Swiss National Bank Purchases 8,500 Shares of Steelcase Inc. (SCS)

Swiss National Bank lifted its position in shares of Steelcase Inc. (NYSE:SCS) by 5.9% during the 4th quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 152,600 shares of the business services provider’s stock after acquiring an additional 8,500 shares during the quarter. Swiss National Bank’s holdings in Steelcase were worth $2,320,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds also recently made changes to their positions in the company. Macquarie Group Ltd. acquired a new position in Steelcase during the 3rd quarter worth about $263,000. Mork Capital Management LLC lifted its holdings in Steelcase by 38.1% during the 4th quarter. Mork Capital Management LLC now owns 65,600 shares of the business services provider’s stock worth $997,000 after buying an additional 18,100 shares during the period. Trexquant Investment LP acquired a new position in Steelcase during the 3rd quarter worth about $947,000. SeaBridge Investment Advisors LLC lifted its holdings in Steelcase by 10.0% during the 4th quarter. SeaBridge Investment Advisors LLC now owns 385,338 shares of the business services provider’s stock worth $5,857,000 after buying an additional 35,018 shares during the period. Finally, State Street Corp lifted its holdings in Steelcase by 5.1% during the 2nd quarter. State Street Corp now owns 1,856,519 shares of the business services provider’s stock worth $25,994,000 after buying an additional 89,429 shares during the period. 58.68% of the stock is currently owned by hedge funds and other institutional investors.

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In related news, VP Sara E. Armbruster sold 3,000 shares of the business’s stock in a transaction dated Friday, December 22nd. The stock was 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 directly owns 69,870 shares of the company’s stock, valued at approximately $1,034,076. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, Director Peter M. Wege II sold 13,300 shares of the business’s stock in a transaction dated Thursday, January 4th. The shares were sold at an average price of $15.14, for a total value of $201,362.00. Following the completion of the sale, the director now directly owns 254,244 shares of the company’s stock, valued at $3,849,254.16. The disclosure for this sale can be found here. Company insiders own 18.87% of the company’s stock.

Separately, Zacks Investment Research lowered Steelcase from a “hold” rating to a “sell” rating in a research report on Tuesday, December 12th. Two analysts have rated the stock with a sell rating, two have issued a hold rating and two have given a buy rating to the stock. Steelcase has a consensus rating of “Hold” and a consensus price target of $16.00.

Steelcase Inc. (NYSE SCS) opened at $14.35 on Friday. Steelcase Inc. has a 12-month low of $12.50 and a 12-month high of $18.15. The company has a debt-to-equity ratio of 0.36, a current ratio of 1.58 and a quick ratio of 1.23. The firm has a market capitalization of $1,660.73, a PE ratio of 16.12 and a beta of 1.28.

Steelcase (NYSE:SCS) last posted its quarterly earnings data on Tuesday, December 19th. The business services provider reported $0.22 earnings per share 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 firm had revenue of $772.10 million during the quarter, compared to analyst estimates of $762.37 million. During the same period last year, the company posted $0.30 EPS. The business’s quarterly revenue was down 1.8% on a year-over-year basis. research analysts predict that Steelcase Inc. will post 0.81 earnings per share for the current year.

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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.

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Institutional Ownership by Quarter for Steelcase (NYSE:SCS)

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