Acadian Asset Management LLC Lowers Holdings in Steelcase Inc. (NYSE:SCS)

Acadian Asset Management LLC trimmed its position in Steelcase Inc. (NYSE:SCS) by 51.5% during the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 505,629 shares of the business services provider’s stock after selling 536,750 shares during the period. Acadian Asset Management LLC owned approximately 0.44% of Steelcase worth $6,608,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also recently bought and sold shares of SCS. USA Financial Formulas purchased a new stake in shares of Steelcase during the 4th quarter worth $28,000. FinTrust Capital Advisors LLC purchased a new stake in shares of Steelcase during the 4th quarter worth $44,000. Quest Partners LLC purchased a new stake in shares of Steelcase during the 4th quarter worth $71,000. SpiderRock Advisors LLC purchased a new stake in shares of Steelcase during the 1st quarter worth $135,000. Finally, Guardian Capital LP purchased a new stake in shares of Steelcase during the 4th quarter worth $150,000. 92.42% of the stock is currently owned by hedge funds and other institutional investors.

Insider Activity at Steelcase

In related news, VP Donna K. Flynn sold 13,310 shares of the business’s stock in a transaction dated Monday, June 24th. The shares were sold at an average price of $13.72, for a total value of $182,613.20. Following the completion of the transaction, the vice president now owns 78,733 shares of the company’s stock, valued at approximately $1,080,216.76. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. 12.96% of the stock is currently owned by corporate insiders.

Steelcase Price Performance

Shares of Steelcase stock traded up $0.28 on Monday, hitting $13.82. The company’s stock had a trading volume of 381,053 shares, compared to its average volume of 744,979. Steelcase Inc. has a 52-week low of $8.01 and a 52-week high of $14.54. The company has a quick ratio of 1.15, a current ratio of 1.61 and a debt-to-equity ratio of 0.51. The firm has a fifty day moving average price of $13.08 and a 200-day moving average price of $12.84. The company has a market capitalization of $1.58 billion, a P/E ratio of 17.84, a price-to-earnings-growth ratio of 1.35 and a beta of 1.34.

Steelcase (NYSE:SCS) last released its quarterly earnings data on Thursday, June 20th. The business services provider reported $0.16 EPS for the quarter, topping the consensus estimate of $0.10 by $0.06. Steelcase had a net margin of 2.89% and a return on equity of 13.66%. The business had revenue of $727.30 million for the quarter, compared to analyst estimates of $729.05 million. During the same period in the previous year, the firm earned $0.09 EPS. The business’s revenue for the quarter was down 3.3% compared to the same quarter last year. On average, equities research analysts expect that Steelcase Inc. will post 1 earnings per share for the current fiscal year.

Steelcase Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Monday, July 15th. Investors of record on Wednesday, July 3rd were paid a $0.10 dividend. This represents a $0.40 annualized dividend and a yield of 2.89%. The ex-dividend date was Wednesday, July 3rd. Steelcase’s payout ratio is 52.63%.

Analysts Set New Price Targets

SCS has been the topic of several research analyst reports. Benchmark boosted their target price on shares of Steelcase from $17.00 to $18.00 and gave the stock a “buy” rating in a research report on Friday, June 21st. StockNews.com upgraded shares of Steelcase from a “buy” rating to a “strong-buy” rating in a research report on Friday, March 29th.

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.