Deprince Race & Zollo Inc. reduced its position in Steelcase Inc. (NYSE:SCS) by 31.4% in the 4th quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 2,196,012 shares of the business services provider’s stock after selling 1,004,797 shares during the quarter. Steelcase comprises approximately 0.9% of Deprince Race & Zollo Inc.’s investment portfolio, making the stock its 19th largest position. Deprince Race & Zollo Inc. owned about 1.88% of Steelcase worth $32,567,000 at the end of the most recent quarter.
A number of other hedge funds and other institutional investors have also recently bought and sold shares of SCS. State of Alaska Department of Revenue increased its stake in shares of Steelcase by 5.6% in the 4th quarter. State of Alaska Department of Revenue now owns 11,537 shares of the business services provider’s stock worth $171,000 after acquiring an additional 607 shares during the last quarter. Strs Ohio increased its position in shares of Steelcase by 2.7% during the 4th quarter. Strs Ohio now owns 57,900 shares of the business services provider’s stock worth $858,000 after purchasing an additional 1,500 shares during the last quarter. Harel Insurance Investments & Financial Services Ltd. acquired a new stake in shares of Steelcase during the 4th quarter worth about $25,000. Legal & General Group Plc increased its position in shares of Steelcase by 3.9% during the 3rd quarter. Legal & General Group Plc now owns 74,913 shares of the business services provider’s stock worth $1,386,000 after purchasing an additional 2,819 shares during the last quarter. Finally, Alpha Windward LLC increased its position in shares of Steelcase by 9.1% during the 3rd quarter. Alpha Windward LLC now owns 38,700 shares of the business services provider’s stock worth $716,000 after purchasing an additional 3,240 shares during the last quarter. 65.67% of the stock is owned by hedge funds and other institutional investors.
Separately, Zacks Investment Research downgraded Steelcase from a “strong-buy” rating to a “hold” rating in a research report on Tuesday, November 27th. One analyst has rated the stock with a hold rating and three have assigned a buy rating to the company’s stock. The stock has an average rating of “Buy” and a consensus target price of $18.67.
In other news, Director Peter M. Wege II sold 13,741 shares of the firm’s stock in a transaction dated Friday, January 4th. The stock was sold at an average price of $15.53, for a total transaction of $213,397.73. Following the sale, the director now owns 238,656 shares of the company’s stock, valued at approximately $3,706,327.68. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. 17.58% of the stock is currently owned by company insiders.
Shares of SCS opened at $17.07 on Thursday. The company has a debt-to-equity ratio of 0.34, a current ratio of 1.25 and a quick ratio of 0.86. The stock has a market capitalization of $1.97 billion, a PE ratio of 18.76 and a beta of 1.25. Steelcase Inc. has a 1 year low of $13.10 and a 1 year high of $19.35.
Steelcase (NYSE:SCS) last issued its earnings results on Wednesday, December 19th. The business services provider reported $0.36 earnings per share for the quarter, topping the consensus estimate of $0.30 by $0.06. Steelcase had a return on equity of 15.91% and a net margin of 3.13%. The business had revenue of $901.00 million for the quarter, compared to analyst estimates of $900.30 million. As a group, sell-side analysts expect that Steelcase Inc. will post 1.12 EPS for the current year.
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-based furniture systems, storage products, fixed and height-adjustable desks, benches, and tables, as well as other products, including worktools.
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