Steelcase Inc. (NYSE:SCS) Shares Sold by Prosperity Consulting Group LLC

Prosperity Consulting Group LLC trimmed its holdings in Steelcase Inc. (NYSE:SCS) by 25.9% during the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 30,301 shares of the business services provider’s stock after selling 10,570 shares during the period. Prosperity Consulting Group LLC’s holdings in Steelcase were worth $393,000 at the end of the most recent reporting period.

A number of other hedge funds have also recently added to or reduced their stakes in SCS. FinTrust Capital Advisors LLC acquired a new stake in Steelcase in the 4th quarter worth about $44,000. Quest Partners LLC acquired a new stake in Steelcase in the 4th quarter worth about $71,000. Innealta Capital LLC acquired a new stake in Steelcase in the 2nd quarter worth about $93,000. SpiderRock Advisors LLC acquired a new stake in Steelcase in the 1st quarter worth about $135,000. Finally, DekaBank Deutsche Girozentrale acquired a new stake in Steelcase in the 1st quarter worth about $141,000. 92.42% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

Separately, Benchmark raised their price objective on Steelcase from $17.00 to $18.00 and gave the stock a “buy” rating in a report on Friday, June 21st.

Steelcase Stock Performance

Steelcase stock opened at $13.79 on Friday. The stock’s 50-day moving average is $13.46 and its 200-day moving average is $13.02. The company has a market cap of $1.57 billion, a price-to-earnings ratio of 18.14, a price-to-earnings-growth ratio of 1.33 and a beta of 1.33. The company has a debt-to-equity ratio of 0.51, a current ratio of 1.61 and a quick ratio of 1.15. Steelcase Inc. has a 12 month low of $8.66 and a 12 month high of $14.74.

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 analysts’ consensus estimates of $0.10 by $0.06. The company had revenue of $727.30 million for the quarter, compared to the consensus estimate of $729.05 million. Steelcase had a return on equity of 13.66% and a net margin of 2.89%. The company’s quarterly revenue was down 3.3% compared to the same quarter last year. During the same period last year, the business posted $0.09 EPS. Equities analysts anticipate that Steelcase Inc. will post 1 earnings per share for the current year.

Steelcase Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Monday, July 15th. Investors of record on Wednesday, July 3rd were issued a dividend of $0.10 per share. The ex-dividend date was Wednesday, July 3rd. This represents a $0.40 annualized dividend and a dividend yield of 2.90%. Steelcase’s payout ratio is currently 52.63%.

Insider Activity at Steelcase

In related news, VP Donna K. Flynn sold 13,310 shares of the firm’s stock in a transaction dated Monday, June 24th. The stock was sold at an average price of $13.72, for a total transaction of $182,613.20. Following the sale, the vice president now directly owns 78,733 shares in the company, valued at approximately $1,080,216.76. The sale was disclosed in a document filed with the SEC, which is accessible through this link. In other Steelcase news, VP Donna K. Flynn sold 13,310 shares of Steelcase stock in a transaction that occurred on Monday, June 24th. The stock was sold at an average price of $13.72, for a total transaction of $182,613.20. Following the sale, the vice president now directly owns 78,733 shares in the company, valued at approximately $1,080,216.76. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, CAO Nicole Cherie Mcgrath sold 15,749 shares of Steelcase stock in a transaction that occurred on Tuesday, July 23rd. The stock was sold at an average price of $13.94, for a total value of $219,541.06. Following the completion of the transaction, the chief accounting officer now owns 18,453 shares of the company’s stock, valued at approximately $257,234.82. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 174,187 shares of company stock worth $2,410,861. 12.96% of the stock is currently owned by company insiders.

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.