Sapience Investments LLC Decreases Holdings in Steelcase Inc. (SCS)
Sapience Investments LLC trimmed its position in shares of Steelcase Inc. (NYSE:SCS) by 2.0% during the second quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 478,100 shares of the business services provider’s stock after selling 9,750 shares during the period. Sapience Investments LLC’s holdings in Steelcase were worth $6,454,000 as of its most recent SEC filing.
Other large investors have also recently added to or reduced their stakes in the company. Hartford Investment Management Co. acquired a new position in Steelcase during the second quarter worth $167,000. WBI Investments Inc. acquired a new position in Steelcase during the second quarter worth $173,000. Summit Trail Advisors LLC lifted its stake in Steelcase by 53.0% during the first quarter. Summit Trail Advisors LLC now owns 13,044 shares of the business services provider’s stock worth $180,000 after purchasing an additional 4,521 shares in the last quarter. Baldwin Brothers Inc. MA acquired a new position in Steelcase during the second quarter worth $184,000. Finally, Cornerstone Wealth Management LLC acquired a new position in Steelcase during the second quarter worth $1,000,000. Institutional investors own 64.77% of the company’s stock.
A number of research analysts have commented on the company. TheStreet cut Steelcase from a “b-” rating to a “c+” rating in a research note on Monday, June 25th. Zacks Investment Research raised Steelcase from a “hold” rating to a “buy” rating and set a $16.00 price objective on the stock in a research report on Tuesday, June 26th. Finally, ValuEngine raised Steelcase from a “sell” rating to a “hold” rating in a research report on Friday, July 6th. Four research analysts have rated the stock with a hold rating, The stock presently has an average rating of “Hold” and a consensus price target of $16.00.
Steelcase (NYSE:SCS) last posted its quarterly earnings data on Wednesday, June 20th. The business services provider reported $0.14 earnings per share for the quarter, hitting analysts’ consensus estimates of $0.14. Steelcase had a return on equity of 13.38% and a net margin of 2.59%. The business had revenue of $754.00 million for the quarter, compared to analyst estimates of $754.17 million. During the same quarter in the prior year, the company earned $0.15 earnings per share. The company’s revenue was up 2.6% on a year-over-year basis. analysts predict that Steelcase Inc. will post 0.95 EPS for the current year.
In related news, Director Jennifer C. Niemann sold 3,400 shares of the stock in a transaction on Friday, July 6th. The stock was sold at an average price of $14.17, for a total value of $48,178.00. Following the transaction, the director now owns 3,838 shares of the company’s stock, valued at $54,384.46. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, VP Sara E. Armbruster sold 10,000 shares of the stock in a transaction on Tuesday, June 26th. The shares were sold at an average price of $13.75, for a total value of $137,500.00. Following the completion of the transaction, the vice president now directly owns 67,474 shares in the company, valued at approximately $927,767.50. The disclosure for this sale can be found here. 17.58% of the stock is currently owned by corporate insiders.
Steelcase Inc manufactures and sells integrated furniture settings, user-centered technologies, and interior architectural products. It operates through Americas, EMEA, and Other Category segments. The company's furniture portfolio includes panel-based furniture systems, storage products, fixed and height-adjustable desks, benches, and tables, as well as other products, including worktools.
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