Skandinaviska Enskilda Banken AB publ Sells 901,400 Shares of Steelcase Inc. (SCS)

Skandinaviska Enskilda Banken AB publ lowered its position in Steelcase Inc. (NYSE:SCS) by 85.7% in the third quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 149,900 shares of the business services provider’s stock after selling 901,400 shares during the quarter. Skandinaviska Enskilda Banken AB publ owned approximately 0.13% of Steelcase worth $2,308,000 as of its most recent SEC filing.

A number of other institutional investors have also recently modified their holdings of the stock. KBC Group NV lifted its stake in Steelcase by 18.7% in the third quarter. KBC Group NV now owns 117,172 shares of the business services provider’s stock worth $1,804,000 after acquiring an additional 18,461 shares during the last quarter. Dimensional Fund Advisors LP lifted its position in shares of Steelcase by 8.3% during the 3rd quarter. Dimensional Fund Advisors LP now owns 3,630,186 shares of the business services provider’s stock worth $55,905,000 after buying an additional 278,125 shares during the last quarter. Schwab Charles Investment Management Inc. lifted its position in shares of Steelcase by 6.3% during the 3rd quarter. Schwab Charles Investment Management Inc. now owns 859,471 shares of the business services provider’s stock worth $13,236,000 after buying an additional 50,604 shares during the last quarter. Wells Fargo & Company MN lifted its position in shares of Steelcase by 4.6% during the 3rd quarter. Wells Fargo & Company MN now owns 1,576,764 shares of the business services provider’s stock worth $24,283,000 after buying an additional 68,659 shares during the last quarter. Finally, Trexquant Investment LP purchased a new stake in shares of Steelcase during the 3rd quarter worth approximately $947,000. Institutional investors own 62.23% of the company’s stock.

Several analysts have recently weighed in on SCS shares. TheStreet upgraded shares of Steelcase from a “c+” rating to a “b-” rating in a research report on Tuesday, October 3rd. Sidoti upgraded shares of Steelcase from a “neutral” rating to a “buy” rating and set a $16.00 price objective for the company in a research report on Friday, September 1st. ValuEngine downgraded shares of Steelcase from a “buy” rating to a “hold” rating in a research report on Friday, September 1st. Finally, Zacks Investment Research upgraded shares of Steelcase from a “sell” rating to a “hold” rating in a research report on Thursday, August 24th. One research analyst has rated the stock with a sell rating, three have issued a hold rating and two have issued a buy rating to the company. The company presently has a consensus rating of “Hold” and an average price target of $16.00.

Shares of Steelcase Inc. (NYSE:SCS) traded down $0.45 during trading on Wednesday, hitting $14.45. 755,300 shares of the stock were exchanged, compared to its average volume of 717,943. The firm has a market cap of $1,728.91, a PE ratio of 14.61 and a beta of 1.25. Steelcase Inc. has a fifty-two week low of $12.50 and a fifty-two week high of $18.15. The company has a quick ratio of 1.28, a current ratio of 1.63 and a debt-to-equity ratio of 0.37.

Steelcase (NYSE:SCS) last announced its earnings results on Monday, September 18th. The business services provider reported $0.31 EPS for the quarter, beating analysts’ consensus estimates of $0.23 by $0.08. The business had revenue of $775.60 million for the quarter, compared to analysts’ expectations of $759.83 million. Steelcase had a net margin of 3.98% and a return on equity of 15.72%. The company’s quarterly revenue was up 2.3% on a year-over-year basis. During the same period in the previous year, the company posted $0.32 EPS. equities analysts expect that Steelcase Inc. will post 0.93 EPS for the current year.

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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.

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Institutional Ownership by Quarter for Steelcase (NYSE:SCS)

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