Steelcase Inc. (SCS) Shares Sold by WBI Investments Inc.

WBI Investments Inc. reduced its stake in shares of Steelcase Inc. (NYSE:SCS) by 95.9% during the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 10,736 shares of the business services provider’s stock after selling 250,862 shares during the quarter. WBI Investments Inc.’s holdings in Steelcase were worth $150,000 at the end of the most recent quarter.

Other large investors also recently made changes to their positions in the company. Vanguard Group Inc. grew its position in Steelcase by 9.5% during the 1st quarter. Vanguard Group Inc. now owns 7,590,595 shares of the business services provider’s stock worth $127,143,000 after purchasing an additional 659,548 shares during the last quarter. BlackRock Inc. grew its position in Steelcase by 29,527.3% during the 1st quarter. BlackRock Inc. now owns 5,656,450 shares of the business services provider’s stock worth $94,745,000 after purchasing an additional 5,637,358 shares during the last quarter. Wellington Management Group LLP grew its position in Steelcase by 29.0% during the 1st quarter. Wellington Management Group LLP now owns 4,978,251 shares of the business services provider’s stock worth $83,385,000 after purchasing an additional 1,119,428 shares during the last quarter. Bank of New York Mellon Corp grew its position in Steelcase by 3.1% during the 1st quarter. Bank of New York Mellon Corp now owns 4,445,174 shares of the business services provider’s stock worth $74,456,000 after purchasing an additional 135,463 shares during the last quarter. Finally, Dimensional Fund Advisors LP grew its position in Steelcase by 7.1% during the 1st quarter. Dimensional Fund Advisors LP now owns 3,320,708 shares of the business services provider’s stock worth $55,621,000 after purchasing an additional 219,066 shares during the last quarter. Hedge funds and other institutional investors own 62.18% of the company’s stock.

Steelcase Inc. (SCS) opened at 14.25 on Friday. Steelcase Inc. has a 12 month low of $12.50 and a 12 month high of $18.15. The stock has a market capitalization of $1.68 billion, a P/E ratio of 13.94 and a beta of 1.18. The firm’s 50-day moving average is $13.35 and its 200 day moving average is $15.35.

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

WARNING: This report was originally posted by Chaffey Breeze and is owned by of Chaffey Breeze. If you are reading this report on another domain, it was illegally copied and republished in violation of United States & international trademark and copyright law. The original version of this report can be viewed at https://www.chaffeybreeze.com/2017/09/17/steelcase-inc-scs-shares-sold-by-wbi-investments-inc.html.

In other Steelcase news, Director Peter M. Wege II sold 14,400 shares of the stock in a transaction on Friday, July 14th. The shares were sold at an average price of $13.81, for a total transaction of $198,864.00. Following the sale, the director now directly owns 270,180 shares of the company’s stock, valued at $3,731,185.80. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 18.87% of the stock is currently owned by corporate insiders.

SCS has been the topic of several research reports. BidaskClub downgraded shares of Steelcase from a “hold” rating to a “sell” rating in a research report on Friday, June 23rd. Sidoti raised shares of Steelcase from a “neutral” rating to a “buy” rating and set a $16.00 price objective on the stock in a research report on Friday, September 1st. Zacks Investment Research downgraded shares of Steelcase from a “hold” rating to a “strong sell” rating in a research report on Wednesday, June 28th. ValuEngine downgraded shares of Steelcase from a “buy” rating to a “hold” rating in a research report on Friday, June 2nd. Finally, UBS AG downgraded shares of Steelcase from a “strong-buy” rating to an “outperform” rating in a research report on Friday, June 23rd. One investment analyst has rated the stock with a sell rating, three have given a hold rating and three have assigned a buy rating to the company. The company presently has a consensus rating of “Hold” and a consensus price target of $17.00.

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.

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.

Latest News

Leave a Reply