Geode Capital Management LLC Trims Position in Steelcase Inc. (NYSE:SCS)

Geode Capital Management LLC decreased its position in shares of Steelcase Inc. (NYSE:SCS) by 0.7% during the fourth quarter, Holdings Channel reports. The institutional investor owned 2,165,549 shares of the business services provider’s stock after selling 14,879 shares during the period. Geode Capital Management LLC’s holdings in Steelcase were worth $25,603,000 at the end of the most recent reporting period.

Several other hedge funds also recently bought and sold shares of the company. Diversified Trust Co lifted its position in shares of Steelcase by 2.9% in the fourth quarter. Diversified Trust Co now owns 31,801 shares of the business services provider’s stock valued at $376,000 after acquiring an additional 886 shares in the last quarter. Rhumbline Advisers lifted its holdings in Steelcase by 0.6% in the 4th quarter. Rhumbline Advisers now owns 155,013 shares of the business services provider’s stock worth $1,832,000 after purchasing an additional 932 shares in the last quarter. Hillsdale Investment Management Inc. boosted its stake in Steelcase by 0.5% in the 4th quarter. Hillsdale Investment Management Inc. now owns 284,800 shares of the business services provider’s stock worth $3,366,000 after purchasing an additional 1,500 shares during the period. Franklin Resources Inc. grew its holdings in Steelcase by 2.9% during the 3rd quarter. Franklin Resources Inc. now owns 99,574 shares of the business services provider’s stock valued at $1,292,000 after buying an additional 2,791 shares in the last quarter. Finally, R Squared Ltd bought a new stake in shares of Steelcase during the fourth quarter valued at approximately $36,000. Institutional investors own 92.42% of the company’s stock.

Insider Activity

In other Steelcase news, VP Robert G. Krestakos sold 5,000 shares of the business’s stock in a transaction that occurred on Wednesday, January 22nd. The stock was sold at an average price of $11.74, for a total transaction of $58,700.00. Following the sale, the vice president now directly owns 114,481 shares of the company’s stock, valued at $1,344,006.94. The trade was a 4.18 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this link. Corporate insiders own 12.96% of the company’s stock.

Steelcase Stock Performance

NYSE SCS opened at $9.77 on Friday. The stock has a market capitalization 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 Inc. has a 1-year low of $9.58 and a 1-year high of $14.74. The business has a 50 day simple moving average of $11.22 and a two-hundred day simple moving average of $12.02. The company has a debt-to-equity ratio of 0.48, a current ratio of 1.57 and a quick ratio of 1.21.

Steelcase (NYSE:SCS) last posted its earnings results on Wednesday, March 26th. The business services provider reported $0.26 earnings per share for the quarter, beating analysts’ consensus estimates of $0.20 by $0.06. The firm had revenue of $788.00 million during the quarter, compared to analyst estimates of $790.90 million. Steelcase had a net margin of 3.63% and a return on equity of 14.20%. Steelcase’s revenue for the quarter was up 1.7% compared to the same quarter last year. During the same period last year, the firm posted $0.23 earnings per share. On average, research analysts predict that Steelcase Inc. will post 1 EPS for the current fiscal year.

Steelcase Announces Dividend

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

Analyst Ratings Changes

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

Steelcase Company 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.