Bank of New York Mellon Corp cut its holdings in shares of Steelcase Inc. (NYSE:SCS) by 68.9% in the second quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 1,384,214 shares of the business services provider’s stock after selling 3,060,960 shares during the quarter. Bank of New York Mellon Corp owned about 1.58% of Steelcase worth $19,380,000 as of its most recent SEC filing.

Several other hedge funds have also modified their holdings of the company. Ameritas Investment Partners Inc. acquired a new position in shares of Steelcase in the first quarter valued at $125,000. New York State Teachers Retirement System raised its stake in shares of Steelcase by 4.2% in the first quarter. New York State Teachers Retirement System now owns 7,500 shares of the business services provider’s stock valued at $126,000 after purchasing an additional 300 shares in the last quarter. Chevy Chase Trust Holdings Inc. acquired a new position in shares of Steelcase in the second quarter valued at $147,000. Horizon Investment Services LLC acquired a new position in shares of Steelcase in the first quarter valued at $189,000. Finally, North Star Investment Management Corp. raised its stake in shares of Steelcase by 99.4% in the second quarter. North Star Investment Management Corp. now owns 13,290 shares of the business services provider’s stock valued at $186,000 after purchasing an additional 6,626 shares in the last quarter. Institutional investors own 62.10% of the company’s stock.

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In other Steelcase news, Director Peter M. Wege II sold 14,400 shares of Steelcase stock in a transaction on 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 approximately $3,731,185.80. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. 18.87% of the stock is owned by insiders.

Steelcase Inc. (SCS) opened at 14.25 on Monday. The firm’s 50-day moving average price is $13.35 and its 200 day moving average price is $15.35. Steelcase Inc. has a 1-year low of $12.50 and a 1-year high of $18.15. The firm has a market capitalization of $1.68 billion, a price-to-earnings ratio of 13.94 and a beta of 1.18.

Steelcase (NYSE:SCS) last released its quarterly earnings results on Wednesday, June 21st. The business services provider reported $0.15 earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of $0.19 by ($0.04). The firm had revenue of $735.10 million during 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 business’s revenue for the quarter was up 2.3% compared to the same quarter last year. During the same quarter last year, the firm earned $0.18 earnings per share. On average, analysts predict that Steelcase Inc. will post $0.96 EPS for the current year.

A number of research analysts recently commented on SCS shares. Sidoti upgraded Steelcase from a “neutral” rating to a “buy” rating and set a $16.00 target price for the company in a research note on Friday, September 1st. Zacks Investment Research upgraded Steelcase from a “sell” rating to a “hold” rating in a research note on Thursday, August 24th. ValuEngine lowered Steelcase from a “buy” rating to a “hold” rating in a research note on Friday, September 1st. BidaskClub lowered Steelcase from a “sell” rating to a “strong sell” rating in a research note on Monday, July 24th. Finally, 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. One equities research analyst has rated the stock with a sell rating, three have given a hold rating and three have issued a buy rating to the company’s stock. Steelcase has an average rating of “Hold” and an average price target of $17.00.

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.

Institutional Ownership by Quarter for Steelcase (NYSE:SCS)

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