Ritholtz Wealth Management Trims Stock Position in Steelcase Inc. (NYSE:SCS)

Ritholtz Wealth Management decreased its stake in shares of Steelcase Inc. (NYSE:SCS) by 1.8% during the third quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 67,772 shares of the business services provider’s stock after selling 1,255 shares during the period. Ritholtz Wealth Management owned approximately 0.06% of Steelcase worth $914,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors also recently modified their holdings of the company. Innealta Capital LLC bought a new stake in Steelcase during the 2nd quarter valued at approximately $93,000. SpiderRock Advisors LLC bought a new position in Steelcase in the first quarter worth $135,000. DekaBank Deutsche Girozentrale purchased a new position in Steelcase during the first quarter valued at $141,000. Allspring Global Investments Holdings LLC boosted its holdings in shares of Steelcase by 34,941.7% during the 1st quarter. Allspring Global Investments Holdings LLC now owns 12,615 shares of the business services provider’s stock valued at $165,000 after buying an additional 12,579 shares in the last quarter. Finally, Virtu Financial LLC purchased a new stake in shares of Steelcase in the 4th quarter worth about $190,000. Hedge funds and other institutional investors own 92.42% of the company’s stock.

Wall Street Analyst Weigh In

A number of research analysts recently issued reports on SCS shares. Noble Financial initiated coverage on shares of Steelcase in a research report on Wednesday, October 9th. They set an “outperform” rating and a $16.00 price target for the company. Benchmark boosted their price target on Steelcase from $17.00 to $18.00 and gave the stock a “buy” rating in a research report on Friday, June 21st.

Steelcase Stock Performance

Shares of Steelcase stock opened at $12.99 on Tuesday. The stock has a market cap of $1.48 billion, a price-to-earnings ratio of 12.25, a PEG ratio of 1.24 and a beta of 1.32. 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 1 year low of $10.29 and a 1 year high of $14.74. The firm’s 50-day moving average is $13.25 and its 200 day moving average is $13.06.

Steelcase (NYSE:SCS) last posted its quarterly earnings results on Wednesday, September 18th. The business services provider reported $0.39 EPS for the quarter, beating analysts’ consensus estimates of $0.37 by $0.02. The firm had revenue of $855.80 million for the quarter, compared to analysts’ expectations of $864.17 million. Steelcase had a net margin of 4.02% and a return on equity of 14.41%. The business’s revenue for the quarter was up .1% on a year-over-year basis. During the same quarter in the prior year, the company posted $0.31 earnings per share. Sell-side analysts anticipate that Steelcase Inc. will post 1.02 EPS for the current fiscal year.

Steelcase Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, October 15th. Investors of record on Monday, September 30th will be given a dividend of $0.10 per share. The ex-dividend date of this dividend is Monday, September 30th. This represents a $0.40 annualized dividend and a dividend yield of 3.08%. Steelcase’s dividend payout ratio (DPR) is presently 37.74%.

Insider Buying and Selling

In other news, CFO David C. Sylvester sold 73,184 shares of the firm’s stock in a transaction dated Wednesday, July 24th. The shares were sold at an average price of $13.84, for a total transaction of $1,012,866.56. Following the sale, the chief financial officer now owns 551,592 shares of the company’s stock, valued at $7,634,033.28. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this link. In related news, CFO David C. Sylvester sold 73,184 shares of the firm’s stock in a transaction that occurred on Wednesday, July 24th. The shares were sold at an average price of $13.84, for a total value of $1,012,866.56. Following the sale, the chief financial officer now owns 551,592 shares in the company, valued at approximately $7,634,033.28. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, SVP Allan W. Smith, Jr. sold 70,444 shares of Steelcase stock in a transaction that occurred on Monday, July 22nd. The stock was sold at an average price of $13.84, for a total transaction of $974,944.96. Following the completion of the sale, the senior vice president now directly owns 184,743 shares of the company’s stock, valued at approximately $2,556,843.12. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders sold 160,877 shares of company stock worth $2,228,248. 12.96% of the stock is owned by corporate insiders.

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.