Los Angeles Capital Management LLC Trims Stake in Steelcase Inc. (NYSE:SCS)

Los Angeles Capital Management LLC lowered its position in Steelcase Inc. (NYSE:SCS) by 15.5% in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 127,336 shares of the business services provider’s stock after selling 23,339 shares during the quarter. Los Angeles Capital Management LLC owned approximately 0.11% of Steelcase worth $1,722,000 as of its most recent filing with the Securities and Exchange Commission.

Several other large investors have also modified their holdings of the company. Allspring Global Investments Holdings LLC raised its holdings in shares of Steelcase by 219.9% in the third quarter. Allspring Global Investments Holdings LLC now owns 5,828 shares of the business services provider’s stock valued at $65,000 after buying an additional 4,006 shares during the last quarter. New York State Teachers Retirement System acquired a new position in shares of Steelcase during the third quarter worth about $88,000. Strs Ohio acquired a new stake in Steelcase in the third quarter valued at about $102,000. Skandinaviska Enskilda Banken AB publ acquired a new stake in shares of Steelcase in the 3rd quarter valued at approximately $111,000. Finally, QRG Capital Management Inc. acquired a new stake in Steelcase in the third quarter valued at $113,000. 92.42% of the stock is owned by institutional investors and hedge funds.

Insiders Place Their Bets

In other news, VP Robert G. Krestakos sold 4,000 shares of Steelcase stock in a transaction on Monday, March 25th. The stock was sold at an average price of $12.61, for a total value of $50,440.00. Following the completion of the sale, the vice president now owns 108,081 shares of the company’s stock, valued at $1,362,901.41. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Corporate insiders own 12.72% of the company’s stock.

Steelcase Trading Up 1.1 %

Shares of SCS opened at $12.71 on Wednesday. The firm has a 50 day simple moving average of $12.59 and a 200-day simple moving average of $12.50. The stock has a market cap of $1.46 billion, a price-to-earnings ratio of 18.68, a price-to-earnings-growth ratio of 1.36 and a beta of 1.32. The company has a debt-to-equity ratio of 0.50, a current ratio of 1.58 and a quick ratio of 1.20. Steelcase Inc. has a 1-year low of $6.39 and a 1-year high of $14.54.

Steelcase (NYSE:SCS) last posted its quarterly earnings data on Wednesday, March 20th. The business services provider reported $0.23 EPS for the quarter, beating analysts’ consensus estimates of $0.21 by $0.02. Steelcase had a return on equity of 12.87% and a net margin of 2.57%. The business had revenue of $775.20 million for the quarter, compared to analyst estimates of $780.25 million. During the same quarter last year, the company earned $0.19 earnings per share. The business’s revenue for the quarter was down 3.3% compared to the same quarter last year. Equities analysts forecast that Steelcase Inc. will post 0.92 EPS for the current fiscal year.

Steelcase Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Monday, April 15th. Shareholders of record on Wednesday, April 3rd were paid a $0.10 dividend. The ex-dividend date was Tuesday, April 2nd. This represents a $0.40 annualized dividend and a yield of 3.15%. Steelcase’s payout ratio is currently 58.82%.

Wall Street Analysts Forecast Growth

Separately, StockNews.com raised shares of Steelcase from a “buy” rating to a “strong-buy” rating in a report on Friday, March 29th.

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.