Steelcase Inc. (NYSE:SCS) Holdings Trimmed by Dynamic Technology Lab Private Ltd

Dynamic Technology Lab Private Ltd lowered its holdings in Steelcase Inc. (NYSE:SCS) by 24.7% during the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 44,629 shares of the business services provider’s stock after selling 14,625 shares during the period. Dynamic Technology Lab Private Ltd’s holdings in Steelcase were worth $603,000 at the end of the most recent reporting period.

A number of other large investors have also recently added to or reduced their stakes in the business. USA Financial Formulas acquired a new stake in shares of Steelcase during the 4th quarter valued at $28,000. Allspring Global Investments Holdings LLC boosted its position in shares of Steelcase by 219.9% in the 3rd quarter. Allspring Global Investments Holdings LLC now owns 5,828 shares of the business services provider’s stock valued at $65,000 after purchasing an additional 4,006 shares during the period. Skandinaviska Enskilda Banken AB publ purchased a new position in Steelcase in the 3rd quarter worth about $111,000. QRG Capital Management Inc. purchased a new position in Steelcase in the 3rd quarter worth about $113,000. Finally, Scotia Capital Inc. acquired a new stake in Steelcase during the 3rd quarter worth about $114,000. 92.42% of the stock is currently owned by institutional investors.

Steelcase Price Performance

NYSE SCS opened at $13.05 on Friday. The company has a debt-to-equity ratio of 0.50, a current ratio of 1.58 and a quick ratio of 1.20. The firm has a market capitalization of $1.50 billion, a price-to-earnings ratio of 19.19, a price-to-earnings-growth ratio of 1.44 and a beta of 1.32. The company has a 50 day simple moving average of $12.66 and a 200-day simple moving average of $12.69. Steelcase Inc. has a 52-week low of $6.39 and a 52-week high of $14.54.

Steelcase (NYSE:SCS) last announced its quarterly earnings data on Wednesday, March 20th. The business services provider reported $0.23 earnings per share (EPS) for the quarter, topping the consensus estimate 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 during the quarter, compared to analyst estimates of $780.25 million. During the same period last year, the company earned $0.19 earnings per share. Steelcase’s quarterly revenue was down 3.3% compared to the same quarter last year. Equities research analysts predict that Steelcase Inc. will post 0.92 earnings per share for the current fiscal year.

Steelcase Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Monday, April 15th. Investors of record on Wednesday, April 3rd were given a dividend of $0.10 per share. This represents a $0.40 annualized dividend and a yield of 3.07%. The ex-dividend date of this dividend was Tuesday, April 2nd. Steelcase’s payout ratio is presently 58.82%.

Analysts Set New Price Targets

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

Insider Buying and Selling at Steelcase

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

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.