Bank of New York Mellon Corp Has $17.09 Million Stake in Steelcase Inc. (SCS)

Bank of New York Mellon Corp reduced its position in Steelcase Inc. (NYSE:SCS) by 19.8% during the third quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 1,109,750 shares of the business services provider’s stock after selling 274,464 shares during the quarter. Bank of New York Mellon Corp owned approximately 0.92% of Steelcase worth $17,090,000 as of its most recent filing with the SEC.

Other large investors have also recently bought and sold shares of the company. New York State Teachers Retirement System bought a new stake in shares of Steelcase in the 3rd quarter valued at $117,000. Public Employees Retirement System of Ohio boosted 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 valued at $152,000 after purchasing an additional 947 shares during the last quarter. Amalgamated Bank boosted 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 valued at $153,000 after purchasing an additional 358 shares during the last quarter. AXA bought a new stake in shares of Steelcase in the 2nd quarter valued at $169,000. Finally, Fox Run Management L.L.C. bought a new stake in shares of Steelcase in the 3rd quarter valued at $256,000. 62.23% of the stock is currently owned by institutional investors.

Steelcase Inc. (NYSE:SCS) opened at $14.45 on Tuesday. The company has a debt-to-equity ratio of 0.37, a quick ratio of 1.28 and a current ratio of 1.63. Steelcase Inc. has a 1-year low of $12.50 and a 1-year high of $18.15. The firm has a market cap of $1,636.08, a price-to-earnings ratio of 13.82 and a beta of 1.25.

Steelcase (NYSE:SCS) last released its quarterly earnings data on Monday, September 18th. The business services provider reported $0.31 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $0.23 by $0.08. Steelcase had a net margin of 3.98% and a return on equity of 15.72%. The firm had revenue of $775.60 million for the quarter, compared to the consensus estimate of $759.83 million. During the same quarter in the prior year, the company posted $0.32 earnings per share. The business’s revenue was up 2.3% on a year-over-year basis. equities analysts forecast that Steelcase Inc. will post 0.89 EPS for the current year.

A number of research firms recently issued reports on SCS. Sidoti downgraded shares of Steelcase from a “buy” rating to a “neutral” rating and set a $16.00 target price on the stock. in a research report on Wednesday, September 20th. Zacks Investment Research downgraded shares of Steelcase from a “hold” rating to a “sell” rating in a research report on Tuesday, December 12th. ValuEngine downgraded shares of Steelcase from a “buy” rating to a “hold” rating in a research report on Friday, September 1st. Finally, TheStreet upgraded shares of Steelcase from a “c+” rating to a “b-” rating in a research report on Tuesday, October 3rd. Two investment analysts have rated the stock with a sell rating, two have assigned a hold rating and two have given a buy rating to the stock. The stock currently has a consensus rating of “Hold” and an average target price of $16.00.

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About Steelcase

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.

Institutional Ownership by Quarter for Steelcase (NYSE:SCS)

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