Steelcase Inc. (NYSE:SCS) Shares Sold by AQR Capital Management LLC

AQR Capital Management LLC lowered its holdings in shares of Steelcase Inc. (NYSE:SCS) by 14.9% in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 637,729 shares of the business services provider’s stock after selling 111,318 shares during the period. AQR Capital Management LLC’s holdings in Steelcase were worth $7,538,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds also recently modified their holdings of SCS. R Squared Ltd acquired a new position in shares of Steelcase during the 4th quarter worth approximately $36,000. Quarry LP raised its holdings in shares of Steelcase by 162.6% in the fourth quarter. Quarry LP now owns 8,344 shares of the business services provider’s stock worth $99,000 after acquiring an additional 5,166 shares during the last quarter. Olympiad Research LP purchased a new stake in shares of Steelcase in the fourth quarter valued at $134,000. Boothbay Fund Management LLC acquired a new stake in shares of Steelcase during the fourth quarter valued at $135,000. Finally, Mariner LLC purchased a new stake in Steelcase during the 4th quarter worth about $139,000. Hedge funds and other institutional investors own 92.42% of the company’s stock.

Insider Activity

In other news, VP Robert G. Krestakos sold 6,000 shares of the business’s stock in a transaction dated Monday, April 14th. The stock was sold at an average price of $10.13, for a total transaction of $60,780.00. Following the completion of the sale, the vice president now owns 139,912 shares in the company, valued at approximately $1,417,308.56. The trade was a 4.11 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Corporate insiders own 12.96% of the company’s stock.

Analyst Ratings Changes

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

Steelcase Price Performance

SCS stock opened at $9.92 on Thursday. The stock has a market capitalization of $1.14 billion, a price-to-earnings ratio of 10.33, a price-to-earnings-growth ratio of 1.25 and a beta of 1.15. The stock’s fifty day simple moving average is $10.54 and its 200-day simple moving average is $11.72. Steelcase Inc. has a 52-week low of $9.32 and a 52-week high of $14.74. The company has a quick ratio of 1.21, a current ratio of 1.57 and a debt-to-equity ratio of 0.48.

Steelcase (NYSE:SCS) last posted its quarterly earnings results on Wednesday, March 26th. The business services provider reported $0.26 EPS for the quarter, beating the consensus estimate of $0.20 by $0.06. Steelcase had a return on equity of 14.20% and a net margin of 3.63%. The company had revenue of $788.00 million during the quarter, compared to analysts’ expectations of $790.90 million. During the same quarter in the previous year, the business earned $0.23 EPS. The firm’s revenue was up 1.7% on a year-over-year basis. Equities research analysts expect that Steelcase Inc. will post 1 EPS for the current year.

Steelcase Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Monday, April 21st. Shareholders of record on Monday, April 7th were issued a $0.10 dividend. The ex-dividend date was Monday, April 7th. This represents a $0.40 dividend on an annualized basis and a dividend yield of 4.03%. Steelcase’s dividend payout ratio (DPR) is presently 39.60%.

About Steelcase

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.