California Public Employees Retirement System decreased its position in shares of Steelcase Inc. (NYSE:SCS) by 6.6% during the second quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 231,400 shares of the business services provider’s stock after selling 16,400 shares during the quarter. California Public Employees Retirement System owned approximately 0.20% of Steelcase worth $3,240,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also recently bought and sold shares of SCS. New York State Teachers Retirement System grew its position in shares of Steelcase by 4.2% during the 1st quarter. New York State Teachers Retirement System now owns 7,500 shares of the business services provider’s stock worth $126,000 after buying an additional 300 shares in the last quarter. Chevy Chase Trust Holdings Inc. bought a new position in shares of Steelcase during the 2nd quarter worth $147,000. Amalgamated Bank grew its position in shares of Steelcase by 3.4% during the 2nd quarter. Amalgamated Bank now owns 10,913 shares of the business services provider’s stock worth $153,000 after buying an additional 358 shares in the last quarter. AXA bought a new position in shares of Steelcase during the 2nd quarter worth $169,000. Finally, North Star Investment Management Corp. grew its position in shares of Steelcase by 99.4% during the 2nd quarter. North Star Investment Management Corp. now owns 13,290 shares of the business services provider’s stock worth $186,000 after buying an additional 6,626 shares in the last quarter. 62.22% of the stock is currently owned by institutional investors and hedge funds.

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A number of research firms have recently issued reports on SCS. Zacks Investment Research raised Steelcase from a “sell” rating to a “hold” rating in a research report on Thursday, August 24th. Sidoti downgraded Steelcase from a “buy” rating to a “neutral” rating and set a $16.00 price target on the stock. in a research report on Wednesday, September 20th. ValuEngine downgraded Steelcase from a “buy” rating to a “hold” rating in a research report on Friday, September 1st. TheStreet raised Steelcase from a “c+” rating to a “b-” rating in a research report on Tuesday, October 3rd. Finally, BidaskClub downgraded Steelcase from a “sell” rating to a “strong sell” rating in a research report on Monday, July 24th. One research analyst has rated the stock with a sell rating, four have assigned a hold rating and two have given a buy rating to the company’s stock. The company presently has a consensus rating of “Hold” and an average price target of $16.00.

Steelcase Inc. (NYSE:SCS) opened at 14.75 on Thursday. Steelcase Inc. has a 52-week low of $12.50 and a 52-week high of $18.15. The stock’s 50 day moving average price is $14.81 and its 200-day moving average price is $15.07. The company has a market cap of $1.71 billion, a P/E ratio of 14.50 and a beta of 1.21.

Steelcase (NYSE:SCS) last posted its quarterly earnings data on Monday, September 18th. The business services provider reported $0.31 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $0.23 by $0.08. The firm had revenue of $775.60 million for the quarter, compared to the consensus estimate of $759.83 million. Steelcase had a return on equity of 15.72% and a net margin of 3.98%. The company’s quarterly revenue was up 2.3% compared to the same quarter last year. During the same quarter in the previous year, the business earned $0.32 EPS. On average, equities analysts predict that Steelcase Inc. will post $0.93 earnings per share for the current fiscal year.

The company also recently disclosed a quarterly dividend, which was paid on Thursday, October 12th. Investors of record on Thursday, September 28th were issued a $0.1275 dividend. The ex-dividend date was Wednesday, September 27th. This represents a $0.51 annualized dividend and a dividend yield of 3.46%. Steelcase’s dividend payout ratio is presently 50.50%.

Steelcase 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.

Institutional Ownership by Quarter for Steelcase (NYSE:SCS)

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