Victory Capital Management Inc. Has $6.78 Million Stock Holdings in Steelcase Inc. (NYSE:SCS)

Victory Capital Management Inc. raised its position in Steelcase Inc. (NYSE:SCS) by 129.9% in the 2nd quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 522,956 shares of the business services provider’s stock after acquiring an additional 295,482 shares during the period. Victory Capital Management Inc. owned about 0.46% of Steelcase worth $6,778,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also recently bought and sold shares of SCS. Cooke & Bieler LP lifted its stake in Steelcase by 4.9% during the second quarter. Cooke & Bieler LP now owns 4,002,442 shares of the business services provider’s stock worth $51,872,000 after purchasing an additional 186,596 shares during the period. Cannon Global Investment Management LLC acquired a new position in shares of Steelcase in the 2nd quarter worth approximately $259,000. Pzena Investment Management LLC increased its holdings in Steelcase by 0.5% during the 2nd quarter. Pzena Investment Management LLC now owns 7,092,675 shares of the business services provider’s stock valued at $91,921,000 after purchasing an additional 33,024 shares in the last quarter. Rhumbline Advisers raised its position in Steelcase by 2.3% in the 2nd quarter. Rhumbline Advisers now owns 169,562 shares of the business services provider’s stock valued at $2,198,000 after purchasing an additional 3,734 shares during the last quarter. Finally, Ritholtz Wealth Management grew its holdings in shares of Steelcase by 15.3% during the second quarter. Ritholtz Wealth Management now owns 69,027 shares of the business services provider’s stock worth $895,000 after purchasing an additional 9,162 shares during the last quarter. 92.42% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

Separately, Benchmark lifted their price target on Steelcase from $17.00 to $18.00 and gave the company a “buy” rating in a report on Friday, June 21st.

Steelcase Stock Performance

SCS stock opened at $13.79 on Monday. The stock has a market capitalization of $1.57 billion, a PE ratio of 18.14, a price-to-earnings-growth ratio of 1.34 and a beta of 1.33. The company has a debt-to-equity ratio of 0.51, a current ratio of 1.61 and a quick ratio of 1.15. The company has a 50 day moving average price of $13.46 and a 200 day moving average price of $13.02. Steelcase Inc. has a fifty-two week low of $8.66 and a fifty-two week high of $14.74.

Steelcase (NYSE:SCS) last issued its quarterly earnings results on Thursday, June 20th. The business services provider reported $0.16 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.10 by $0.06. The business had revenue of $727.30 million for the quarter, compared to analyst estimates of $729.05 million. Steelcase had a return on equity of 13.66% and a net margin of 2.89%. The firm’s revenue for the quarter was down 3.3% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $0.09 earnings per share. Analysts forecast that Steelcase Inc. will post 1 EPS for the current year.

Steelcase Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Monday, July 15th. Shareholders of record on Wednesday, July 3rd were given a dividend of $0.10 per share. This represents a $0.40 annualized dividend and a dividend yield of 2.90%. The ex-dividend date of this dividend was Wednesday, July 3rd. Steelcase’s payout ratio is 52.63%.

Insider Activity

In related news, CFO David C. Sylvester sold 73,184 shares of the company’s stock in a transaction dated Wednesday, July 24th. The stock was sold at an average price of $13.84, for a total value of $1,012,866.56. Following the completion of the sale, the chief financial officer now owns 551,592 shares in the company, valued at $7,634,033.28. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. In other news, SVP Allan W. Smith, Jr. sold 70,444 shares of Steelcase stock in a transaction on Monday, July 22nd. The shares were sold at an average price of $13.84, for a total transaction of $974,944.96. Following the transaction, the senior vice president now directly owns 184,743 shares of the company’s stock, valued at $2,556,843.12. The sale was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, CFO David C. Sylvester sold 73,184 shares of the company’s stock in a transaction on Wednesday, July 24th. The shares were sold at an average price of $13.84, for a total transaction of $1,012,866.56. Following the completion of the sale, the chief financial officer now owns 551,592 shares of the company’s stock, valued at approximately $7,634,033.28. The disclosure for this sale can be found here. Insiders have sold a total of 174,187 shares of company stock valued at $2,410,861 in the last 90 days. 12.96% of the stock is owned by company insiders.

About Steelcase

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.