Tidal Investments LLC Sells 11,548 Shares of Steelcase Inc. (NYSE:SCS)

Tidal Investments LLC reduced its stake in shares of Steelcase Inc. (NYSE:SCS) by 13.9% in the third quarter, HoldingsChannel.com reports. The fund owned 71,454 shares of the business services provider’s stock after selling 11,548 shares during the quarter. Tidal Investments LLC’s holdings in Steelcase were worth $964,000 at the end of the most recent reporting period.

A number of other hedge funds also recently made changes to their positions in the stock. Innealta Capital LLC purchased a new stake in Steelcase during the second quarter valued at about $93,000. DekaBank Deutsche Girozentrale raised its holdings in shares of Steelcase by 8.1% during the 2nd quarter. DekaBank Deutsche Girozentrale now owns 12,017 shares of the business services provider’s stock valued at $153,000 after buying an additional 897 shares in the last quarter. Centiva Capital LP bought a new stake in Steelcase in the 3rd quarter worth approximately $181,000. Creative Planning boosted its stake in Steelcase by 8.7% in the third quarter. Creative Planning now owns 13,470 shares of the business services provider’s stock worth $182,000 after buying an additional 1,075 shares in the last quarter. Finally, Cannon Global Investment Management LLC bought a new position in Steelcase during the second quarter valued at approximately $259,000. 92.42% of the stock is owned by institutional investors.

Insider Transactions at Steelcase

In other news, VP Robert G. Krestakos sold 4,000 shares of the firm’s stock in a transaction dated Tuesday, October 15th. The shares were sold at an average price of $13.11, for a total value of $52,440.00. Following the completion of the sale, the vice president now directly owns 119,481 shares of the company’s stock, valued at approximately $1,566,395.91. This trade represents a 3.24 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Corporate insiders own 12.96% of the company’s stock.

Wall Street Analysts Forecast Growth

Separately, Noble Financial initiated coverage on Steelcase in a report on Wednesday, October 9th. They issued an “outperform” rating and a $16.00 price objective on the stock.

Steelcase Stock Performance

Shares of SCS stock opened at $12.32 on Friday. The company has a debt-to-equity ratio of 0.48, a quick ratio of 1.23 and a current ratio of 1.62. Steelcase Inc. has a fifty-two week low of $11.50 and a fifty-two week high of $14.74. The company has a market capitalization of $1.40 billion, a P/E ratio of 11.62, a PEG ratio of 1.29 and a beta of 1.35. The stock has a 50 day moving average price of $13.03 and a two-hundred day moving average price of $13.16.

Steelcase (NYSE:SCS) last posted 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 company had revenue of $794.90 million during the quarter, compared to analyst estimates of $796.58 million. Steelcase had a net margin of 4.02% and a return on equity of 14.41%. The firm’s revenue was up 2.2% compared to the same quarter last year. During the same period in the prior year, the business posted $0.30 EPS. Analysts expect that Steelcase Inc. will post 1 earnings per share for the current year.

Steelcase Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Monday, January 13th. Stockholders 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 dividend on an annualized basis and a dividend yield of 3.25%. Steelcase’s dividend payout ratio is currently 37.74%.

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.