Shell Asset Management Co. lessened its stake in Steelcase Inc. (NYSE:SCS – Get Rating) by 20.9% during the 3rd quarter, according to the company in its most recent 13F filing with the SEC. The firm owned 28,248 shares of the business services provider’s stock after selling 7,442 shares during the quarter. Shell Asset Management Co.’s holdings in Steelcase were worth $184,000 at the end of the most recent reporting period.
Other hedge funds also recently modified their holdings of the company. Virtu Financial LLC bought a new position in shares of Steelcase during the 2nd quarter worth about $126,000. Douglas Lane & Associates LLC increased its holdings in shares of Steelcase by 6.0% in the third quarter. Douglas Lane & Associates LLC now owns 3,735,696 shares of the business services provider’s stock valued at $24,357,000 after purchasing an additional 210,316 shares during the last quarter. Clifford Capital Partners LLC bought a new stake in Steelcase during the second quarter worth about $312,000. ARGA Investment Management LP acquired a new position in shares of Steelcase in the third quarter valued at approximately $132,000. Finally, Gitterman Wealth Management LLC raised its position in shares of Steelcase by 12.7% in the 3rd quarter. Gitterman Wealth Management LLC now owns 19,819 shares of the business services provider’s stock worth $131,000 after acquiring an additional 2,228 shares in the last quarter. Institutional investors and hedge funds own 74.01% of the company’s stock.
Steelcase Stock Down 1.3 %
Shares of NYSE:SCS opened at $7.87 on Wednesday. Steelcase Inc. has a 52-week low of $6.20 and a 52-week high of $12.57. The firm has a fifty day moving average of $7.51 and a 200 day moving average of $8.19. The firm has a market capitalization of $887.58 million, a PE ratio of 52.47 and a beta of 1.38. The company has a debt-to-equity ratio of 0.55, a quick ratio of 0.79 and a current ratio of 1.35.
Steelcase Announces Dividend
The business also recently announced a quarterly dividend, which was paid on Friday, January 13th. Investors of record on Tuesday, January 3rd were given a $0.10 dividend. The ex-dividend date of this dividend was Friday, December 30th. This represents a $0.40 annualized dividend and a yield of 5.08%. Steelcase’s dividend payout ratio (DPR) is presently 266.67%.
Analyst Upgrades and Downgrades
Separately, Benchmark cut shares of Steelcase from a “buy” rating to a “hold” rating in a report on Tuesday, November 29th.
Steelcase Inc manufactures and sells integrated furniture settings, user-centered technologies, and interior architectural products. It operates through the Americas, EMEA, and Other Category segments. The firm’s furniture portfolio includes panel, fence and beam-based furniture systems, storage products, fixed and height-adjustable desks, benches, and tables, as well as complementary products, including work tools and screens.
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