Steelcase Inc. (NYSE:SCS) Shares Sold by Public Employees Retirement System of Ohio

Public Employees Retirement System of Ohio trimmed its position in Steelcase Inc. (NYSE:SCS) by 1.3% in the 2nd quarter, Holdings Channel.com reports. The fund owned 54,098 shares of the business services provider’s stock after selling 690 shares during the quarter. Public Employees Retirement System of Ohio’s holdings in Steelcase were worth $925,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also recently made changes to their positions in the company. NEXT Financial Group Inc lifted its stake in shares of Steelcase by 22.2% during the second quarter. NEXT Financial Group Inc now owns 4,400 shares of the business services provider’s stock worth $75,000 after buying an additional 800 shares during the period. Meeder Asset Management Inc. lifted its stake in shares of Steelcase by 7.9% during the second quarter. Meeder Asset Management Inc. now owns 14,573 shares of the business services provider’s stock worth $249,000 after buying an additional 1,064 shares during the period. Advisor Group Inc. lifted its stake in shares of Steelcase by 25.3% during the second quarter. Advisor Group Inc. now owns 6,313 shares of the business services provider’s stock worth $108,000 after buying an additional 1,276 shares during the period. Rhumbline Advisers lifted its stake in shares of Steelcase by 1.1% during the first quarter. Rhumbline Advisers now owns 129,075 shares of the business services provider’s stock worth $1,878,000 after buying an additional 1,356 shares during the period. Finally, Strs Ohio lifted its stake in shares of Steelcase by 3.5% during the second quarter. Strs Ohio now owns 55,600 shares of the business services provider’s stock worth $950,000 after buying an additional 1,900 shares during the period. Institutional investors own 68.05% of the company’s stock.

Several equities research analysts have recently commented on the stock. Seaport Global Securities downgraded shares of Steelcase from a “buy” rating to a “neutral” rating in a research note on Wednesday, July 17th. Zacks Investment Research downgraded shares of Steelcase from a “hold” rating to a “sell” rating in a research note on Wednesday, August 14th. One analyst has rated the stock with a sell rating, two have given a hold rating and one has assigned a strong buy rating to the company’s stock. The company currently has an average rating of “Hold” and an average target price of $19.00.

In related news, CEO James P. Keane sold 100,000 shares of the business’s stock in a transaction on Friday, July 12th. The shares were sold at an average price of $17.45, for a total transaction of $1,745,000.00. Following the completion of the transaction, the chief executive officer now directly owns 808,927 shares in the company, valued at $14,115,776.15. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CFO David C. Sylvester sold 21,017 shares of the business’s stock in a transaction on Friday, July 12th. The shares were sold at an average price of $17.43, for a total transaction of $366,326.31. Following the transaction, the chief financial officer now owns 412,816 shares of the company’s stock, valued at $7,195,382.88. The disclosure for this sale can be found here. Insiders have sold 147,037 shares of company stock valued at $2,557,519 over the last 90 days. 17.58% of the stock is currently owned by insiders.

Shares of NYSE:SCS traded up $1.65 on Friday, hitting $18.39. 4,726,832 shares of the company were exchanged, compared to its average volume of 365,826. The firm has a market capitalization of $1.92 billion, a P/E ratio of 15.33 and a beta of 1.35. The stock’s 50 day moving average price is $15.98 and its 200 day moving average price is $16.51. Steelcase Inc. has a 1-year low of $13.96 and a 1-year high of $19.35. The company has a current ratio of 1.57, a quick ratio of 1.13 and a debt-to-equity ratio of 0.78.

Steelcase (NYSE:SCS) last posted its earnings results on Friday, September 20th. The business services provider reported $0.50 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.43 by $0.07. The company had revenue of $998.00 million during the quarter, compared to the consensus estimate of $980.87 million. Steelcase had a net margin of 3.61% and a return on equity of 16.35%. The firm’s quarterly revenue was up 14.0% on a year-over-year basis. During the same period in the previous year, the firm posted $0.36 earnings per share. On average, equities analysts predict that Steelcase Inc. will post 1.28 EPS for the current fiscal year.

About Steelcase

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, fence and beam-based furniture systems, storage products, fixed and height-adjustable desks, benches, and tables, as well as complementary products, including worktools.

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Institutional Ownership by Quarter for Steelcase (NYSE:SCS)

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