Public Employees Retirement Association of Colorado Sells 2,253 Shares of Steelcase Inc. (NYSE:SCS)

Public Employees Retirement Association of Colorado decreased its position in shares of Steelcase Inc. (NYSE:SCS) by 14.9% in the 2nd quarter, Holdings Channel reports. The fund owned 12,870 shares of the business services provider’s stock after selling 2,253 shares during the quarter. Public Employees Retirement Association of Colorado’s holdings in Steelcase were worth $167,000 as of its most recent filing with the SEC.

Several other large investors also recently added to or reduced their stakes in SCS. FinTrust Capital Advisors LLC bought a new position in Steelcase during the fourth quarter worth about $44,000. Innealta Capital LLC bought a new position in Steelcase in the 2nd quarter worth approximately $93,000. SpiderRock Advisors LLC purchased a new position in Steelcase in the 1st quarter valued at approximately $135,000. DekaBank Deutsche Girozentrale bought a new stake in Steelcase during the 1st quarter valued at $141,000. Finally, Allspring Global Investments Holdings LLC lifted its position in shares of Steelcase by 34,941.7% during the first quarter. Allspring Global Investments Holdings LLC now owns 12,615 shares of the business services provider’s stock worth $165,000 after acquiring an additional 12,579 shares in the last quarter. Hedge funds and other institutional investors own 92.42% of the company’s stock.

Insider Activity

In related news, SVP Allan W. Smith, Jr. sold 70,444 shares of the firm’s stock in a transaction that occurred on Monday, July 22nd. The shares were sold at an average price of $13.84, for a total value of $974,944.96. Following the sale, the senior vice president now directly owns 184,743 shares of the company’s stock, valued at $2,556,843.12. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. In other news, SVP Allan W. Smith, Jr. sold 70,444 shares of the stock in a transaction dated Monday, July 22nd. The stock was sold at an average price of $13.84, for a total transaction of $974,944.96. Following the transaction, the senior vice president now directly owns 184,743 shares in the company, valued at approximately $2,556,843.12. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CAO Nicole Cherie Mcgrath sold 15,749 shares of the firm’s stock in a transaction dated Tuesday, July 23rd. The shares were sold at an average price of $13.94, for a total value of $219,541.06. Following the transaction, the chief accounting officer now directly owns 18,453 shares in the company, valued at $257,234.82. The disclosure for this sale can be found here. In the last 90 days, insiders sold 160,877 shares of company stock worth $2,228,248. 12.96% of the stock is currently owned by insiders.

Wall Street Analyst Weigh In

Separately, Benchmark lifted their price target on Steelcase from $17.00 to $18.00 and gave the company a “buy” rating in a research report on Friday, June 21st.

Steelcase Price Performance

SCS stock opened at $13.25 on Monday. The firm has a 50 day moving average of $13.46 and a 200-day moving average of $13.05. The firm has a market capitalization of $1.51 billion, a P/E ratio of 17.43, a price-to-earnings-growth ratio of 1.29 and a beta of 1.33. Steelcase Inc. has a 12 month low of $10.29 and a 12 month high of $14.74. The company has a current ratio of 1.62, a quick ratio of 1.15 and a debt-to-equity ratio of 0.48.

Steelcase (NYSE:SCS) last announced its quarterly earnings results on Wednesday, September 18th. The business services provider reported $0.39 EPS for the quarter, beating the consensus estimate of $0.37 by $0.02. The firm had revenue of $855.80 million during the quarter, compared to the consensus estimate of $864.17 million. Steelcase had a net margin of 4.02% and a return on equity of 14.41%. The business’s quarterly revenue was up .1% compared to the same quarter last year. During the same period last year, the firm earned $0.31 EPS. As a group, sell-side analysts predict that Steelcase Inc. will post 1.02 earnings per share for the current fiscal year.

Steelcase Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, October 15th. Shareholders of record on Monday, September 30th will be paid a $0.10 dividend. The ex-dividend date of this dividend is Monday, September 30th. This represents a $0.40 dividend on an annualized basis and a yield of 3.02%. Steelcase’s dividend payout ratio is currently 52.63%.

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.