Steelcase Inc. (NYSE:SCS) Shares Sold by Freedom Investment Management Inc.

Freedom Investment Management Inc. lowered its stake in shares of Steelcase Inc. (NYSE:SCS) by 12.1% during the fourth quarter, Holdings Channel reports. The firm owned 37,844 shares of the business services provider’s stock after selling 5,223 shares during the period. Freedom Investment Management Inc.’s holdings in Steelcase were worth $447,000 as of its most recent SEC filing.

Several other institutional investors have also modified their holdings of SCS. Walleye Capital LLC purchased a new stake in Steelcase in the fourth quarter valued at $248,000. XTX Topco Ltd grew its stake in Steelcase by 19.4% during the 4th quarter. XTX Topco Ltd now owns 25,667 shares of the business services provider’s stock worth $303,000 after buying an additional 4,174 shares during the last quarter. Mariner LLC purchased a new position in Steelcase during the 4th quarter worth approximately $139,000. Barclays PLC increased its position in Steelcase by 15.7% during the fourth quarter. Barclays PLC now owns 205,985 shares of the business services provider’s stock worth $2,435,000 after buying an additional 27,983 shares during the period. Finally, Sterling Capital Management LLC lifted its stake in Steelcase by 8.3% in the fourth quarter. Sterling Capital Management LLC now owns 34,486 shares of the business services provider’s stock valued at $408,000 after buying an additional 2,644 shares during the last quarter. Hedge funds and other institutional investors own 92.42% of the company’s stock.

Steelcase Stock Up 0.6 %

SCS opened at $9.77 on Monday. Steelcase Inc. has a 52 week low of $9.58 and a 52 week high of $14.74. The business has a 50 day moving average price of $11.18 and a two-hundred day moving average price of $11.99. The company has a quick ratio of 1.21, a current ratio of 1.57 and a debt-to-equity ratio of 0.48. The company has a market cap of $1.11 billion, a PE ratio of 10.17, a P/E/G ratio of 1.25 and a beta of 1.12.

Steelcase (NYSE:SCS) last announced its quarterly earnings data on Wednesday, March 26th. The business services provider reported $0.26 EPS for the quarter, topping analysts’ consensus estimates of $0.20 by $0.06. Steelcase had a net margin of 3.63% and a return on equity of 14.20%. The company had revenue of $788.00 million during the quarter, compared to the consensus estimate of $790.90 million. During the same quarter in the prior year, the firm earned $0.23 EPS. Steelcase’s quarterly revenue was up 1.7% on a year-over-year basis. As a group, research analysts anticipate that Steelcase Inc. will post 1 EPS for the current year.

Steelcase Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, April 21st. Shareholders of record on Monday, April 7th will be given a $0.10 dividend. This represents a $0.40 annualized dividend and a yield of 4.10%. The ex-dividend date is Monday, April 7th. Steelcase’s payout ratio is 39.60%.

Analysts Set New Price Targets

Separately, Sidoti raised shares of Steelcase to a “hold” rating in a report on Friday, March 28th.

Insider Buying and Selling at Steelcase

In other news, VP Robert G. Krestakos sold 6,000 shares of Steelcase stock in a transaction that occurred on Monday, April 14th. The shares were sold at an average price of $10.13, for a total transaction of $60,780.00. Following the completion of the sale, the vice president now directly owns 139,912 shares in the company, valued at approximately $1,417,308.56. This trade represents a 4.11 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. 12.96% of the stock is owned by corporate insiders.

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.