Brandywine Global Investment Management LLC trimmed its stake in shares of Steelcase (NYSE:SCS) by 12.6% during the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 257,289 shares of the business services provider’s stock after selling 37,179 shares during the quarter. Brandywine Global Investment Management LLC owned 0.22% of Steelcase worth $3,911,000 as of its most recent filing with the Securities and Exchange Commission.
Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Verity Asset Management Inc. bought a new position in shares of Steelcase in the fourth quarter valued at approximately $183,000. Acadian Asset Management LLC bought a new position in shares of Steelcase in the fourth quarter valued at approximately $184,000. AMG National Trust Bank bought a new position in shares of Steelcase in the fourth quarter valued at approximately $214,000. Investors Research Corp bought a new position in shares of Steelcase in the fourth quarter valued at approximately $226,000. Finally, Bredin Investment LLC bought a new position in shares of Steelcase in the fourth quarter valued at approximately $240,000. 64.62% of the stock is currently owned by institutional investors.
Separately, Zacks Investment Research cut shares of Steelcase from a “hold” rating to a “sell” rating in a research note on Tuesday, December 12th. Two research analysts have rated the stock with a sell rating, two have issued a hold rating and two have given a buy rating to the stock. Steelcase currently has an average rating of “Hold” and an average price target of $16.00.
In other Steelcase news, Director Peter M. Wege II sold 13,300 shares of the company’s stock in a transaction on Thursday, January 4th. The shares were sold at an average price of $15.14, for a total transaction of $201,362.00. Following the completion of the sale, the director now owns 254,244 shares in the company, valued at approximately $3,849,254.16. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, VP Sara E. Armbruster sold 3,000 shares of the company’s stock in a transaction on Friday, December 22nd. The shares were 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 of the company’s stock, valued at approximately $1,034,076. The disclosure for this sale can be found here. Insiders own 18.87% of the company’s stock.
Steelcase (NYSE SCS) opened at $14.20 on Tuesday. The company has a quick ratio of 1.23, a current ratio of 1.58 and a debt-to-equity ratio of 0.36. Steelcase has a 1 year low of $12.50 and a 1 year high of $18.15. The firm has a market cap of $1,672.34, a P/E ratio of 15.96 and a beta of 1.28.
Steelcase (NYSE:SCS) last posted its quarterly earnings data on Tuesday, December 19th. The business services provider reported $0.22 earnings per share for the quarter, hitting the consensus estimate of $0.22. Steelcase had a net margin of 3.49% and a return on equity of 13.62%. The firm had revenue of $772.10 million during the quarter, compared to analysts’ expectations of $762.37 million. During the same quarter in the previous year, the company posted $0.30 EPS. Steelcase’s revenue was down 1.8% on a year-over-year basis. analysts expect that Steelcase will post 0.81 earnings per share for the current fiscal year.
Steelcase Inc manufactures and sells integrated portfolio of furniture settings, user-centered technologies, and interior architectural products. The company operates through Americas, EMEA, and Other Category segments. Its furniture systems portfolio comprises panel-based and freestanding furniture systems, storage, desks, benches, tables, and complementary products, such as worktools.
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