Steelcase Inc. (SCS) Stake Boosted by Victory Capital Management Inc.
Victory Capital Management Inc. lifted its holdings in Steelcase Inc. (NYSE:SCS) by 47.0% in the third quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 45,295 shares of the business services provider’s stock after acquiring an additional 14,486 shares during the period. Victory Capital Management Inc.’s holdings in Steelcase were worth $698,000 at the end of the most recent reporting period.
Several other hedge funds and other institutional investors have also added to or reduced their stakes in SCS. New York State Teachers Retirement System boosted its stake in shares of Steelcase by 4.2% in the first quarter. New York State Teachers Retirement System now owns 7,500 shares of the business services provider’s stock worth $126,000 after acquiring an additional 300 shares during the period. Public Employees Retirement System of Ohio boosted its stake in shares of Steelcase by 9.6% in the second quarter. Public Employees Retirement System of Ohio now owns 10,833 shares of the business services provider’s stock worth $152,000 after acquiring an additional 947 shares during the period. Amalgamated Bank boosted its stake in shares of Steelcase by 3.4% in the second quarter. Amalgamated Bank now owns 10,913 shares of the business services provider’s stock worth $153,000 after acquiring an additional 358 shares during the period. AXA bought a new position in shares of Steelcase in the second quarter worth about $169,000. Finally, Bowling Portfolio Management LLC bought a new position in shares of Steelcase in the second quarter worth about $189,000. 62.68% of the stock is owned by hedge funds and other institutional investors.
A number of equities analysts have recently weighed in on SCS shares. Sidoti raised Steelcase from a “neutral” rating to a “buy” rating and set a $16.00 price objective for the company in a research note on Friday, September 1st. TheStreet raised Steelcase from a “c+” rating to a “b-” rating in a research note on Tuesday, October 3rd. Zacks Investment Research raised Steelcase from a “sell” rating to a “hold” rating in a research note on Thursday, August 24th. Finally, ValuEngine lowered Steelcase from a “buy” rating to a “hold” rating in a research note on Friday, September 1st. One equities research analyst has rated the stock with a sell rating, three have given a hold rating and two have issued a buy rating to the company’s stock. The stock currently has a consensus rating of “Hold” and an average price target of $16.00.
Shares of Steelcase Inc. (SCS) traded down $0.05 during trading on Friday, reaching $14.40. The company had a trading volume of 105,581 shares, compared to its average volume of 470,025. Steelcase Inc. has a 52 week low of $12.50 and a 52 week high of $18.15. The company has a market capitalization of $1,676.69, a price-to-earnings ratio of 14.17 and a beta of 1.22. The company has a debt-to-equity ratio of 0.37, a quick ratio of 1.28 and a current ratio of 1.63.
Steelcase (NYSE:SCS) last announced its quarterly earnings results on Monday, September 18th. The business services provider reported $0.31 EPS for the quarter, beating analysts’ consensus estimates of $0.23 by $0.08. Steelcase had a return on equity of 15.72% and a net margin of 3.98%. The company had revenue of $775.60 million during the quarter, compared to analyst estimates of $759.83 million. During the same period in the prior year, the company earned $0.32 earnings per share. The firm’s revenue was up 2.3% on a year-over-year basis. sell-side analysts predict that Steelcase Inc. will post 0.93 earnings per share for the current year.
ILLEGAL ACTIVITY WARNING: “Steelcase Inc. (SCS) Stake Boosted by Victory Capital Management Inc.” was first posted by Watch List News and is the sole property of of Watch List News. If you are reading this piece of content on another publication, it was copied illegally and reposted in violation of United States and international copyright & trademark laws. The legal version of this piece of content can be read at https://www.watchlistnews.com/steelcase-inc-scs-stake-boosted-by-victory-capital-management-inc/1726014.html.
Steelcase Inc provides an integrated portfolio of furniture settings, user-centered technologies and interior architectural products. The Company’s segments include Americas, EMEA and Other Category. The Company’s furniture portfolio includes panel-based and freestanding furniture systems and complementary products, such as storage, tables and ergonomic worktools.
Receive News & Ratings for Steelcase Inc. Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Steelcase Inc. and related companies with Analyst Ratings Network's FREE daily email newsletter.