Bank of New York Mellon Corp Sells 25,775 Shares of Steelcase Inc. (NYSE:SCS)

Bank of New York Mellon Corp lowered its position in Steelcase Inc. (NYSE:SCS - Free Report) by 3.5% during the first quarter, according to its most recent Form 13F filing with the SEC. The fund owned 715,061 shares of the business services provider's stock after selling 25,775 shares during the period. Bank of New York Mellon Corp owned 0.63% of Steelcase worth $7,837,000 at the end of the most recent reporting period.

A number of other hedge funds have also recently added to or reduced their stakes in SCS. American Century Companies Inc. increased its holdings in Steelcase by 10.0% in the fourth quarter. American Century Companies Inc. now owns 3,024,828 shares of the business services provider's stock worth $35,753,000 after buying an additional 275,369 shares during the last quarter. KLP Kapitalforvaltning AS acquired a new position in Steelcase in the 4th quarter valued at $643,000. LPL Financial LLC bought a new position in Steelcase in the 4th quarter worth $191,000. Prudential Financial Inc. lifted its position in Steelcase by 150.6% during the 4th quarter. Prudential Financial Inc. now owns 528,658 shares of the business services provider's stock worth $6,249,000 after acquiring an additional 317,700 shares during the last quarter. Finally, Segall Bryant & Hamill LLC lifted its position in Steelcase by 38.0% during the 4th quarter. Segall Bryant & Hamill LLC now owns 232,466 shares of the business services provider's stock worth $2,748,000 after acquiring an additional 63,995 shares during the last quarter. Institutional investors and hedge funds own 92.42% of the company's stock.

Steelcase Stock Performance

SCS stock traded down $0.18 during trading on Thursday, reaching $10.51. 597,008 shares of the stock were exchanged, compared to its average volume of 773,842. Steelcase Inc. has a twelve month low of $9.31 and a twelve month high of $14.74. The company has a current ratio of 1.65, a quick ratio of 1.15 and a debt-to-equity ratio of 0.46. The company has a market capitalization of $1.20 billion, a P/E ratio of 10.20, a price-to-earnings-growth ratio of 1.00 and a beta of 1.13. The stock has a 50 day simple moving average of $10.50 and a 200-day simple moving average of $10.87.

Steelcase (NYSE:SCS - Get Free Report) last issued its quarterly earnings results on Wednesday, June 25th. The business services provider reported $0.20 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.12 by $0.08. Steelcase had a return on equity of 14.49% and a net margin of 3.84%. The firm had revenue of $779.00 million for the quarter, compared to analyst estimates of $759.90 million. During the same period in the previous year, the company posted $0.16 earnings per share. The company's quarterly revenue was up 7.1% compared to the same quarter last year. As a group, sell-side analysts anticipate that Steelcase Inc. will post 1 earnings per share for the current year.

Steelcase Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Monday, July 21st. Investors of record on Monday, July 7th were paid a $0.10 dividend. This represents a $0.40 annualized dividend and a yield of 3.81%. The ex-dividend date was Monday, July 7th. Steelcase's dividend payout ratio is 38.83%.

Analyst Upgrades and Downgrades

Several equities analysts recently weighed in on the company. Wall Street Zen cut Steelcase from a "strong-buy" rating to a "buy" rating in a research report on Friday, June 27th. Sidoti upgraded shares of Steelcase to a "hold" rating in a research note on Friday, March 28th.

Insider Buying and Selling

In related news, VP Robert G. Krestakos sold 12,000 shares of the business's stock in a transaction on Friday, July 11th. The stock was sold at an average price of $10.63, for a total value of $127,560.00. Following the sale, the vice president owned 127,912 shares of the company's stock, valued at $1,359,704.56. The trade was a 8.58% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. 6.75% of the stock is currently owned by corporate insiders.

Steelcase Company Profile

Steelcase Inc provides a portfolio of furniture and architectural products and services in the United States and internationally. It operates through Americas and International segments. The company's furniture portfolio includes furniture systems, seating, storage, fixed and height-adjustable desks, benches, and tables, as well as complementary products, such as work accessories, lighting, mobile power, and screens.