Nordea Investment Management AB reduced its holdings in shares of Steelcase Inc. (NYSE:SCS) by 43.8% in the 1st quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor owned 97,400 shares of the business services provider’s stock after selling 75,900 shares during the quarter. Nordea Investment Management AB owned approximately 0.08% of Steelcase worth $1,418,000 at the end of the most recent reporting period.
Several other institutional investors and hedge funds have also modified their holdings of SCS. BlackRock Inc. lifted its holdings in Steelcase by 7.4% during the 4th quarter. BlackRock Inc. now owns 6,279,610 shares of the business services provider’s stock valued at $93,126,000 after purchasing an additional 432,754 shares during the last quarter. LSV Asset Management lifted its holdings in shares of Steelcase by 0.6% during the first quarter. LSV Asset Management now owns 2,511,562 shares of the business services provider’s stock worth $36,543,000 after buying an additional 14,900 shares in the last quarter. Norges Bank acquired a new stake in shares of Steelcase during the fourth quarter worth $29,625,000. Frontier Capital Management Co. LLC lifted its holdings in shares of Steelcase by 44.7% during the first quarter. Frontier Capital Management Co. LLC now owns 1,284,415 shares of the business services provider’s stock worth $18,688,000 after buying an additional 396,486 shares in the last quarter. Finally, Geode Capital Management LLC lifted its holdings in shares of Steelcase by 2.5% during the fourth quarter. Geode Capital Management LLC now owns 1,236,936 shares of the business services provider’s stock worth $18,343,000 after buying an additional 30,369 shares in the last quarter. 66.17% of the stock is owned by institutional investors.
Shares of NYSE SCS traded down $0.12 during mid-day trading on Friday, reaching $16.83. The company had a trading volume of 508,812 shares, compared to its average volume of 815,798. The company has a debt-to-equity ratio of 0.78, a quick ratio of 1.13 and a current ratio of 1.57. Steelcase Inc. has a one year low of $13.40 and a one year high of $19.35. The firm has a market cap of $1.99 billion, a price-to-earnings ratio of 14.03 and a beta of 1.32. The company has a 50-day moving average price of $16.88.
The firm also recently announced a quarterly dividend, which was paid on Tuesday, July 16th. Shareholders of record on Monday, July 1st were given a $0.145 dividend. This represents a $0.58 dividend on an annualized basis and a yield of 3.45%. The ex-dividend date of this dividend was Friday, June 28th. Steelcase’s dividend payout ratio is presently 48.33%.
SCS has been the subject of a number of research reports. Seaport Global Securities downgraded Steelcase from a “buy” rating to a “neutral” rating in a report on Wednesday. Zacks Investment Research downgraded EXACT Sciences from a “hold” rating to a “sell” rating in a report on Tuesday, July 2nd. Three research analysts have rated the stock with a hold rating and one has given a strong buy rating to the company. The company has an average rating of “Buy” and a consensus target price of $19.00.
In other news, CFO David C. Sylvester sold 21,017 shares of Steelcase stock in a transaction dated Friday, July 12th. The stock was sold at an average price of $17.43, for a total transaction of $366,326.31. Following the sale, the chief financial officer now directly owns 412,816 shares of the company’s stock, valued at $7,195,382.88. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CEO James P. Keane sold 100,000 shares of Steelcase stock in a transaction dated Friday, July 12th. The shares were sold at an average price of $17.45, for a total value of $1,745,000.00. Following the sale, the chief executive officer now directly owns 808,927 shares in the company, valued at $14,115,776.15. The disclosure for this sale can be found here. In the last quarter, insiders sold 359,270 shares of company stock worth $6,185,315. Company insiders own 17.58% of the company’s stock.
Steelcase Company Profile
Steelcase Inc manufactures and sells integrated furniture settings, user-centered technologies, and interior architectural products. It operates through Americas, EMEA, and Other Category segments. The company's furniture portfolio includes panel, fence and beam-based furniture systems, storage products, fixed and height-adjustable desks, benches, and tables, as well as complementary products, including worktools.
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