Steelcase Inc. (NYSE:SCS) Shares Sold by Russell Investments Group Ltd.

Russell Investments Group Ltd. trimmed its position in shares of Steelcase Inc. (NYSE:SCS – Get Rating) by 22.3% in the fourth quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm owned 293,759 shares of the business services provider’s stock after selling 84,130 shares during the period. Russell Investments Group Ltd. owned 0.26% of Steelcase worth $2,077,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also recently bought and sold shares of the company. Arizona State Retirement System boosted its stake in Steelcase by 8.8% during the 4th quarter. Arizona State Retirement System now owns 24,733 shares of the business services provider’s stock valued at $175,000 after purchasing an additional 1,995 shares during the period. Commonwealth Equity Services LLC lifted its stake in shares of Steelcase by 298.9% in the 4th quarter. Commonwealth Equity Services LLC now owns 277,862 shares of the business services provider’s stock worth $1,964,000 after acquiring an additional 208,203 shares during the period. Pzena Investment Management LLC lifted its stake in shares of Steelcase by 14.6% in the 4th quarter. Pzena Investment Management LLC now owns 10,607,518 shares of the business services provider’s stock worth $74,995,000 after acquiring an additional 1,353,472 shares during the period. Nisa Investment Advisors LLC lifted its stake in shares of Steelcase by 1,466.3% in the 4th quarter. Nisa Investment Advisors LLC now owns 37,387 shares of the business services provider’s stock worth $264,000 after acquiring an additional 35,000 shares during the period. Finally, ProShare Advisors LLC acquired a new stake in shares of Steelcase in the 4th quarter worth approximately $79,000. 74.01% of the stock is owned by institutional investors and hedge funds.

Insider Buying and Selling at Steelcase

In other Steelcase news, Director Peter M. Wege II sold 17,273 shares of the business’s stock in a transaction on Tuesday, March 28th. The shares were sold at an average price of $8.44, for a total transaction of $145,784.12. Following the sale, the director now directly owns 228,583 shares of the company’s stock, valued at approximately $1,929,240.52. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. In other Steelcase news, Director Peter M. Wege II sold 5,691 shares of the business’s stock in a transaction on Thursday, March 30th. The shares were sold at an average price of $8.45, for a total transaction of $48,088.95. Following the sale, the director now directly owns 199,644 shares of the company’s stock, valued at approximately $1,686,991.80. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, Director Peter M. Wege II sold 17,273 shares of the business’s stock in a transaction on Tuesday, March 28th. The shares were sold at an average price of $8.44, for a total transaction of $145,784.12. Following the sale, the director now directly owns 228,583 shares in the company, valued at $1,929,240.52. The disclosure for this sale can be found here. Company insiders own 12.77% of the company’s stock.

Steelcase Price Performance

Shares of NYSE:SCS opened at $6.93 on Monday. Steelcase Inc. has a one year low of $6.20 and a one year high of $12.43. The stock has a fifty day moving average of $7.83 and a 200-day moving average of $7.68. The company has a market capitalization of $789.67 million, a PE ratio of 23.10, a price-to-earnings-growth ratio of 1.10 and a beta of 1.37. The company has a debt-to-equity ratio of 0.54, a quick ratio of 0.94 and a current ratio of 1.47.

Steelcase (NYSE:SCS – Get Rating) last announced its quarterly earnings data on Wednesday, March 22nd. The business services provider reported $0.19 EPS for the quarter, beating analysts’ consensus estimates of $0.06 by $0.13. Steelcase had a return on equity of 7.96% and a net margin of 1.09%. The company had revenue of $801.70 million during the quarter, compared to the consensus estimate of $751.38 million. During the same quarter in the prior year, the firm earned ($0.02) EPS. The company’s quarterly revenue was up 6.5% compared to the same quarter last year. As a group, equities analysts anticipate that Steelcase Inc. will post 0.63 EPS for the current fiscal year.

Steelcase Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Friday, April 14th. Shareholders of record on Wednesday, April 5th were paid a dividend of $0.10 per share. This represents a $0.40 annualized dividend and a yield of 5.77%. The ex-dividend date was Tuesday, April 4th. Steelcase’s dividend payout ratio (DPR) is currently 133.34%.

Analysts Set New Price Targets

SCS has been the subject of a number of research analyst reports. TheStreet lowered shares of Steelcase from a “b-” rating to a “c+” rating in a research note on Friday, May 12th. StockNews.com assumed coverage on shares of Steelcase in a research note on Thursday. They issued a “buy” rating for the company.

About Steelcase

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Steelcase Inc engages in the manufacture and distribution of office environments. It operates through the following segmets: Americas, EMEA, and Other. The Americas segment serves customers in the US, Canada, the Caribbean Islands, and Latin America through the Steelcase, AMQ, Coalesse, HALCON, Orangebox, Smith System, and Viccarbe brands.