Douglas Lane & Associates LLC Decreases Position in Steelcase Inc. (NYSE:SCS)

Douglas Lane & Associates LLC decreased its position in Steelcase Inc. (NYSE:SCS) by 5.9% during the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 3,034,625 shares of the business services provider’s stock after selling 188,930 shares during the period. Douglas Lane & Associates LLC’s holdings in Steelcase were worth $35,869,000 as of its most recent SEC filing.

Several other institutional investors have also bought and sold shares of SCS. DekaBank Deutsche Girozentrale raised its stake in shares of Steelcase by 8.1% in the second quarter. DekaBank Deutsche Girozentrale now owns 12,017 shares of the business services provider’s stock valued at $153,000 after buying an additional 897 shares during the period. Centiva Capital LP bought a new stake in Steelcase in the 3rd quarter valued at about $181,000. Creative Planning raised its stake in Steelcase by 8.7% in the 3rd quarter. Creative Planning now owns 13,470 shares of the business services provider’s stock valued at $182,000 after acquiring an additional 1,075 shares during the period. Intech Investment Management LLC purchased a new stake in Steelcase during the third quarter valued at about $347,000. Finally, CWM LLC boosted its position in Steelcase by 24.5% during the third quarter. CWM LLC now owns 27,055 shares of the business services provider’s stock worth $365,000 after purchasing an additional 5,324 shares during the period. Hedge funds and other institutional investors own 92.42% of the company’s stock.

Insider Activity at Steelcase

In other news, VP Robert G. Krestakos sold 4,000 shares of the firm’s stock in a transaction on Tuesday, October 15th. The shares were sold at an average price of $13.11, for a total transaction of $52,440.00. Following the sale, the vice president now owns 119,481 shares in the company, valued at approximately $1,566,395.91. This trade represents a 3.24 % decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. 12.96% of the stock is owned by corporate insiders.

Steelcase Stock Performance

Shares of NYSE:SCS traded up $0.03 during midday trading on Wednesday, reaching $11.23. 218,235 shares of the company traded hands, compared to its average volume of 587,012. The firm’s fifty day moving average price is $12.74 and its two-hundred day moving average price is $13.08. The firm has a market capitalization of $1.28 billion, a price-to-earnings ratio of 10.59, a price-to-earnings-growth ratio of 1.29 and a beta of 1.36. The company has a quick ratio of 1.23, a current ratio of 1.62 and a debt-to-equity ratio of 0.48. Steelcase Inc. has a 12 month low of $11.00 and a 12 month high of $14.74.

Steelcase (NYSE:SCS) last announced its quarterly earnings results on Wednesday, December 18th. The business services provider reported $0.30 earnings per share for the quarter, beating the consensus estimate of $0.23 by $0.07. The firm had revenue of $794.90 million for the quarter, compared to analysts’ expectations of $796.58 million. Steelcase had a return on equity of 14.41% and a net margin of 4.02%. The company’s revenue was up 2.2% on a year-over-year basis. During the same period in the prior year, the business posted $0.30 earnings per share. On average, equities analysts expect that Steelcase Inc. will post 1 earnings per share for the current year.

Steelcase Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, January 13th. Investors of record on Monday, December 30th will be given a $0.10 dividend. The ex-dividend date of this dividend is Monday, December 30th. This represents a $0.40 dividend on an annualized basis and a dividend yield of 3.56%. Steelcase’s dividend payout ratio (DPR) is presently 41.67%.

Wall Street Analyst Weigh In

Separately, Noble Financial initiated coverage on shares of Steelcase in a research note on Wednesday, October 9th. They set an “outperform” rating and a $16.00 price target on the 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.