Alliancebernstein L.P. raised its stake in Steelcase Inc. (NYSE:SCS) by 13.4% in the fourth quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 4,133,810 shares of the business services provider’s stock after acquiring an additional 489,955 shares during the quarter. Alliancebernstein L.P.’s holdings in Steelcase were worth $62,834,000 at the end of the most recent quarter.
Several other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Cooke & Bieler LP increased its stake in Steelcase by 13.6% in the fourth quarter. Cooke & Bieler LP now owns 4,255,419 shares of the business services provider’s stock valued at $64,682,000 after purchasing an additional 509,585 shares during the last quarter. Dimensional Fund Advisors LP increased its stake in Steelcase by 8.3% in the third quarter. Dimensional Fund Advisors LP now owns 3,630,186 shares of the business services provider’s stock valued at $55,905,000 after purchasing an additional 278,125 shares during the last quarter. LSV Asset Management increased its stake in Steelcase by 7.9% in the fourth quarter. LSV Asset Management now owns 2,394,433 shares of the business services provider’s stock valued at $36,395,000 after purchasing an additional 176,200 shares during the last quarter. State Street Corp increased its stake in Steelcase by 5.1% in the second quarter. State Street Corp now owns 1,856,519 shares of the business services provider’s stock valued at $25,994,000 after purchasing an additional 89,429 shares during the last quarter. Finally, Wells Fargo & Company MN increased its stake in Steelcase by 6.9% in the fourth quarter. Wells Fargo & Company MN now owns 1,685,216 shares of the business services provider’s stock valued at $25,614,000 after purchasing an additional 108,452 shares during the last quarter. 64.62% of the stock is owned by institutional investors.
In other Steelcase news, Director Peter M. Wege II sold 13,300 shares of the business’s stock in a transaction dated Thursday, January 4th. The stock was sold at an average price of $15.14, for a total transaction of $201,362.00. Following the completion of the sale, the director now owns 254,244 shares of the company’s stock, valued at $3,849,254.16. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, VP Sara E. Armbruster sold 3,000 shares of the business’s stock in a transaction dated Friday, December 22nd. The shares were sold at an average price of $14.80, for a total value of $44,400.00. Following the sale, the vice president now directly owns 69,870 shares of the company’s stock, valued at approximately $1,034,076. The disclosure for this sale can be found here. 18.87% of the stock is currently owned by insiders.
Steelcase (NYSE:SCS) last posted its quarterly earnings results on Tuesday, December 19th. The business services provider reported $0.22 earnings per share (EPS) for the quarter, meeting the Zacks’ 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 the consensus estimate of $762.37 million. During the same quarter in the previous year, the business earned $0.30 earnings per share. The firm’s quarterly revenue was down 1.8% compared to the same quarter last year. equities research analysts forecast that Steelcase Inc. will post 0.81 EPS for the current year.
Separately, Zacks Investment Research lowered Steelcase from a “hold” rating to a “sell” rating in a research note on Tuesday, December 12th. Two analysts have rated the stock with a sell rating, two have given a hold rating and two have given a buy rating to the stock. The stock has an average rating of “Hold” and an average target price of $16.00.
Steelcase Company Profile
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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