New York State Common Retirement Fund decreased its position in Steelcase Inc. (NYSE:SCS) by 37.2% in the 3rd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 110,200 shares of the business services provider’s stock after selling 65,387 shares during the period. New York State Common Retirement Fund owned approximately 0.09% of Steelcase worth $1,697,000 as of its most recent SEC filing.
A number of other hedge funds and other institutional investors have also recently bought and sold shares of the business. New York State Teachers Retirement System acquired a new stake in shares of Steelcase in the 3rd quarter worth approximately $117,000. Public Employees Retirement System of Ohio lifted its stake in shares of 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 worth $152,000 after acquiring an additional 947 shares during the period. Amalgamated Bank lifted its stake in shares of Steelcase by 3.4% in the 2nd quarter. Amalgamated Bank now owns 10,913 shares of the business services provider’s stock worth $153,000 after acquiring an additional 358 shares during the period. AXA acquired a new stake in shares of Steelcase in the 2nd quarter worth approximately $169,000. Finally, Fox Run Management L.L.C. acquired a new stake in shares of Steelcase in the 3rd quarter worth approximately $256,000. Hedge funds and other institutional investors own 62.15% of the company’s stock.
Shares of Steelcase Inc. (NYSE SCS) opened at $15.75 on Thursday. Steelcase Inc. has a one year low of $12.50 and a one year high of $18.15. The company has a market cap of $1,830.00, a P/E ratio of 17.70 and a beta of 1.25. The company has a current ratio of 1.58, a quick ratio of 1.23 and a debt-to-equity ratio of 0.36.
Steelcase (NYSE:SCS) last released its earnings results on Tuesday, December 19th. The business services provider reported $0.22 EPS for the quarter, meeting the consensus estimate of $0.22. Steelcase had a net margin of 3.49% and a return on equity of 13.62%. The business had revenue of $772.10 million during the quarter, compared to analyst estimates of $762.37 million. During the same period in the prior year, the business earned $0.30 earnings per share. The business’s quarterly revenue was down 1.8% on a year-over-year basis. equities analysts predict that Steelcase Inc. will post 0.81 EPS for the current year.
The firm also recently announced a quarterly dividend, which was paid on Monday, January 15th. Investors of record on Friday, December 29th were paid a dividend of $0.1275 per share. This represents a $0.51 annualized dividend and a yield of 3.24%. The ex-dividend date of this dividend was Thursday, December 28th. Steelcase’s dividend payout ratio is presently 57.30%.
A number of analysts have recently weighed in on SCS shares. Sidoti lowered shares of Steelcase from a “buy” rating to a “neutral” rating and set a $16.00 price target for the company. in a research note on Wednesday, September 20th. TheStreet raised shares of Steelcase from a “c+” rating to a “b-” rating in a research note on Tuesday, October 3rd. Finally, Zacks Investment Research lowered shares of Steelcase from a “hold” rating to a “sell” rating in a research note on Tuesday, December 12th. Two investment analysts have rated the stock with a sell rating, two have given a hold rating and two have given a buy rating to the stock. Steelcase has a consensus rating of “Hold” and an average target price of $16.00.
In related news, VP Sara E. Armbruster sold 3,000 shares of the company’s stock in a transaction that occurred on Friday, December 22nd. The shares were sold at an average price of $14.80, for a total value of $44,400.00. Following the completion of the sale, the vice president now owns 69,870 shares in the company, valued at approximately $1,034,076. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. 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 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 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.
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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