Douglas Lane & Associates LLC Sells 188,930 Shares of Steelcase Inc. (NYSE:SCS)

Douglas Lane & Associates LLC decreased its stake in Steelcase Inc. (NYSE:SCS) by 5.9% in the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 3,034,625 shares of the business services provider’s stock after selling 188,930 shares during the period. Douglas Lane & Associates LLC owned about 2.67% of Steelcase worth $35,869,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. DekaBank Deutsche Girozentrale grew its holdings in shares of Steelcase by 8.1% during the second quarter. DekaBank Deutsche Girozentrale now owns 12,017 shares of the business services provider’s stock worth $153,000 after purchasing an additional 897 shares during the last quarter. Centiva Capital LP acquired a new position in Steelcase in the 3rd quarter valued at approximately $181,000. Creative Planning raised its stake in shares of Steelcase by 8.7% during the third quarter. Creative Planning now owns 13,470 shares of the business services provider’s stock valued at $182,000 after acquiring an additional 1,075 shares during the last quarter. Intech Investment Management LLC acquired a new position in shares of Steelcase during the third quarter worth $347,000. Finally, CWM LLC grew its stake in shares of Steelcase by 24.5% in the third quarter. CWM LLC now owns 27,055 shares of the business services provider’s stock worth $365,000 after purchasing an additional 5,324 shares during the last quarter. Institutional investors own 92.42% of the company’s stock.

Analyst Ratings Changes

Separately, Noble Financial initiated coverage on Steelcase in a research report on Wednesday, October 9th. They set an “outperform” rating and a $16.00 target price for the company.

Steelcase Trading Up 0.3 %

SCS stock traded up $0.03 during trading on Wednesday, hitting $11.23. The company had a trading volume of 218,235 shares, compared to its average volume of 587,012. The stock has a market cap of $1.28 billion, a PE ratio of 10.59, a PEG ratio of 1.29 and a beta of 1.36. The business has a 50-day moving average of $12.74 and a 200-day moving average of $13.08. The company has a current ratio of 1.62, a quick ratio of 1.23 and a debt-to-equity ratio of 0.48. Steelcase Inc. has a one year low of $11.00 and a one year high of $14.74.

Steelcase (NYSE:SCS) last issued its quarterly earnings results on Wednesday, December 18th. The business services provider reported $0.30 EPS for the quarter, beating analysts’ consensus estimates of $0.23 by $0.07. The business had revenue of $794.90 million for the quarter, compared to analysts’ expectations of $796.58 million. Steelcase had a net margin of 4.02% and a return on equity of 14.41%. The business’s quarterly revenue was up 2.2% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $0.30 earnings per share. Research analysts predict that Steelcase Inc. will post 1 earnings per share for the current fiscal year.

Steelcase Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, January 13th. Shareholders of record on Monday, December 30th will be issued a dividend of $0.10 per share. The ex-dividend date is Monday, December 30th. This represents a $0.40 annualized dividend and a yield of 3.56%. Steelcase’s payout ratio is 41.67%.

Insider Activity

In other Steelcase news, VP Robert G. Krestakos sold 4,000 shares of the company’s stock in a transaction on Tuesday, October 15th. The stock was sold at an average price of $13.11, for a total value of $52,440.00. Following the completion of the transaction, the vice president now owns 119,481 shares in the company, valued at $1,566,395.91. This represents a 3.24 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available 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.