Victory Capital Management Inc. Buys 295,482 Shares of Steelcase Inc. (NYSE:SCS)

Victory Capital Management Inc. lifted its stake in shares of Steelcase Inc. (NYSE:SCS) by 129.9% in the 2nd quarter, Holdings Channel reports. The fund owned 522,956 shares of the business services provider’s stock after acquiring an additional 295,482 shares during the quarter. Victory Capital Management Inc.’s holdings in Steelcase were worth $6,778,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also made changes to their positions in the company. Norges Bank bought a new position in Steelcase during the 4th quarter worth about $8,215,000. Vanguard Group Inc. boosted its position in shares of Steelcase by 4.9% during the fourth quarter. Vanguard Group Inc. now owns 9,765,893 shares of the business services provider’s stock worth $132,035,000 after buying an additional 452,494 shares during the period. Dimensional Fund Advisors LP raised its position in Steelcase by 8.0% in the 4th quarter. Dimensional Fund Advisors LP now owns 4,752,105 shares of the business services provider’s stock valued at $64,249,000 after buying an additional 352,078 shares during the last quarter. Jupiter Asset Management Ltd. raised its position in Steelcase by 370.7% in the 1st quarter. Jupiter Asset Management Ltd. now owns 337,839 shares of the business services provider’s stock valued at $4,419,000 after buying an additional 266,070 shares during the last quarter. Finally, Cooke & Bieler LP boosted its position in Steelcase by 4.9% during the 2nd quarter. Cooke & Bieler LP now owns 4,002,442 shares of the business services provider’s stock worth $51,872,000 after acquiring an additional 186,596 shares during the last quarter. 92.42% of the stock is currently owned by institutional investors and hedge funds.

Insider Activity at Steelcase

In other Steelcase news, VP Donna K. Flynn sold 13,310 shares of the business’s stock in a transaction that occurred on Monday, June 24th. The stock was sold at an average price of $13.72, for a total transaction of $182,613.20. Following the transaction, the vice president now owns 78,733 shares of the company’s stock, valued at $1,080,216.76. The sale was disclosed in a document filed with the SEC, which is available through this link. In other Steelcase news, VP Donna K. Flynn sold 13,310 shares of Steelcase stock in a transaction on Monday, June 24th. The shares were sold at an average price of $13.72, for a total transaction of $182,613.20. Following the completion of the transaction, the vice president now directly owns 78,733 shares of the company’s stock, valued at $1,080,216.76. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, SVP Allan W. Smith, Jr. sold 70,444 shares of Steelcase stock in a transaction dated Monday, July 22nd. The stock was sold at an average price of $13.84, for a total transaction of $974,944.96. Following the sale, the senior vice president now directly owns 184,743 shares of the company’s stock, valued at approximately $2,556,843.12. The disclosure for this sale can be found here. In the last ninety days, insiders sold 174,187 shares of company stock worth $2,410,861. Insiders own 12.96% of the company’s stock.

Steelcase Stock Performance

SCS opened at $13.79 on Monday. The business’s 50-day simple moving average is $13.46 and its 200 day simple moving average is $13.02. Steelcase Inc. has a 52-week low of $8.66 and a 52-week high of $14.74. The company has a debt-to-equity ratio of 0.51, a quick ratio of 1.15 and a current ratio of 1.61. The firm has a market capitalization of $1.57 billion, a PE ratio of 18.14, a PEG ratio of 1.34 and a beta of 1.33.

Steelcase (NYSE:SCS) last announced its quarterly earnings data on Thursday, June 20th. The business services provider reported $0.16 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.10 by $0.06. The company had revenue of $727.30 million for the quarter, compared to analysts’ expectations of $729.05 million. Steelcase had a return on equity of 13.66% and a net margin of 2.89%. The business’s revenue was down 3.3% compared to the same quarter last year. During the same quarter in the prior year, the business posted $0.09 EPS. As a group, sell-side analysts expect that Steelcase Inc. will post 1 earnings per share for the current fiscal year.

Steelcase Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Monday, July 15th. Stockholders of record on Wednesday, July 3rd were issued a $0.10 dividend. The ex-dividend date was Wednesday, July 3rd. This represents a $0.40 dividend on an annualized basis and a dividend yield of 2.90%. Steelcase’s payout ratio is 52.63%.

Analysts Set New Price Targets

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

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.