Parkwood LLC lowered its stake in shares of Steelcase Inc. (NYSE:SCS – Free Report) by 0.8% during the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 954,543 shares of the business services provider’s stock after selling 7,849 shares during the quarter. Steelcase comprises 1.3% of Parkwood LLC’s portfolio, making the stock its 17th largest position. Parkwood LLC owned approximately 0.84% of Steelcase worth $12,905,000 as of its most recent filing with the Securities and Exchange Commission (SEC).
Several other hedge funds and other institutional investors also recently modified their holdings of SCS. QRG Capital Management Inc. grew its holdings in Steelcase by 13.9% in the fourth quarter. QRG Capital Management Inc. now owns 11,548 shares of the business services provider’s stock worth $156,000 after purchasing an additional 1,406 shares during the period. Prime Capital Investment Advisors LLC grew its holdings in Steelcase by 8.6% in the fourth quarter. Prime Capital Investment Advisors LLC now owns 18,680 shares of the business services provider’s stock worth $253,000 after purchasing an additional 1,476 shares during the period. Swiss National Bank grew its holdings in Steelcase by 1.0% in the third quarter. Swiss National Bank now owns 185,200 shares of the business services provider’s stock worth $2,069,000 after purchasing an additional 1,900 shares during the period. USA Financial Formulas purchased a new stake in Steelcase in the fourth quarter worth about $28,000. Finally, Pathstone Family Office LLC grew its holdings in Steelcase by 9.6% in the third quarter. Pathstone Family Office LLC now owns 36,204 shares of the business services provider’s stock worth $404,000 after purchasing an additional 3,158 shares during the period. Hedge funds and other institutional investors own 92.42% of the company’s stock.
Steelcase Stock Down 1.6 %
Shares of NYSE:SCS traded down $0.20 during trading on Thursday, reaching $12.33. 517,020 shares of the stock traded hands, compared to its average volume of 724,367. The stock has a 50-day moving average of $12.71 and a two-hundred day moving average of $12.82. Steelcase Inc. has a 52-week low of $7.10 and a 52-week high of $14.54. The company has a debt-to-equity ratio of 0.50, a quick ratio of 1.20 and a current ratio of 1.58. The stock has a market cap of $1.41 billion, a P/E ratio of 18.12, a price-to-earnings-growth ratio of 1.36 and a beta of 1.35.
Steelcase Dividend Announcement
The company also recently declared a quarterly dividend, which was paid on Monday, April 15th. Stockholders of record on Wednesday, April 3rd were issued a dividend of $0.10 per share. This represents a $0.40 dividend on an annualized basis and a dividend yield of 3.24%. The ex-dividend date of this dividend was Tuesday, April 2nd. Steelcase’s payout ratio is 58.82%.
Insider Activity
In other Steelcase news, VP Robert G. Krestakos sold 4,000 shares of the business’s stock in a transaction dated Monday, March 25th. The stock was sold at an average price of $12.61, for a total transaction of $50,440.00. Following the completion of the sale, the vice president now directly owns 108,081 shares in the company, valued at approximately $1,362,901.41. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Insiders own 12.96% of the company’s stock.
Wall Street Analysts Forecast Growth
Separately, StockNews.com upgraded shares of Steelcase from a “buy” rating to a “strong-buy” rating in a report on Friday, March 29th.
View Our Latest Stock Report on SCS
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.
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