Bank of New York Mellon Corp grew its position in Steelcase (NYSE:SCS) by 7.3% during the fourth quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 1,191,041 shares of the business services provider’s stock after purchasing an additional 81,291 shares during the quarter. Bank of New York Mellon Corp owned approximately 1.03% of Steelcase worth $18,105,000 as of its most recent SEC filing.
Other large investors have also recently added to or reduced their stakes in the company. Macquarie Group Ltd. bought a new position in shares of Steelcase in the third quarter valued at approximately $263,000. Mork Capital Management LLC raised its position in shares of Steelcase by 38.1% in the fourth quarter. Mork Capital Management LLC now owns 65,600 shares of the business services provider’s stock valued at $997,000 after purchasing an additional 18,100 shares during the period. Trexquant Investment LP bought a new position in shares of Steelcase in the third quarter valued at approximately $947,000. SeaBridge Investment Advisors LLC raised its position in shares of Steelcase by 10.0% in the fourth quarter. SeaBridge Investment Advisors LLC now owns 385,338 shares of the business services provider’s stock valued at $5,857,000 after purchasing an additional 35,018 shares during the period. Finally, Wells Fargo & Company MN raised its position in shares of Steelcase by 4.6% in the third quarter. Wells Fargo & Company MN now owns 1,576,764 shares of the business services provider’s stock valued at $24,283,000 after purchasing an additional 68,659 shares during the period. 64.62% of the stock is currently owned by institutional investors.
Separately, Zacks Investment Research lowered shares of Steelcase from a “hold” rating to a “sell” rating in a research report on Tuesday, December 12th. Two equities research analysts have rated the stock with a sell rating, two have issued a hold rating and two have assigned a buy rating to the company. The company has a consensus rating of “Hold” and an average price target of $16.00.
Steelcase (NYSE:SCS) last announced its quarterly earnings data on Tuesday, March 20th. The business services provider reported $0.24 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.16 by $0.08. The business had revenue of $772.70 million for the quarter, compared to the consensus estimate of $750.70 million. Steelcase had a net margin of 2.64% and a return on equity of 13.66%. Steelcase’s quarterly revenue was up .5% on a year-over-year basis. During the same quarter last year, the company posted $0.27 earnings per share. research analysts expect that Steelcase will post 0.96 EPS for the current year.
The business also recently disclosed a quarterly dividend, which will be paid on Friday, April 13th. Stockholders of record on Friday, March 30th will be paid a $0.135 dividend. This is an increase from Steelcase’s previous quarterly dividend of $0.13. The ex-dividend date of this dividend is Wednesday, March 28th. This represents a $0.54 annualized dividend and a dividend yield of 3.97%. Steelcase’s dividend payout ratio (DPR) is presently 75.00%.
In other news, Director Peter M. Wege II sold 13,300 shares of the firm’s stock in a transaction on Thursday, January 4th. The shares were sold at an average price of $15.14, for a total value of $201,362.00. Following the sale, the director now owns 254,244 shares in the company, valued at $3,849,254.16. The sale was disclosed in a filing with the SEC, which is available at this hyperlink. Company insiders own 18.87% of the company’s stock.
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Steelcase Inc manufactures and sells integrated portfolio of furniture settings, user-centered technologies, and interior architectural products. The company operates through Americas, EMEA, and Other Category segments. Its furniture systems portfolio comprises panel-based and freestanding furniture systems, storage, desks, benches, tables, and complementary products, such as worktools.
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