Steelcase Inc. $SCS Shares Sold by Bank of New York Mellon Corp

Bank of New York Mellon Corp lessened its position in shares of Steelcase Inc. (NYSE:SCS) by 1.0% in the 2nd quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 708,250 shares of the business services provider’s stock after selling 6,811 shares during the quarter. Bank of New York Mellon Corp owned approximately 0.62% of Steelcase worth $7,387,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also made changes to their positions in the business. Burney Co. purchased a new position in Steelcase during the 2nd quarter valued at about $141,000. Jennison Associates LLC increased its stake in shares of Steelcase by 7.4% during the 2nd quarter. Jennison Associates LLC now owns 69,257 shares of the business services provider’s stock worth $722,000 after purchasing an additional 4,799 shares in the last quarter. Teacher Retirement System of Texas increased its stake in shares of Steelcase by 10.4% during the 2nd quarter. Teacher Retirement System of Texas now owns 444,154 shares of the business services provider’s stock worth $4,633,000 after purchasing an additional 41,668 shares in the last quarter. Y Intercept Hong Kong Ltd acquired a new position in shares of Steelcase during the 2nd quarter worth approximately $202,000. Finally, Green Alpha Advisors LLC lifted its stake in Steelcase by 2.3% in the 2nd quarter. Green Alpha Advisors LLC now owns 162,104 shares of the business services provider’s stock valued at $1,691,000 after buying an additional 3,698 shares in the last quarter. 92.42% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

A number of equities research analysts have commented on SCS shares. Zacks Research upgraded Steelcase from a “hold” rating to a “strong-buy” rating in a report on Monday, October 6th. Weiss Ratings reiterated a “hold (c+)” rating on shares of Steelcase in a research report on Friday, October 31st. Wall Street Zen downgraded shares of Steelcase from a “buy” rating to a “hold” rating in a research note on Saturday, August 9th. Finally, Noble Financial cut shares of Steelcase from a “strong-buy” rating to a “hold” rating in a research note on Tuesday, August 5th. One equities research analyst has rated the stock with a Strong Buy rating and three have assigned a Hold rating to the company. According to MarketBeat, Steelcase currently has a consensus rating of “Moderate Buy”.

Steelcase Stock Performance

Steelcase stock opened at $15.77 on Friday. The stock has a fifty day moving average price of $16.46 and a 200 day moving average price of $13.76. Steelcase Inc. has a 52 week low of $9.31 and a 52 week high of $17.40. The firm has a market capitalization of $1.81 billion, a P/E ratio of 15.31, a PEG ratio of 1.46 and a beta of 1.28. The company has a current ratio of 1.66, a quick ratio of 1.18 and a debt-to-equity ratio of 0.44.

Steelcase (NYSE:SCS) last posted its quarterly earnings results on Friday, June 2nd. The business services provider reported $0.23 EPS for the quarter. Steelcase had a return on equity of 13.00% and a net margin of 2.92%.The company had revenue of $724.80 million during the quarter. Equities research analysts anticipate that Steelcase Inc. will post 1 earnings per share for the current year.

Steelcase Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Monday, October 20th. Investors of record on Monday, October 6th were given a dividend of $0.10 per share. The ex-dividend date of this dividend was Monday, October 6th. This represents a $0.40 annualized dividend and a yield of 2.5%. Steelcase’s dividend payout ratio is 38.83%.

Steelcase Profile

Steelcase Inc provides a portfolio of furniture and architectural products and services in the United States and internationally. It operates through Americas and International segments. The company's furniture portfolio includes furniture systems, seating, storage, fixed and height-adjustable desks, benches, and tables, as well as complementary products, such as work accessories, lighting, mobile power, and screens.