Steelcase Inc. (NYSE:SCS) Shares Sold by Los Angeles Capital Management LLC

Los Angeles Capital Management LLC cut its holdings in shares of Steelcase Inc. (NYSE:SCS) by 9.8% in the 3rd quarter, Holdings Channel reports. The fund owned 104,069 shares of the business services provider’s stock after selling 11,370 shares during the period. Los Angeles Capital Management LLC’s holdings in Steelcase were worth $1,404,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also modified their holdings of SCS. Vanguard Group Inc. boosted its stake in shares of Steelcase by 4.0% during 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 buying an additional 387,861 shares during the last quarter. Victory Capital Management Inc. boosted its stake in Steelcase by 129.9% during the 2nd quarter. Victory Capital Management Inc. now owns 522,956 shares of the business services provider’s stock valued at $6,778,000 after acquiring an additional 295,482 shares during the last quarter. American Century Companies Inc. grew its holdings in Steelcase by 13.5% during the 2nd quarter. American Century Companies Inc. now owns 2,450,799 shares of the business services provider’s stock worth $31,762,000 after acquiring an additional 291,070 shares in the last quarter. Jupiter Asset Management Ltd. increased its position 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 worth $4,419,000 after purchasing an additional 266,070 shares during the last quarter. Finally, Dimensional Fund Advisors LP raised its stake in shares of Steelcase by 4.2% in the 2nd quarter. Dimensional Fund Advisors LP now owns 5,297,183 shares of the business services provider’s stock valued at $68,652,000 after purchasing an additional 215,729 shares in the last quarter. 92.42% of the stock is owned by hedge funds and other institutional investors.

Insider Activity at Steelcase

In other Steelcase news, VP Robert G. Krestakos sold 4,000 shares of the firm’s stock in a transaction that occurred on Tuesday, October 15th. The shares were sold at an average price of $13.11, for a total value of $52,440.00. Following the sale, the vice president now owns 119,481 shares in the company, valued at approximately $1,566,395.91. This trade represents a 3.24 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Insiders own 12.96% of the company’s stock.

Steelcase Stock Performance

Steelcase stock opened at $13.27 on Friday. The company has a debt-to-equity ratio of 0.48, a current ratio of 1.62 and a quick ratio of 1.23. Steelcase Inc. has a 12 month low of $11.50 and a 12 month high of $14.74. The company has a fifty day moving average price of $13.02 and a two-hundred day moving average price of $13.12. The company has a market cap of $1.51 billion, a PE ratio of 12.51, a P/E/G ratio of 1.36 and a beta of 1.34.

Steelcase (NYSE:SCS) last announced 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 business had revenue of $855.80 million during the quarter, compared to the consensus estimate of $864.17 million. During the same quarter in the prior year, the firm earned $0.31 EPS. The company’s revenue for the quarter was up .1% compared to the same quarter last year. Research analysts expect that Steelcase Inc. will post 1 earnings per share for the current year.

Steelcase Dividend Announcement

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

Analysts Set New Price Targets

Separately, Noble Financial assumed coverage on Steelcase in a report on Wednesday, October 9th. They issued an “outperform” rating and a $16.00 price objective for the company.

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.