Bank of New York Mellon Corp Has $8.76 Million Stake in Steelcase Inc. (NYSE:SCS)

Bank of New York Mellon Corp decreased its holdings in shares of Steelcase Inc. (NYSE:SCS) by 20.5% in the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 740,836 shares of the business services provider’s stock after selling 190,744 shares during the quarter. Bank of New York Mellon Corp owned approximately 0.65% of Steelcase worth $8,757,000 as of its most recent SEC filing.

Other large investors have also recently added to or reduced their stakes in the company. Barclays PLC lifted its stake in Steelcase by 203.1% in the third quarter. Barclays PLC now owns 178,002 shares of the business services provider’s stock valued at $2,402,000 after acquiring an additional 119,268 shares during the last quarter. Geode Capital Management LLC raised its position in shares of Steelcase by 1.0% in the third quarter. Geode Capital Management LLC now owns 2,180,428 shares of the business services provider’s stock valued at $29,420,000 after purchasing an additional 22,507 shares during the period. State Street Corp raised its position in shares of Steelcase by 1.0% in the third quarter. State Street Corp now owns 2,260,310 shares of the business services provider’s stock valued at $30,714,000 after purchasing an additional 22,226 shares during the period. SG Americas Securities LLC bought a new position in shares of Steelcase in the fourth quarter valued at about $379,000. Finally, BNP Paribas Financial Markets raised its position in shares of Steelcase by 322.3% in the third quarter. BNP Paribas Financial Markets now owns 572,269 shares of the business services provider’s stock valued at $7,720,000 after purchasing an additional 436,754 shares during the period. Institutional investors and hedge funds own 92.42% of the company’s stock.

Steelcase Price Performance

Shares of SCS opened at $10.97 on Friday. The firm has a market capitalization of $1.25 billion, a PE ratio of 11.43, a PEG ratio of 1.25 and a beta of 1.33. The company’s 50-day moving average is $11.69 and its 200-day moving average is $12.55. Steelcase Inc. has a fifty-two week low of $10.78 and a fifty-two week high of $14.74. The company has a debt-to-equity ratio of 0.48, a current ratio of 1.57 and a quick ratio of 1.21.

Steelcase (NYSE:SCS) last released its quarterly earnings results on Wednesday, December 18th. The business services provider reported $0.30 EPS for the quarter, topping analysts’ consensus estimates of $0.23 by $0.07. Steelcase had a net margin of 3.63% and a return on equity of 14.20%. The business had revenue of $794.90 million for the quarter, compared to analyst estimates of $796.58 million. During the same period last year, the firm earned $0.30 earnings per share. Steelcase’s revenue for the quarter was up 2.2% compared to the same quarter last year. Equities analysts forecast that Steelcase Inc. will post 1 EPS for the current year.

Steelcase Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Monday, January 13th. Stockholders of record on Monday, December 30th were paid a $0.10 dividend. The ex-dividend date of this dividend was Monday, December 30th. This represents a $0.40 dividend on an annualized basis and a dividend yield of 3.64%. Steelcase’s payout ratio is currently 41.67%.

Insider Activity

In related news, VP Robert G. Krestakos sold 5,000 shares of Steelcase stock in a transaction that occurred on Wednesday, January 22nd. The shares were sold at an average price of $11.74, for a total transaction of $58,700.00. Following the sale, the vice president now directly owns 114,481 shares in the company, valued at $1,344,006.94. This trade represents a 4.18 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. 12.96% 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.