Wells Fargo & Company MN cut its stake in Steelcase Inc. (NYSE:SCS) by 3.5% in the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 700,225 shares of the business services provider’s stock after selling 25,512 shares during the period. Wells Fargo & Company MN owned about 0.61% of Steelcase worth $6,911,000 at the end of the most recent quarter.
A number of other institutional investors and hedge funds also recently added to or reduced their stakes in SCS. APG Asset Management N.V. raised its position in Steelcase by 13.8% in the 1st quarter. APG Asset Management N.V. now owns 878,300 shares of the business services provider’s stock valued at $11,381,000 after purchasing an additional 106,579 shares in the last quarter. Alliancebernstein L.P. increased its stake in shares of Steelcase by 12.3% during the first quarter. Alliancebernstein L.P. now owns 233,906 shares of the business services provider’s stock worth $2,309,000 after buying an additional 25,527 shares during the period. M&T Bank Corp raised its holdings in Steelcase by 31.3% in the first quarter. M&T Bank Corp now owns 22,063 shares of the business services provider’s stock valued at $218,000 after acquiring an additional 5,263 shares in the last quarter. Grantham Mayo Van Otterloo & Co. LLC lifted its stake in Steelcase by 151.7% in the first quarter. Grantham Mayo Van Otterloo & Co. LLC now owns 455,302 shares of the business services provider’s stock worth $4,494,000 after acquiring an additional 274,418 shares during the last quarter. Finally, Nuveen Asset Management LLC lifted its stake in Steelcase by 185.1% in the first quarter. Nuveen Asset Management LLC now owns 1,280,965 shares of the business services provider’s stock worth $12,643,000 after acquiring an additional 831,686 shares during the last quarter. 68.54% of the stock is owned by hedge funds and other institutional investors.
Shares of NYSE:SCS opened at $12.06 on Wednesday. The firm has a 50 day simple moving average of $11.65 and a 200-day simple moving average of $14.51. Steelcase Inc. has a twelve month low of $7.02 and a twelve month high of $23.02. The company has a current ratio of 1.72, a quick ratio of 1.41 and a debt-to-equity ratio of 0.72. The company has a market capitalization of $1.32 billion, a PE ratio of 7.27 and a beta of 1.61.
A number of equities research analysts have recently weighed in on the stock. Sidoti raised their price objective on shares of Steelcase from $10.00 to $12.00 and gave the company a “neutral” rating in a report on Monday, June 1st. Benchmark started coverage on Steelcase in a report on Friday, May 22nd. They set a “buy” rating for the company. One analyst has rated the stock with a sell rating, four have given a hold rating and one has assigned a buy rating to the stock. The stock has an average rating of “Hold” and a consensus target price of $18.67.
Steelcase Company Profile
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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