Steelcase Inc. (NYSE:SCS) Shares Sold by Corebridge Financial Inc.

Corebridge Financial Inc. lowered its stake in shares of Steelcase Inc. (NYSE:SCS) by 7.0% in the fourth quarter, according to its most recent 13F filing with the SEC. The firm owned 46,018 shares of the business services provider’s stock after selling 3,473 shares during the period. Corebridge Financial Inc.’s holdings in Steelcase were worth $544,000 at the end of the most recent reporting period.

Several other institutional investors have also recently added to or reduced their stakes in SCS. R Squared Ltd purchased a new position in shares of Steelcase during the fourth quarter worth $36,000. Olympiad Research LP purchased a new stake in shares of Steelcase in the 4th quarter valued at $134,000. Aigen Investment Management LP acquired a new position in Steelcase during the 4th quarter worth about $155,000. Centiva Capital LP purchased a new position in Steelcase during the 3rd quarter valued at about $181,000. Finally, LPL Financial LLC acquired a new position in Steelcase in the 4th quarter valued at about $191,000. Institutional investors and hedge funds own 92.42% of the company’s stock.

Wall Street Analyst Weigh In

Separately, Sidoti raised shares of Steelcase to a “hold” rating in a research report on Friday, March 28th.

Steelcase Stock Performance

NYSE:SCS opened at $10.20 on Tuesday. Steelcase Inc. has a 52 week low of $9.96 and a 52 week high of $14.74. The company has a fifty day simple moving average of $11.51 and a two-hundred day simple moving average of $12.21. The company has a quick ratio of 1.21, a current ratio of 1.57 and a debt-to-equity ratio of 0.48. The company has a market cap of $1.16 billion, a price-to-earnings ratio of 10.62, a price-to-earnings-growth ratio of 1.25 and a beta of 1.12.

Steelcase (NYSE:SCS) last released its earnings results on Wednesday, March 26th. The business services provider reported $0.26 EPS for the quarter, topping the consensus estimate of $0.20 by $0.06. The firm had revenue of $788.00 million during the quarter, compared to analysts’ expectations of $790.90 million. Steelcase had a return on equity of 14.20% and a net margin of 3.63%. Steelcase’s revenue for the quarter was up 1.7% on a year-over-year basis. During the same period in the previous year, the firm posted $0.23 EPS. As a group, equities analysts anticipate that Steelcase Inc. will post 1 earnings per share for the current fiscal year.

Steelcase Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Monday, April 21st. Investors of record on Monday, April 7th will be issued a $0.10 dividend. The ex-dividend date is Monday, April 7th. This represents a $0.40 annualized dividend and a yield of 3.92%. Steelcase’s dividend payout ratio (DPR) is 39.60%.

Insider Buying and Selling

In other news, VP Robert G. Krestakos sold 5,000 shares of the firm’s stock in a transaction on Wednesday, January 22nd. The shares were sold at an average price of $11.74, for a total value of $58,700.00. Following the sale, the vice president now directly owns 114,481 shares in the company, valued at approximately $1,344,006.94. This trade represents a 4.18 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. 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.