QS Investors LLC cut its position in Steelcase Inc. (NYSE:SCS) by 3.0% during the 4th quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 353,763 shares of the business services provider’s stock after selling 10,854 shares during the quarter. QS Investors LLC’s holdings in Steelcase were worth $5,377,000 at the end of the most recent quarter.
Other large investors have also recently modified their holdings of the company. New York State Teachers Retirement System bought a new stake in Steelcase in the 3rd quarter valued at about $117,000. Public Employees Retirement System of Ohio lifted its position in Steelcase by 9.6% in the 2nd quarter. Public Employees Retirement System of Ohio now owns 10,833 shares of the business services provider’s stock valued at $152,000 after purchasing an additional 947 shares during the last quarter. Verity Asset Management Inc. bought a new stake in Steelcase in the 4th quarter valued at about $183,000. Acadian Asset Management LLC bought a new stake in Steelcase in the 4th quarter valued at about $184,000. Finally, AMG National Trust Bank bought a new stake in Steelcase in the 4th quarter valued at about $214,000. Hedge funds and other institutional investors own 64.62% of the company’s stock.
In other Steelcase news, Director Peter M. Wege II sold 13,300 shares of the business’s stock in a transaction dated Thursday, January 4th. The shares were sold at an average price of $15.14, for a total transaction of $201,362.00. Following the sale, the director now directly owns 254,244 shares in the company, valued at approximately $3,849,254.16. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, VP Sara E. Armbruster sold 3,000 shares of the business’s stock in a transaction dated Friday, December 22nd. The stock was sold at an average price of $14.80, for a total transaction of $44,400.00. Following the sale, the vice president now owns 69,870 shares in the company, valued at $1,034,076. The disclosure for this sale can be found here. 18.87% of the stock is currently owned by insiders.
Separately, Zacks Investment Research downgraded shares of Steelcase from a “hold” rating to a “sell” rating in a research report on Tuesday, December 12th. Two investment analysts have rated the stock with a sell rating, two have assigned a hold rating and two have given a buy rating to the stock. The stock has a consensus rating of “Hold” and an average price target of $16.00.
Shares of Steelcase Inc. (SCS) opened at $14.35 on Thursday. Steelcase Inc. has a 52-week low of $12.50 and a 52-week high of $18.15. The company has a market cap of $1,689.76, a PE ratio of 16.12 and a beta of 1.28. The company has a debt-to-equity ratio of 0.36, a quick ratio of 1.23 and a current ratio of 1.58.
Steelcase (NYSE:SCS) last released its quarterly earnings results on Tuesday, December 19th. The business services provider reported $0.22 EPS for the quarter, hitting analysts’ consensus estimates of $0.22. Steelcase had a net margin of 3.49% and a return on equity of 13.62%. The company had revenue of $772.10 million for the quarter, compared to the consensus estimate of $762.37 million. During the same period in the previous year, the firm earned $0.30 EPS. Steelcase’s revenue was down 1.8% on a year-over-year basis. sell-side analysts anticipate that Steelcase Inc. will post 0.81 earnings per share for the current fiscal year.
Steelcase Inc provides an integrated portfolio of furniture settings, user-centered technologies and interior architectural products. The Company’s segments include Americas, EMEA and Other Category. The Company’s furniture portfolio includes panel-based and freestanding furniture systems and complementary products, such as storage, tables and ergonomic worktools.
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