Victory Capital Management Inc. Has $1.14 Million Holdings in Steelcase Inc. (SCS)

Victory Capital Management Inc. grew its position in shares of Steelcase Inc. (NYSE:SCS) by 9.1% during the fourth quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 76,831 shares of the business services provider’s stock after acquiring an additional 6,416 shares during the quarter. Victory Capital Management Inc.’s holdings in Steelcase were worth $1,139,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other institutional investors and hedge funds have also recently bought and sold shares of the business. First Trust Advisors LP lifted its position in shares of Steelcase by 17.3% during the third quarter. First Trust Advisors LP now owns 138,406 shares of the business services provider’s stock worth $2,561,000 after purchasing an additional 20,384 shares during the last quarter. Frontier Capital Management Co. LLC bought a new position in shares of Steelcase during the third quarter worth about $16,428,000. Acadian Asset Management LLC bought a new position in shares of Steelcase during the third quarter worth about $573,000. Engineers Gate Manager LP lifted its position in shares of Steelcase by 17.0% during the third quarter. Engineers Gate Manager LP now owns 51,798 shares of the business services provider’s stock worth $958,000 after purchasing an additional 7,534 shares during the last quarter. Finally, Comerica Bank lifted its position in shares of Steelcase by 27.2% during the third quarter. Comerica Bank now owns 354,411 shares of the business services provider’s stock worth $5,978,000 after purchasing an additional 75,850 shares during the last quarter. 65.06% of the stock is currently owned by hedge funds and other institutional investors.

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Separately, Zacks Investment Research cut shares of Steelcase from a “strong-buy” rating to a “hold” rating in a research report on Thursday, February 21st. Two equities research analysts have rated the stock with a hold rating and two have issued a buy rating to the company. Steelcase presently has a consensus rating of “Buy” and an average price target of $18.67.

In related news, Director Peter M. Wege II sold 13,741 shares of the stock in a transaction dated Friday, January 4th. The shares were sold at an average price of $15.53, for a total transaction of $213,397.73. Following the sale, the director now owns 238,656 shares in the company, valued at $3,706,327.68. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, Director Robert C. Pew III sold 40,230 shares of the stock in a transaction dated Tuesday, February 19th. The stock was sold at an average price of $17.52, for a total transaction of $704,829.60. Following the sale, the director now owns 217,890 shares in the company, valued at approximately $3,817,432.80. The disclosure for this sale can be found here. Insiders have sold 122,105 shares of company stock worth $2,111,935 in the last ninety days. Corporate insiders own 17.58% of the company’s stock.

Shares of SCS stock traded down $0.01 during trading hours on Monday, hitting $17.62. 100 shares of the company were exchanged, compared to its average volume of 396,973. The company has a debt-to-equity ratio of 0.34, a quick ratio of 0.86 and a current ratio of 1.25. Steelcase Inc. has a one year low of $13.10 and a one year high of $19.35. The stock has a market capitalization of $2.05 billion, a price-to-earnings ratio of 15.95 and a beta of 1.25.

Steelcase (NYSE:SCS) last issued its quarterly earnings results on Wednesday, December 19th. The business services provider reported $0.36 EPS for the quarter, topping the consensus estimate of $0.30 by $0.06. Steelcase had a net margin of 3.13% and a return on equity of 15.91%. The business had revenue of $901.00 million for the quarter, compared to analysts’ expectations of $900.30 million. As a group, research analysts forecast that Steelcase Inc. will post 1.12 EPS for the current year.

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About Steelcase

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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