Comerica Bank grew its position in shares of Steelcase (NYSE:SCS) by 222.5% in the first quarter, according to its most recent filing with the SEC. The fund owned 235,371 shares of the business services provider’s stock after acquiring an additional 162,390 shares during the quarter. Comerica Bank owned about 0.20% of Steelcase worth $3,307,000 at the end of the most recent reporting period.
Several other hedge funds and other institutional investors have also recently bought and sold shares of the company. FormulaFolio Investments LLC bought a new position in shares of Steelcase during the 1st quarter valued at approximately $528,000. Xact Kapitalforvaltning AB bought a new position in shares of Steelcase during the 4th quarter valued at approximately $192,000. MetLife Investment Advisors LLC bought a new position in shares of Steelcase during the 4th quarter valued at approximately $644,000. Vident Investment Advisory LLC bought a new position in shares of Steelcase during the 4th quarter valued at approximately $204,000. Finally, Stone Ridge Asset Management LLC bought a new position in shares of Steelcase during the 4th quarter valued at approximately $685,000. Hedge funds and other institutional investors own 66.85% of the company’s stock.
In related news, Director Jennifer C. Niemann sold 3,500 shares of the stock in a transaction on Monday, April 23rd. The stock was sold at an average price of $13.91, for a total transaction of $48,685.00. Following the sale, the director now owns 5,232 shares in the company, valued at approximately $72,777.12. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Also, Director Peter M. Wege II sold 7,000 shares of the stock in a transaction on Thursday, March 29th. The shares were sold at an average price of $13.46, for a total value of $94,220.00. Following the sale, the director now owns 246,391 shares in the company, valued at approximately $3,316,422.86. The disclosure for this sale can be found here. Insiders have sold a total of 10,804 shares of company stock worth $147,131 in the last 90 days. 18.87% of the stock is currently owned by insiders.
A number of research analysts have recently commented on SCS shares. Zacks Investment Research upgraded Steelcase from a “sell” rating to a “hold” rating in a research report on Wednesday, March 28th. ValuEngine downgraded Steelcase from a “hold” rating to a “sell” rating in a research report on Wednesday, May 2nd. Finally, Seaport Global Securities reiterated a “neutral” rating on shares of Steelcase in a research report on Monday, March 26th. Two investment analysts have rated the stock with a sell rating, three have issued a hold rating and two have issued a buy rating to the company’s stock. Steelcase has a consensus rating of “Hold” and an average target price of $16.00.
NYSE:SCS opened at $14.25 on Friday. Steelcase has a fifty-two week low of $12.50 and a fifty-two week high of $18.15. The firm has a market cap of $1.67 billion, a P/E ratio of 15.66 and a beta of 1.27. The company has a debt-to-equity ratio of 0.36, a quick ratio of 1.21 and a current ratio of 1.54.
Steelcase (NYSE:SCS) last released its quarterly earnings results on Tuesday, March 20th. The business services provider reported $0.24 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $0.16 by $0.08. Steelcase had a return on equity of 13.60% and a net margin of 2.64%. The company had revenue of $772.70 million for the quarter, compared to analyst estimates of $750.70 million. During the same quarter in the prior year, the firm posted $0.27 EPS. Steelcase’s quarterly revenue was up .5% compared to the same quarter last year. sell-side analysts forecast that Steelcase will post 0.98 EPS for the current year.
Steelcase Company Profile
Steelcase Inc manufactures and sells integrated furniture settings, user-centered technologies, and interior architectural products. It operates through Americas, EMEA, and Other Category segments. The company's furniture portfolio includes panel-based furniture systems, storage products, fixed and height-adjustable desks, benches, and tables, as well as other products, including worktools.
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