Jacobs Levy Equity Management Inc. Lowers Position in Steelcase Inc. (NYSE:SCS)

Jacobs Levy Equity Management Inc. reduced its position in shares of Steelcase Inc. (NYSE:SCS) by 7.6% in the 1st quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 884,296 shares of the business services provider’s stock after selling 72,728 shares during the period. Jacobs Levy Equity Management Inc. owned approximately 0.77% of Steelcase worth $11,567,000 as of its most recent SEC filing.

A number of other hedge funds have also recently added to or reduced their stakes in SCS. Caxton Associates LP raised its stake in shares of Steelcase by 273.3% during the 1st quarter. Caxton Associates LP now owns 74,266 shares of the business services provider’s stock worth $971,000 after buying an additional 54,369 shares in the last quarter. Price T Rowe Associates Inc. MD raised its position in Steelcase by 4.2% in the first quarter. Price T Rowe Associates Inc. MD now owns 81,024 shares of the business services provider’s stock worth $1,060,000 after acquiring an additional 3,293 shares in the last quarter. Lazard Asset Management LLC lifted its holdings in Steelcase by 28.4% in the first quarter. Lazard Asset Management LLC now owns 34,135 shares of the business services provider’s stock valued at $445,000 after acquiring an additional 7,557 shares during the period. Arjuna Capital boosted its holdings in Steelcase by 5.8% during the first quarter. Arjuna Capital now owns 148,437 shares of the business services provider’s stock worth $1,942,000 after buying an additional 8,147 shares in the last quarter. Finally, O Shaughnessy Asset Management LLC boosted its stake in shares of Steelcase by 177.4% during the 1st quarter. O Shaughnessy Asset Management LLC now owns 234,202 shares of the business services provider’s stock worth $3,063,000 after acquiring an additional 149,776 shares in the last quarter. Institutional investors and hedge funds own 92.42% of the company’s stock.

Wall Street Analysts Forecast Growth

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

Steelcase Trading Up 0.6 %

NYSE:SCS traded up $0.08 during mid-day trading on Wednesday, reaching $14.44. The company’s stock had a trading volume of 267,029 shares, compared to its average volume of 744,836. Steelcase Inc. has a twelve month low of $8.34 and a twelve month high of $14.54. The company’s fifty day simple moving average is $13.16 and its two-hundred day simple moving average is $12.89. The stock has a market cap of $1.65 billion, a P/E ratio of 18.89, a P/E/G ratio of 1.42 and a beta of 1.34. The company has a debt-to-equity ratio of 0.51, a current ratio of 1.61 and a quick ratio of 1.15.

Steelcase (NYSE:SCS) last released its quarterly earnings data on Thursday, June 20th. The business services provider reported $0.16 EPS for the quarter, topping analysts’ consensus estimates of $0.10 by $0.06. Steelcase had a return on equity of 13.66% and a net margin of 2.89%. The company had revenue of $727.30 million for the quarter, compared to the consensus estimate of $729.05 million. During the same period last year, the business posted $0.09 EPS. The company’s quarterly revenue was down 3.3% compared to the same quarter last year. On average, equities analysts predict that Steelcase Inc. will post 1 EPS for the current year.

Steelcase Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Monday, July 15th. Stockholders of record on Wednesday, July 3rd were given a dividend of $0.10 per share. The ex-dividend date of this dividend was Wednesday, July 3rd. This represents a $0.40 dividend on an annualized basis and a dividend yield of 2.77%. Steelcase’s payout ratio is currently 52.63%.

Insider Activity

In related news, VP Donna K. Flynn sold 13,310 shares of the business’s stock in a transaction dated Monday, June 24th. The stock was sold at an average price of $13.72, for a total value of $182,613.20. Following the transaction, the vice president now owns 78,733 shares in the company, valued at $1,080,216.76. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. In other news, VP Donna K. Flynn sold 13,310 shares of the business’s stock in a transaction dated Monday, June 24th. The shares were sold at an average price of $13.72, for a total value of $182,613.20. Following the completion of the sale, the vice president now owns 78,733 shares of the company’s stock, valued at approximately $1,080,216.76. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CAO Nicole Cherie Mcgrath sold 15,749 shares of Steelcase stock in a transaction that occurred on Tuesday, July 23rd. The stock was sold at an average price of $13.94, for a total value of $219,541.06. Following the completion of the transaction, the chief accounting officer now owns 18,453 shares of the company’s stock, valued at approximately $257,234.82. The disclosure for this sale can be found here. Over the last three months, insiders sold 174,187 shares of company stock worth $2,410,861. 12.96% of the stock is currently owned by company 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.