position in Steelcase Inc. (NYSE:SCS)

Millennium Management LLC cut its stake in shares of Steelcase Inc. (NYSE:SCS) by 42.0% during the second quarter, according to its most recent disclosure with the SEC. The institutional investor owned 302,394 shares of the business services provider’s stock after selling 219,094 shares during the period. Millennium Management LLC owned about 0.26% of Steelcase worth $3,919,000 at the end of the most recent reporting period.

Several other large investors have also recently added to or reduced their stakes in SCS. DekaBank Deutsche Girozentrale lifted its holdings in shares of Steelcase by 8.1% during the 2nd quarter. DekaBank Deutsche Girozentrale now owns 12,017 shares of the business services provider’s stock valued at $153,000 after buying an additional 897 shares during the last quarter. Alhambra Investment Management LLC lifted its stake in Steelcase by 5.5% in the second quarter. Alhambra Investment Management LLC now owns 24,226 shares of the business services provider’s stock valued at $314,000 after acquiring an additional 1,257 shares during the last quarter. ProShare Advisors LLC grew its position in Steelcase by 8.5% in the first quarter. ProShare Advisors LLC now owns 16,656 shares of the business services provider’s stock worth $218,000 after acquiring an additional 1,311 shares in the last quarter. Diversified Trust Co increased its stake in shares of Steelcase by 7.2% during the 2nd quarter. Diversified Trust Co now owns 29,078 shares of the business services provider’s stock worth $377,000 after purchasing an additional 1,957 shares during the last quarter. Finally, First Hawaiian Bank raised its holdings in shares of Steelcase by 2.8% during the 1st quarter. First Hawaiian Bank now owns 76,004 shares of the business services provider’s stock valued at $994,000 after purchasing an additional 2,082 shares in the last quarter. Institutional investors and hedge funds own 92.42% of the company’s stock.

Steelcase Trading Up 2.5 %

Steelcase stock opened at $12.91 on Monday. Steelcase Inc. has a 52 week low of $10.29 and a 52 week 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. The firm has a market capitalization of $1.47 billion, a PE ratio of 12.18, a PEG ratio of 1.24 and a beta of 1.32. The business’s 50-day simple moving average is $13.25 and its 200-day simple moving average is $13.07.

Steelcase (NYSE:SCS) last issued its quarterly earnings results on Wednesday, September 18th. The business services provider reported $0.39 EPS for the quarter, topping the consensus estimate of $0.37 by $0.02. The company had revenue of $855.80 million for the quarter, compared to the consensus estimate of $864.17 million. Steelcase had a return on equity of 14.41% and a net margin of 4.02%. The company’s revenue for the quarter was up .1% on a year-over-year basis. During the same period in the previous year, the business posted $0.31 EPS. Equities research analysts forecast that Steelcase Inc. will post 1.02 earnings per share for the current year.

Steelcase Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, October 15th. Stockholders of record on Monday, September 30th will be issued a dividend of $0.10 per share. This represents a $0.40 dividend on an annualized basis and a dividend yield of 3.10%. The ex-dividend date of this dividend is Monday, September 30th. Steelcase’s payout ratio is 37.74%.

Analyst Upgrades and Downgrades

SCS has been the subject of a number of recent research reports. Noble Financial started coverage on shares of Steelcase in a report on Wednesday, October 9th. They issued an “outperform” rating and a $16.00 price objective for the company. Benchmark upped 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

In related news, CAO Nicole Cherie Mcgrath sold 15,749 shares of the stock in a transaction dated Tuesday, July 23rd. The shares were sold at an average price of $13.94, for a total value of $219,541.06. Following the completion of the transaction, the chief accounting officer now owns 18,453 shares of the company’s stock, valued at $257,234.82. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. In other Steelcase news, SVP Allan W. Smith, Jr. sold 70,444 shares of Steelcase stock in a transaction on Monday, July 22nd. The stock was sold at an average price of $13.84, for a total transaction of $974,944.96. Following the completion of the transaction, the senior vice president now directly owns 184,743 shares of the company’s stock, valued at approximately $2,556,843.12. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, CAO Nicole Cherie Mcgrath sold 15,749 shares of the company’s stock in a transaction dated Tuesday, July 23rd. The stock was sold at an average price of $13.94, for a total transaction of $219,541.06. Following the completion of the sale, the chief accounting officer now directly owns 18,453 shares in the company, valued at approximately $257,234.82. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders have sold 160,877 shares of company stock worth $2,228,248. Corporate 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.