Alliancebernstein L.P. continued to hold its stake in Steelcase Inc. (NYSE:SCS) during the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 123,331 shares of the business services provider’s stock at the end of the first quarter. Alliancebernstein L.P.’s holdings in Steelcase were worth $2,066,000 at the end of the most recent reporting period.

Other large investors also recently added to or reduced their stakes in the company. State Street Corp increased its stake in Steelcase by 4.7% in the fourth quarter. State Street Corp now owns 1,672,046 shares of the business services provider’s stock worth $29,930,000 after buying an additional 75,260 shares during the last quarter. Norges Bank acquired a new stake in Steelcase during the fourth quarter valued at about $21,863,000. Teachers Advisors LLC increased its stake in Steelcase by 2.0% in the fourth quarter. Teachers Advisors LLC now owns 137,048 shares of the business services provider’s stock valued at $2,453,000 after buying an additional 2,643 shares in the last quarter. Alpha Windward LLC increased its stake in Steelcase by 2.3% in the first quarter. Alpha Windward LLC now owns 29,880 shares of the business services provider’s stock valued at $500,000 after buying an additional 660 shares in the last quarter. Finally, Navellier & Associates Inc increased its stake in Steelcase by 17.7% in the first quarter. Navellier & Associates Inc now owns 122,436 shares of the business services provider’s stock valued at $2,051,000 after buying an additional 18,378 shares in the last quarter. Hedge funds and other institutional investors own 65.58% of the company’s stock.

Shares of Steelcase Inc. (NYSE:SCS) opened at 13.75 on Wednesday. Steelcase Inc. has a one year low of $12.67 and a one year high of $18.15. The firm’s 50 day moving average is $15.42 and its 200-day moving average is $16.28. The firm has a market capitalization of $1.62 billion, a PE ratio of 13.45 and a beta of 1.21.

Steelcase (NYSE:SCS) last issued its quarterly earnings data on Wednesday, June 21st. The business services provider reported $0.15 earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of $0.19 by $0.04. The company had revenue of $735.10 million for the quarter, compared to the consensus estimate of $743.27 million. Steelcase had a net margin of 4.04% and a return on equity of 16.37%. The firm’s revenue was up 2.3% compared to the same quarter last year. During the same period in the previous year, the business posted $0.18 earnings per share. On average, equities research analysts predict that Steelcase Inc. will post $0.96 earnings per share for the current fiscal year.

The firm also recently declared a quarterly dividend, which was paid on Friday, July 14th. Investors of record on Monday, July 3rd were issued a $0.1275 dividend. The ex-dividend date was Thursday, June 29th. This represents a $0.51 dividend on an annualized basis and a dividend yield of 3.71%. Steelcase’s dividend payout ratio is 50.50%.

COPYRIGHT VIOLATION WARNING: “Steelcase Inc. (SCS) Stake Maintained by Alliancebernstein L.P.” was first posted by Daily Political and is the property of of Daily Political. If you are accessing this news story on another website, it was copied illegally and republished in violation of U.S. & international copyright and trademark laws. The legal version of this news story can be read at https://www.dailypolitical.com/2017/07/19/steelcase-inc-scs-stake-maintained-by-alliancebernstein-l-p.html.

Several brokerages have recently weighed in on SCS. Raymond James Financial, Inc. restated an “outperform” rating and issued a $16.00 target price (down from $19.00) on shares of Steelcase in a research note on Friday, June 23rd. Zacks Investment Research upgraded shares of Steelcase from a “sell” rating to a “hold” rating in a research note on Tuesday, May 30th. UBS Group AG downgraded shares of Steelcase from a “strong-buy” rating to an “outperform” rating in a research note on Friday, June 23rd. ValuEngine downgraded shares of Steelcase from a “buy” rating to a “hold” rating in a research note on Friday, June 2nd. Finally, BidaskClub downgraded shares of Steelcase from a “hold” rating to a “sell” rating in a research note on Friday, June 23rd. Two analysts have rated the stock with a sell rating, two have given a hold rating and two have issued a buy rating to the company. Steelcase has a consensus rating of “Hold” and a consensus price target of $17.50.

In related news, Director Peter M. Wege II sold 14,400 shares of Steelcase stock in a transaction dated Friday, July 14th. The stock was sold at an average price of $13.81, for a total value of $198,864.00. Following the completion of the transaction, the director now directly owns 270,180 shares of the company’s stock, valued at $3,731,185.80. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Insiders own 18.87% of the company’s stock.

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.

Want to see what other hedge funds are holding SCS? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Steelcase Inc. (NYSE:SCS).

Institutional Ownership by Quarter for Steelcase (NYSE:SCS)

Receive News & Ratings for Steelcase Inc. Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Steelcase Inc. and related companies with MarketBeat.com's FREE daily email newsletter.