Arrowstreet Capital Limited Partnership Trims Stock Position in Steelcase Inc. (NYSE:SCS)

Arrowstreet Capital Limited Partnership decreased its position in Steelcase Inc. (NYSE:SCS) by 20.2% in the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 1,234,770 shares of the business services provider’s stock after selling 312,011 shares during the period. Arrowstreet Capital Limited Partnership owned 1.09% of Steelcase worth $14,595,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also made changes to their positions in SCS. Hotchkis & Wiley Capital Management LLC purchased a new stake in Steelcase in the third quarter valued at $6,167,000. Teacher Retirement System of Texas increased its position in shares of Steelcase by 109.8% during the 4th quarter. Teacher Retirement System of Texas now owns 775,177 shares of the business services provider’s stock worth $9,163,000 after purchasing an additional 405,614 shares during the last quarter. Prudential Financial Inc. raised its holdings in Steelcase by 150.6% in the 4th quarter. Prudential Financial Inc. now owns 528,658 shares of the business services provider’s stock valued at $6,249,000 after buying an additional 317,700 shares during the period. Norges Bank acquired a new position in Steelcase in the fourth quarter valued at about $3,279,000. Finally, American Century Companies Inc. boosted its stake in Steelcase by 10.0% during the fourth quarter. American Century Companies Inc. now owns 3,024,828 shares of the business services provider’s stock worth $35,753,000 after buying an additional 275,369 shares during the period. Institutional investors and hedge funds own 92.42% of the company’s stock.

Steelcase Price Performance

SCS stock opened at $10.69 on Friday. The business’s fifty day moving average price is $11.54 and its 200 day moving average price is $12.26. Steelcase Inc. has a 12-month low of $10.25 and a 12-month high of $14.74. The company has a current ratio of 1.57, a quick ratio of 1.21 and a debt-to-equity ratio of 0.48. The company has a market capitalization of $1.22 billion, a PE ratio of 11.14, a P/E/G ratio of 1.25 and a beta of 1.33.

Steelcase (NYSE:SCS) last issued its quarterly earnings results on Wednesday, March 26th. The business services provider reported $0.26 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.20 by $0.06. The business had revenue of $788.00 million for the quarter, compared to analysts’ expectations of $790.90 million. Steelcase had a net margin of 3.63% and a return on equity of 14.20%. The business’s quarterly revenue was up 1.7% on a year-over-year basis. During the same quarter in the prior year, the company earned $0.23 earnings per share. On average, sell-side analysts anticipate that Steelcase Inc. will post 1 EPS for the current year.

Steelcase Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Monday, April 21st. Stockholders of record on Monday, April 7th 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 3.74%. The ex-dividend date is Monday, April 7th. Steelcase’s dividend payout ratio is currently 39.60%.

Insider Activity

In other Steelcase news, VP Robert G. Krestakos sold 5,000 shares of the stock in a transaction dated Wednesday, January 22nd. The stock was sold at an average price of $11.74, for a total value of $58,700.00. Following the sale, the vice president now owns 114,481 shares of the company’s stock, valued at $1,344,006.94. This trade represents a 4.18 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Insiders own 12.96% of the company’s stock.

Analyst Upgrades and Downgrades

Separately, Sidoti upgraded shares of Steelcase to a “hold” rating in a report on Friday, March 28th.

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.