Greenleaf Trust Has $5.15 Million Position in Steelcase Inc. (SCS)

Greenleaf Trust decreased its position in Steelcase Inc. (NYSE:SCS) by 49.1% during the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 278,416 shares of the business services provider’s stock after selling 268,753 shares during the period. Greenleaf Trust’s holdings in Steelcase were worth $5,151,000 at the end of the most recent reporting period.

A number of other institutional investors have also recently made changes to their positions in SCS. Hartford Investment Management Co. bought a new position in Steelcase during the 2nd quarter valued at about $167,000. WBI Investments Inc. bought a new position in Steelcase during the 2nd quarter valued at about $173,000. Baldwin Brothers Inc. MA bought a new position in Steelcase during the 2nd quarter valued at about $184,000. Xact Kapitalforvaltning AB lifted its stake in Steelcase by 31.7% during the 1st quarter. Xact Kapitalforvaltning AB now owns 16,618 shares of the business services provider’s stock valued at $226,000 after acquiring an additional 4,000 shares during the period. Finally, Guggenheim Capital LLC bought a new position in Steelcase during the 1st quarter valued at about $230,000. Institutional investors own 64.42% of the company’s stock.

In other news, Director Robert C. Pew III sold 16,291 shares of the company’s stock in a transaction dated Wednesday, October 10th. The shares were sold at an average price of $17.51, for a total transaction of $285,255.41. Following the completion of the sale, the director now owns 255,090 shares of the company’s stock, valued at approximately $4,466,625.90. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, VP Allan W. Smith, Jr. sold 14,000 shares of the company’s stock in a transaction dated Tuesday, September 25th. The shares were sold at an average price of $18.54, for a total transaction of $259,560.00. Following the sale, the vice president now directly owns 31,490 shares of the company’s stock, valued at approximately $583,824.60. The disclosure for this sale can be found here. Insiders have sold a total of 57,791 shares of company stock valued at $1,056,215 in the last ninety days. Insiders own 17.58% of the company’s stock.



SCS has been the topic of several research analyst reports. ValuEngine upgraded shares of Steelcase from a “sell” rating to a “hold” rating in a research note on Friday, July 6th. Raymond James upped their target price on shares of Steelcase from $16.50 to $20.00 and gave the company an “outperform” rating in a research note on Monday, September 24th. TheStreet upgraded shares of Steelcase from a “c+” rating to a “b” rating in a research note on Friday, September 21st. Zacks Investment Research upgraded shares of Steelcase from a “hold” rating to a “buy” rating and set a $21.00 target price on the stock in a research note on Wednesday, September 26th. Finally, Seaport Global Securities upgraded shares of Steelcase from a “neutral” rating to a “buy” rating and set a $20.00 target price on the stock in a research note on Friday, October 12th. One investment analyst has rated the stock with a hold rating and three have given a buy rating to the stock. The stock has an average rating of “Buy” and an average target price of $20.33.

SCS opened at $16.34 on Tuesday. Steelcase Inc. has a 52-week low of $13.10 and a 52-week high of $19.35. The stock has a market cap of $1.90 billion, a price-to-earnings ratio of 17.96 and a beta of 1.23. The company has a current ratio of 1.34, a quick ratio of 0.94 and a debt-to-equity ratio of 0.35.

Steelcase (NYSE:SCS) last released its quarterly earnings results on Friday, September 21st. The business services provider reported $0.41 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $0.29 by $0.12. Steelcase had a net margin of 2.89% and a return on equity of 13.97%. The firm had revenue of $875.80 million during the quarter, compared to analyst estimates of $873.70 million. During the same quarter in the prior year, the firm earned $0.26 EPS. The business’s revenue for the quarter was up 12.9% compared to the same quarter last year. As a group, analysts expect that Steelcase Inc. will post 1.07 EPS for the current year.

The firm also recently declared a quarterly dividend, which was paid on Monday, October 15th. Stockholders of record on Monday, October 1st were given a dividend of $0.135 per share. This represents a $0.54 annualized dividend and a dividend yield of 3.30%. The ex-dividend date was Friday, September 28th. Steelcase’s payout ratio is currently 59.34%.

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

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Institutional Ownership by Quarter for Steelcase (NYSE:SCS)

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