Amalgamated Bank Cuts Holdings in Steelcase Inc. (NYSE:SCS)

Amalgamated Bank cut its holdings in Steelcase Inc. (NYSE:SCS) by 10.0% during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 8,092 shares of the business services provider’s stock after selling 896 shares during the quarter. Amalgamated Bank’s holdings in Steelcase were worth $109,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also recently bought and sold shares of the business. Prime Capital Investment Advisors LLC increased its position in Steelcase by 8.6% during the fourth quarter. Prime Capital Investment Advisors LLC now owns 18,680 shares of the business services provider’s stock worth $253,000 after buying an additional 1,476 shares in the last quarter. Swiss National Bank raised its stake in Steelcase by 1.0% in the 3rd quarter. Swiss National Bank now owns 185,200 shares of the business services provider’s stock valued at $2,069,000 after purchasing an additional 1,900 shares during the last quarter. Pathstone Family Office LLC lifted its holdings in Steelcase by 9.6% in the 3rd quarter. Pathstone Family Office LLC now owns 36,204 shares of the business services provider’s stock valued at $404,000 after purchasing an additional 3,158 shares in the last quarter. Allspring Global Investments Holdings LLC boosted its stake in shares of Steelcase by 219.9% during the 3rd quarter. Allspring Global Investments Holdings LLC now owns 5,828 shares of the business services provider’s stock worth $65,000 after purchasing an additional 4,006 shares during the last quarter. Finally, New York State Common Retirement Fund grew its holdings in shares of Steelcase by 12.1% during the fourth quarter. New York State Common Retirement Fund now owns 37,619 shares of the business services provider’s stock worth $509,000 after buying an additional 4,075 shares in the last quarter. Institutional investors and hedge funds own 92.42% of the company’s stock.

Insiders Place Their Bets

In related news, VP Robert G. Krestakos sold 4,000 shares of the firm’s stock in a transaction that occurred on Monday, March 25th. The stock was sold at an average price of $12.61, for a total value of $50,440.00. Following the sale, the vice president now owns 108,081 shares of the company’s stock, valued at approximately $1,362,901.41. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. 12.72% of the stock is currently owned by corporate insiders.

Analysts Set New Price Targets

Separately, StockNews.com raised shares of Steelcase from a “buy” rating to a “strong-buy” rating in a research note on Friday, March 29th.

Steelcase Stock Up 1.1 %

SCS opened at $13.19 on Friday. Steelcase Inc. has a 1 year low of $6.39 and a 1 year high of $14.54. The firm has a 50 day moving average price of $12.67 and a 200 day moving average price of $12.70. The company has a debt-to-equity ratio of 0.50, a quick ratio of 1.20 and a current ratio of 1.58. The company has a market cap of $1.51 billion, a PE ratio of 19.40, a price-to-earnings-growth ratio of 1.44 and a beta of 1.32.

Steelcase (NYSE:SCS) last released its quarterly earnings results on Wednesday, March 20th. The business services provider reported $0.23 earnings per share for the quarter, topping analysts’ consensus estimates of $0.21 by $0.02. The firm had revenue of $775.20 million during the quarter, compared to analysts’ expectations of $780.25 million. Steelcase had a return on equity of 12.87% and a net margin of 2.57%. Steelcase’s quarterly revenue was down 3.3% compared to the same quarter last year. During the same quarter in the prior year, the business earned $0.19 EPS. Sell-side analysts expect that Steelcase Inc. will post 0.92 earnings per share for the current year.

Steelcase Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Monday, April 15th. Investors of record on Wednesday, April 3rd were paid a dividend of $0.10 per share. The ex-dividend date was Tuesday, April 2nd. This represents a $0.40 annualized dividend and a yield of 3.03%. Steelcase’s dividend payout ratio (DPR) is 58.82%.

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.