Mackay Shields LLC lessened its stake in shares of Steelcase Inc. (NYSE:SCS) by 4.3% in the third quarter, according to the company in its most recent filing with the SEC. The fund owned 240,828 shares of the business services provider’s stock after selling 10,800 shares during the quarter. Mackay Shields LLC owned about 0.21% of Steelcase worth $4,431,000 as of its most recent SEC filing.
Several other hedge funds and other institutional investors also recently bought and sold shares of the company. NEXT Financial Group Inc lifted its stake in shares of Steelcase by 22.2% during the 2nd quarter. NEXT Financial Group Inc now owns 4,400 shares of the business services provider’s stock worth $75,000 after buying an additional 800 shares during the last quarter. Meeder Asset Management Inc. increased its position in Steelcase by 7.9% during the second quarter. Meeder Asset Management Inc. now owns 14,573 shares of the business services provider’s stock worth $249,000 after acquiring an additional 1,064 shares during the period. Advisor Group Inc. increased its position in Steelcase by 25.3% during the second quarter. Advisor Group Inc. now owns 6,313 shares of the business services provider’s stock worth $108,000 after acquiring an additional 1,276 shares during the period. Bailard Inc. increased its position in Steelcase by 7.7% during the third quarter. Bailard Inc. now owns 20,900 shares of the business services provider’s stock worth $385,000 after acquiring an additional 1,500 shares during the period. Finally, Strs Ohio increased its position in Steelcase by 3.5% during the second quarter. Strs Ohio now owns 55,600 shares of the business services provider’s stock worth $950,000 after acquiring an additional 1,900 shares during the period. Institutional investors own 68.26% of the company’s stock.
NYSE:SCS traded up $0.01 during mid-day trading on Friday, reaching $17.95. 546,353 shares of the company’s stock were exchanged, compared to its average volume of 667,255. Steelcase Inc. has a one year low of $13.96 and a one year high of $19.65. The firm has a market capitalization of $2.10 billion, a PE ratio of 14.96 and a beta of 1.37. The business’s fifty day simple moving average is $18.03 and its two-hundred day simple moving average is $16.96. The company has a debt-to-equity ratio of 0.76, a quick ratio of 1.20 and a current ratio of 1.57.
Steelcase (NYSE:SCS) last released its quarterly earnings results on Friday, September 20th. The business services provider reported $0.50 EPS for the quarter, topping analysts’ consensus estimates of $0.43 by $0.07. Steelcase had a net margin of 3.80% and a return on equity of 18.13%. The business had revenue of $998.00 million for the quarter, compared to analyst estimates of $980.87 million. During the same period last year, the firm earned $0.36 earnings per share. Steelcase’s revenue for the quarter was up 14.0% compared to the same quarter last year. As a group, equities research analysts forecast that Steelcase Inc. will post 1.35 EPS for the current year.
The company also recently announced a quarterly dividend, which was paid on Monday, October 14th. Shareholders of record on Monday, September 30th were issued a $0.145 dividend. This represents a $0.58 annualized dividend and a yield of 3.23%. The ex-dividend date of this dividend was Friday, September 27th. Steelcase’s dividend payout ratio is currently 48.33%.
In other Steelcase news, CFO David C. Sylvester sold 7,500 shares of the firm’s stock in a transaction dated Tuesday, October 22nd. The shares were sold at an average price of $18.23, for a total value of $136,725.00. Following the transaction, the chief financial officer now directly owns 405,316 shares of the company’s stock, valued at approximately $7,388,910.68. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, VP Eddy F. Schmitt sold 25,000 shares of the firm’s stock in a transaction dated Tuesday, September 24th. The shares were sold at an average price of $18.95, for a total transaction of $473,750.00. Following the completion of the transaction, the vice president now directly owns 38,789 shares in the company, valued at $735,051.55. The disclosure for this sale can be found here. Over the last three months, insiders sold 40,300 shares of company stock worth $754,203. Insiders own 17.58% of the company’s stock.
A number of research firms recently commented on SCS. Zacks Investment Research raised shares of Steelcase from a “hold” rating to a “buy” rating and set a $21.00 price target on the stock in a research report on Thursday, September 26th. Raymond James lowered shares of Steelcase from a “strong-buy” rating to a “market perform” rating in a research report on Monday, October 7th. Finally, Seaport Global Securities lowered shares of Steelcase from a “buy” rating to a “neutral” rating in a research report on Wednesday, July 17th.
Steelcase Company Profile
Steelcase Inc manufactures and sells integrated furniture settings, user-centered technologies, and interior architectural products. It operates through Americas, EMEA, and Other Category segments. The company's furniture portfolio includes panel, fence and beam-based furniture systems, storage products, fixed and height-adjustable desks, benches, and tables, as well as complementary products, including worktools.
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