First Trust Advisors LP lowered its position in Steelcase Inc. (NYSE:SCS) by 5.8% in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 182,136 shares of the business services provider’s stock after selling 11,301 shares during the quarter. First Trust Advisors LP owned approximately 0.16% of Steelcase worth $2,768,000 as of its most recent filing with the Securities and Exchange Commission.
Other hedge funds and other institutional investors have also recently modified their holdings of the company. Macquarie Group Ltd. purchased a new stake in Steelcase in the third quarter valued at approximately $263,000. Mork Capital Management LLC lifted its stake in Steelcase by 38.1% in the fourth quarter. Mork Capital Management LLC now owns 65,600 shares of the business services provider’s stock valued at $997,000 after buying an additional 18,100 shares during the last quarter. Trexquant Investment LP purchased a new stake in Steelcase in the third quarter valued at approximately $947,000. SeaBridge Investment Advisors LLC lifted its stake in Steelcase by 10.0% in the fourth quarter. SeaBridge Investment Advisors LLC now owns 385,338 shares of the business services provider’s stock valued at $5,857,000 after buying an additional 35,018 shares during the last quarter. Finally, Wells Fargo & Company MN lifted its stake in Steelcase by 4.6% in the third quarter. Wells Fargo & Company MN now owns 1,576,764 shares of the business services provider’s stock valued at $24,283,000 after buying an additional 68,659 shares during the last quarter. Institutional investors own 64.62% of the company’s stock.
In other news, VP Sara E. Armbruster sold 3,000 shares of the company’s stock in a transaction that occurred on Friday, December 22nd. The stock was sold at an average price of $14.80, for a total transaction of $44,400.00. Following the completion of the sale, the vice president now owns 69,870 shares in the company, valued at $1,034,076. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Peter M. Wege II sold 13,300 shares of the company’s stock in a transaction that occurred on Thursday, January 4th. The stock was sold at an average price of $15.14, for a total value of $201,362.00. Following the sale, the director now owns 254,244 shares of the company’s stock, valued at approximately $3,849,254.16. The disclosure for this sale can be found here. 18.87% of the stock is owned by corporate insiders.
Shares of Steelcase Inc. (SCS) opened at $14.25 on Friday. 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 Inc. has a 52 week low of $12.50 and a 52 week high of $18.15. The firm has a market capitalization of $1,660.00, a P/E ratio of 16.01 and a beta of 1.27.
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 the Thomson Reuters’ consensus estimate of $0.22. Steelcase had a return on equity of 13.62% and a net margin of 3.49%. The business had revenue of $772.10 million during the quarter, compared to analysts’ expectations of $762.37 million. During the same quarter in the prior year, the business earned $0.30 earnings per share. The company’s quarterly revenue was down 1.8% compared to the same quarter last year. equities research analysts expect that Steelcase Inc. will post 0.81 EPS for the current year.
Separately, Zacks Investment Research cut Steelcase from a “hold” rating to a “sell” rating in a research note on Tuesday, December 12th. Two analysts have rated the stock with a sell rating, two have issued a hold rating and two have assigned a buy rating to the stock. The company presently has an average rating of “Hold” and a consensus target price of $16.00.
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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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