Victory Capital Management Inc. Has $4.64 Million Stock Position in Steelcase Inc. (NYSE:SCS)

Victory Capital Management Inc. lowered its stake in Steelcase Inc. (NYSE:SCS) by 34.2% during the third quarter, according to the company in its most recent filing with the SEC. The fund owned 344,103 shares of the business services provider’s stock after selling 178,853 shares during the period. Victory Capital Management Inc. owned approximately 0.30% of Steelcase worth $4,642,000 as of its most recent filing with the SEC.

A number of other institutional investors and hedge funds have also bought and sold shares of SCS. Caxton Associates LP boosted its holdings in Steelcase by 273.3% in the 1st quarter. Caxton Associates LP now owns 74,266 shares of the business services provider’s stock valued at $971,000 after purchasing an additional 54,369 shares during the period. Vanguard Group Inc. boosted its holdings in Steelcase by 4.0% in the 1st quarter. Vanguard Group Inc. now owns 10,153,754 shares of the business services provider’s stock valued at $132,811,000 after purchasing an additional 387,861 shares during the period. American Century Companies Inc. boosted its holdings in Steelcase by 13.5% in the 2nd quarter. American Century Companies Inc. now owns 2,450,799 shares of the business services provider’s stock valued at $31,762,000 after purchasing an additional 291,070 shares during the period. Renaissance Technologies LLC boosted its holdings in Steelcase by 380.2% in the 2nd quarter. Renaissance Technologies LLC now owns 133,500 shares of the business services provider’s stock valued at $1,730,000 after purchasing an additional 105,700 shares during the period. Finally, Price T Rowe Associates Inc. MD boosted its holdings in Steelcase by 4.2% in the 1st quarter. Price T Rowe Associates Inc. MD now owns 81,024 shares of the business services provider’s stock valued at $1,060,000 after purchasing an additional 3,293 shares during the period. Institutional investors and hedge funds own 92.42% of the company’s stock.

Insider Buying and Selling at Steelcase

In other Steelcase news, VP Robert G. Krestakos sold 4,000 shares of Steelcase stock in a transaction that occurred on Tuesday, October 15th. The shares were sold at an average price of $13.11, for a total transaction of $52,440.00. Following the transaction, the vice president now owns 119,481 shares of the company’s stock, valued at $1,566,395.91. This trade represents a 3.24 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Company insiders own 12.96% of the company’s stock.

Wall Street Analysts Forecast Growth

Separately, Noble Financial began coverage on shares of Steelcase in a report on Wednesday, October 9th. They set an “outperform” rating and a $16.00 price target for the company.

Steelcase Trading Up 1.8 %

SCS opened at $13.27 on Friday. Steelcase Inc. has a twelve month low of $11.50 and a twelve month high of $14.74. The company has a quick ratio of 1.23, a current ratio of 1.62 and a debt-to-equity ratio of 0.48. The company has a fifty day moving average of $12.99 and a 200-day moving average of $13.16. The stock has a market cap of $1.51 billion, a PE ratio of 12.52, a price-to-earnings-growth ratio of 1.30 and a beta of 1.34.

Steelcase (NYSE:SCS) last posted its quarterly earnings results on Wednesday, September 18th. The business services provider reported $0.39 EPS for the quarter, topping analysts’ consensus estimates of $0.37 by $0.02. The business had revenue of $855.80 million during the quarter, compared to analysts’ expectations of $864.17 million. Steelcase had a net margin of 4.02% and a return on equity of 14.41%. The business’s quarterly revenue was up .1% on a year-over-year basis. During the same period last year, the company posted $0.31 earnings per share. On average, sell-side analysts predict that Steelcase Inc. will post 1 EPS for the current year.

Steelcase Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Tuesday, October 15th. Shareholders of record on Monday, September 30th were given a $0.10 dividend. This represents a $0.40 dividend on an annualized basis and a yield of 3.01%. The ex-dividend date was Monday, September 30th. Steelcase’s payout ratio is 37.74%.

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.