Diversified Trust Co lowered its position in Steelcase Inc. (NYSE:SCS – Free Report) by 40.5% during the first quarter, according to its most recent filing with the SEC. The institutional investor owned 27,121 shares of the business services provider’s stock after selling 18,482 shares during the period. Diversified Trust Co’s holdings in Steelcase were worth $355,000 at the end of the most recent quarter.
A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. QRG Capital Management Inc. lifted its holdings in Steelcase by 13.9% in the 4th quarter. QRG Capital Management Inc. now owns 11,548 shares of the business services provider’s stock valued at $156,000 after purchasing an additional 1,406 shares in the last quarter. Prime Capital Investment Advisors LLC lifted its holdings in Steelcase by 8.6% in the 4th quarter. Prime Capital Investment Advisors LLC now owns 18,680 shares of the business services provider’s stock valued at $253,000 after purchasing an additional 1,476 shares in the last quarter. USA Financial Formulas purchased a new position in Steelcase in the 4th quarter valued at $28,000. First Hawaiian Bank lifted its holdings in Steelcase by 2.8% in the 1st quarter. First Hawaiian Bank now owns 76,004 shares of the business services provider’s stock valued at $994,000 after purchasing an additional 2,082 shares in the last quarter. Finally, FinTrust Capital Advisors LLC purchased a new position in Steelcase in the 4th quarter valued at $44,000. Hedge funds and other institutional investors own 92.42% of the company’s stock.
Steelcase Stock Down 0.8 %
Shares of SCS opened at $12.94 on Friday. Steelcase Inc. has a 52-week low of $7.38 and a 52-week high of $14.54. The company has a market capitalization of $1.48 billion, a PE ratio of 17.03, a price-to-earnings-growth ratio of 1.31 and a beta of 1.34. The stock has a fifty day simple moving average of $12.90 and a two-hundred day simple moving average of $12.86. The company has a quick ratio of 1.15, a current ratio of 1.61 and a debt-to-equity ratio of 0.51.
Steelcase Dividend Announcement
The firm also recently disclosed a quarterly dividend, which will be paid on Monday, July 15th. Investors of record on Wednesday, July 3rd will be given a dividend of $0.10 per share. This represents a $0.40 dividend on an annualized basis and a dividend yield of 3.09%. The ex-dividend date is Wednesday, July 3rd. Steelcase’s payout ratio is 52.63%.
Analyst Ratings Changes
A number of analysts have issued reports on the company. StockNews.com raised Steelcase from a “buy” rating to a “strong-buy” rating in a research note on Friday, March 29th. Benchmark raised their target price on Steelcase from $17.00 to $18.00 and gave the stock a “buy” rating in a research note on Friday, June 21st.
Read Our Latest Research Report on SCS
Insider Buying and Selling
In related news, VP Donna K. Flynn sold 13,310 shares of the firm’s stock in a transaction dated Monday, June 24th. The stock was sold at an average price of $13.72, for a total transaction of $182,613.20. Following the completion of the sale, the vice president now directly owns 78,733 shares of the company’s stock, valued at approximately $1,080,216.76. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Corporate insiders own 12.96% of the company’s stock.
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.
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