Steelcase Inc. (SCS) Shares Bought by Comerica Bank
Comerica Bank increased its position in Steelcase Inc. (NYSE:SCS) by 18.3% in the second quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 278,561 shares of the business services provider’s stock after purchasing an additional 43,190 shares during the quarter. Comerica Bank owned approximately 0.24% of Steelcase worth $3,844,000 as of its most recent filing with the Securities & Exchange Commission.
Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. First Manhattan Co. bought a new stake in shares of Steelcase in the 2nd quarter worth $2,774,000. Massachusetts Financial Services Co. MA increased its holdings in shares of Steelcase by 15.9% in the 2nd quarter. Massachusetts Financial Services Co. MA now owns 28,021 shares of the business services provider’s stock worth $379,000 after purchasing an additional 3,839 shares in the last quarter. Baldwin Brothers Inc. MA bought a new stake in shares of Steelcase in the 2nd quarter worth $184,000. SeaBridge Investment Advisors LLC increased its holdings in shares of Steelcase by 4.5% in the 2nd quarter. SeaBridge Investment Advisors LLC now owns 415,048 shares of the business services provider’s stock worth $5,603,000 after purchasing an additional 17,800 shares in the last quarter. Finally, Cornerstone Wealth Management LLC bought a new stake in shares of Steelcase in the 2nd quarter worth $1,000,000. Institutional investors own 65.02% of the company’s stock.
A number of research firms have commented on SCS. ValuEngine raised Steelcase from a “sell” rating to a “hold” rating in a report on Friday, July 6th. Zacks Investment Research lowered Steelcase from a “buy” rating to a “hold” rating in a report on Wednesday, June 27th. Finally, TheStreet lowered Steelcase from a “b-” rating to a “c+” rating in a report on Monday, June 25th. Four equities research analysts have rated the stock with a hold rating, The company has an average rating of “Hold” and an average price target of $16.00.
Steelcase (NYSE:SCS) last issued its quarterly earnings data on Wednesday, June 20th. The business services provider reported $0.14 EPS for the quarter, hitting the Thomson Reuters’ consensus estimate of $0.14. Steelcase had a return on equity of 13.38% and a net margin of 2.59%. The company had revenue of $754.00 million during the quarter, compared to analyst estimates of $754.17 million. During the same quarter in the previous year, the company posted $0.15 earnings per share. Steelcase’s revenue was up 2.6% compared to the same quarter last year. equities research analysts predict that Steelcase Inc. will post 0.95 EPS for the current fiscal year.
In related news, VP Sara E. Armbruster sold 10,000 shares of Steelcase stock in a transaction on Tuesday, June 26th. The stock was sold at an average price of $13.75, for a total transaction of $137,500.00. Following the transaction, the vice president now directly owns 67,474 shares in the company, valued at $927,767.50. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Jennifer C. Niemann sold 3,400 shares of Steelcase stock in a transaction on Friday, July 6th. The shares were sold at an average price of $14.17, for a total value of $48,178.00. Following the transaction, the director now owns 3,838 shares in the company, valued at $54,384.46. The disclosure for this sale can be found here. Insiders own 17.58% of the company’s stock.
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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