Versor Investments LP Cuts Stock Holdings in Steelcase Inc. (NYSE:SCS)

Versor Investments LP lessened its holdings in Steelcase Inc. (NYSE:SCS) by 25.9% during the third quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 36,338 shares of the business services provider’s stock after selling 12,670 shares during the quarter. Versor Investments LP’s holdings in Steelcase were worth $490,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in the business. Jupiter Asset Management Ltd. increased its holdings in shares of Steelcase by 370.7% in 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 lifted its position in shares of Steelcase by 177.4% during the 1st 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 during the period. Caxton Associates LP grew its holdings in shares of 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 period. Vanguard Group Inc. raised its holdings in Steelcase by 4.0% during the first quarter. Vanguard Group Inc. now owns 10,153,754 shares of the business services provider’s stock worth $132,811,000 after purchasing an additional 387,861 shares during the last quarter. Finally, Kingsview Wealth Management LLC purchased a new stake in Steelcase during the first quarter worth $2,427,000. Institutional investors and hedge funds own 92.42% of the company’s stock.

Wall Street Analyst Weigh In

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

Steelcase Stock Down 0.8 %

Shares of NYSE:SCS opened at $13.27 on Friday. The company has a market capitalization of $1.51 billion, a P/E ratio of 12.51, a P/E/G ratio of 1.36 and a beta of 1.34. The stock’s fifty day simple moving average is $13.02 and its 200-day simple moving average is $13.12. Steelcase Inc. has a 52-week low of $11.50 and a 52-week high of $14.74. The company has a quick ratio of 1.23, a current ratio of 1.62 and a debt-to-equity ratio of 0.48.

Steelcase (NYSE:SCS) last released its 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. Steelcase had a net margin of 4.02% and a return on equity of 14.41%. The firm had revenue of $855.80 million during the quarter, compared to analysts’ expectations of $864.17 million. During the same period in the previous year, the company earned $0.31 EPS. Steelcase’s revenue for the quarter was up .1% on a year-over-year basis. As a group, equities research analysts forecast that Steelcase Inc. will post 1 earnings per share for the current fiscal year.

Steelcase Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Tuesday, October 15th. Shareholders of record on Monday, September 30th were issued a $0.10 dividend. This represents a $0.40 annualized dividend and a yield of 3.02%. The ex-dividend date was Monday, September 30th. Steelcase’s dividend payout ratio (DPR) is 37.74%.

Insider Buying and Selling

In other news, VP Robert G. Krestakos sold 4,000 shares of the company’s stock in a transaction 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 completion of the sale, the vice president now directly owns 119,481 shares in the company, valued at $1,566,395.91. This represents a 3.24 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at this link. Corporate insiders own 12.96% of the company’s stock.

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.