The Manufacturers Life Insurance Company Cuts Stake in Steelcase Inc. (NYSE:SCS)

The Manufacturers Life Insurance Company lessened its stake in shares of Steelcase Inc. (NYSE:SCS) by 1.7% during the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 47,464 shares of the business services provider’s stock after selling 828 shares during the quarter. The Manufacturers Life Insurance Company’s holdings in Steelcase were worth $640,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds also recently modified their holdings of the stock. Innealta Capital LLC acquired a new stake in Steelcase during the 2nd quarter valued at $93,000. DekaBank Deutsche Girozentrale boosted its position in Steelcase by 8.1% in 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. Creative Planning grew its stake in shares of Steelcase by 8.7% during the third quarter. Creative Planning now owns 13,470 shares of the business services provider’s stock valued at $182,000 after acquiring an additional 1,075 shares in the last quarter. Cannon Global Investment Management LLC purchased a new stake in shares of Steelcase during the second quarter worth about $259,000. Finally, Hennion & Walsh Asset Management Inc. lifted its stake in shares of Steelcase by 45.5% in the second quarter. Hennion & Walsh Asset Management Inc. now owns 22,350 shares of the business services provider’s stock worth $290,000 after acquiring an additional 6,984 shares in the last quarter. Hedge funds and other institutional investors own 92.42% of the company’s stock.

Steelcase Stock Up 0.5 %

Shares of NYSE:SCS opened at $13.00 on Friday. The firm has a market cap of $1.48 billion, a PE ratio of 12.26, a price-to-earnings-growth ratio of 1.31 and a beta of 1.35. The company has a fifty day simple moving average of $13.03 and a 200 day simple moving average of $13.17. The company has a current ratio of 1.62, a quick ratio of 1.23 and a debt-to-equity ratio of 0.48. Steelcase Inc. has a 12-month low of $11.50 and a 12-month high of $14.74.

Steelcase (NYSE:SCS) last released its earnings results on Wednesday, September 18th. The business services provider reported $0.39 earnings per share 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 company had revenue of $855.80 million during the quarter, compared to the consensus estimate of $864.17 million. During the same quarter in the previous year, the firm earned $0.31 EPS. The company’s revenue was up .1% on a year-over-year basis. On average, equities research analysts anticipate that Steelcase Inc. will post 1 EPS for the current fiscal year.

Steelcase Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Tuesday, October 15th. Shareholders of record on Monday, September 30th were issued a dividend of $0.10 per share. This represents a $0.40 dividend on an annualized basis and a yield of 3.08%. The ex-dividend date of this dividend was Monday, September 30th. Steelcase’s dividend payout ratio is presently 37.74%.

Insider Transactions at Steelcase

In related news, VP Robert G. Krestakos sold 4,000 shares of the business’s stock in a transaction dated Tuesday, October 15th. The shares were 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 owns 119,481 shares of the company’s stock, valued at $1,566,395.91. This represents a 3.24 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Insiders own 12.96% of the company’s stock.

Analyst Ratings Changes

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

Steelcase 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.