Alliancebernstein L.P. boosted its position in Steelcase Inc. (NYSE:SCS) by 2,481.3% in the 2nd quarter, according to its most recent filing with the SEC. The fund owned 3,183,486 shares of the business services provider’s stock after purchasing an additional 3,060,155 shares during the period. Alliancebernstein L.P. owned about 2.70% of Steelcase worth $44,569,000 as of its most recent filing with the SEC.
A number of other large investors have also recently modified their holdings of the stock. Vanguard Group Inc. lifted its stake in Steelcase by 9.5% in the 1st quarter. Vanguard Group Inc. now owns 7,590,595 shares of the business services provider’s stock valued at $127,143,000 after purchasing an additional 659,548 shares during the last quarter. BlackRock Inc. raised its holdings in Steelcase by 29,527.3% in the 1st quarter. BlackRock Inc. now owns 5,656,450 shares of the business services provider’s stock valued at $94,745,000 after acquiring an additional 5,637,358 shares during the period. Wellington Management Group LLP raised its holdings in Steelcase by 29.0% in the 1st quarter. Wellington Management Group LLP now owns 4,978,251 shares of the business services provider’s stock valued at $83,385,000 after acquiring an additional 1,119,428 shares during the period. Bank of New York Mellon Corp raised its holdings in Steelcase by 3.1% in the 1st quarter. Bank of New York Mellon Corp now owns 4,445,174 shares of the business services provider’s stock valued at $74,456,000 after acquiring an additional 135,463 shares during the period. Finally, Dimensional Fund Advisors LP raised its holdings in Steelcase by 7.1% in the 1st quarter. Dimensional Fund Advisors LP now owns 3,320,708 shares of the business services provider’s stock valued at $55,621,000 after acquiring an additional 219,066 shares during the period. Institutional investors and hedge funds own 62.18% of the company’s stock.
In other Steelcase news, Director Peter M. Wege II sold 14,400 shares of the business’s stock in a transaction dated Friday, July 14th. The shares were sold at an average price of $13.81, for a total value of $198,864.00. Following the transaction, the director now directly owns 270,180 shares in the company, valued at $3,731,185.80. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. 18.87% of the stock is owned by insiders.
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Several research analysts have weighed in on the stock. UBS AG cut shares of Steelcase from a “strong-buy” rating to an “outperform” rating in a report on Friday, June 23rd. Zacks Investment Research cut shares of Steelcase from a “hold” rating to a “strong sell” rating in a report on Wednesday, June 28th. BidaskClub cut shares of Steelcase from a “hold” rating to a “sell” rating in a report on Friday, June 23rd. Raymond James Financial, Inc. reissued an “outperform” rating and issued a $16.00 price target (down from $19.00) on shares of Steelcase in a report on Friday, June 23rd. Finally, ValuEngine cut shares of Steelcase from a “buy” rating to a “hold” rating in a report on Friday, June 2nd. One investment analyst has rated the stock with a sell rating, three have given a hold rating and three have issued a buy rating to the stock. Steelcase has an average rating of “Hold” and a consensus target price of $17.00.
Steelcase Inc. (SCS) opened at 14.25 on Friday. The company has a market capitalization of $1.68 billion, a PE ratio of 13.94 and a beta of 1.18. Steelcase Inc. has a 12-month low of $12.50 and a 12-month high of $18.15. The firm has a 50-day moving average of $13.35 and a 200 day moving average of $15.35.
Steelcase (NYSE:SCS) last released its earnings results on Wednesday, June 21st. The business services provider reported $0.15 earnings per share for the quarter, missing the Zacks’ consensus estimate of $0.19 by ($0.04). The company had revenue of $735.10 million during the quarter, compared to analysts’ expectations of $743.27 million. Steelcase had a net margin of 4.04% and a return on equity of 16.37%. The firm’s revenue was up 2.3% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $0.18 earnings per share. Analysts forecast that Steelcase Inc. will post $0.96 EPS 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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