Victory Capital Management Inc. Cuts Stock Holdings in Steelcase Inc. (NYSE:SCS)

Victory Capital Management Inc. decreased its position in Steelcase Inc. (NYSE:SCS - Free Report) by 34.2% during the 3rd quarter, according to its most recent disclosure 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 about 0.30% of Steelcase worth $4,642,000 as of its most recent SEC filing.

Other hedge funds also recently made changes to their positions in the company. Innealta Capital LLC bought a new position in Steelcase during the 2nd quarter valued at approximately $93,000. DekaBank Deutsche Girozentrale bought a new position in shares of Steelcase during the first quarter valued at approximately $141,000. Creative Planning boosted its holdings in Steelcase by 8.7% in the third quarter. Creative Planning now owns 13,470 shares of the business services provider's stock valued at $182,000 after acquiring an additional 1,075 shares in the last quarter. ProShare Advisors LLC increased its position in Steelcase by 8.5% during the 1st quarter. ProShare Advisors LLC now owns 16,656 shares of the business services provider's stock valued at $218,000 after purchasing an additional 1,311 shares during the period. Finally, Cannon Global Investment Management LLC bought a new position in Steelcase in the 2nd quarter worth $259,000. 92.42% of the stock is owned by hedge funds and other institutional investors.

Steelcase Stock Up 1.8 %

Shares of NYSE:SCS traded up $0.23 during trading on Friday, hitting $13.27. The stock had a trading volume of 658,001 shares, compared to its average volume of 493,745. The company has a market capitalization of $1.51 billion, a PE ratio of 12.52, a PEG ratio of 1.30 and a beta of 1.34. 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 firm's fifty day moving average is $12.99 and its 200 day moving average is $13.16. Steelcase Inc. has a 12 month low of $11.50 and a 12 month high of $14.74.

Steelcase (NYSE:SCS - Get Free Report) last posted its quarterly earnings data on Wednesday, September 18th. The business services provider reported $0.39 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.37 by $0.02. Steelcase had a return on equity of 14.41% and a net margin of 4.02%. The business had revenue of $855.80 million during the quarter, compared to the consensus estimate of $864.17 million. During the same quarter in the prior year, the company earned $0.31 earnings per share. The firm's quarterly revenue was up .1% compared to the same quarter last year. Analysts anticipate that Steelcase Inc. will post 1 EPS for the current fiscal year.

Steelcase Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Tuesday, October 15th. Investors of record on Monday, September 30th were paid a dividend of $0.10 per share. This represents a $0.40 annualized dividend and a yield of 3.01%. The ex-dividend date of this dividend was Monday, September 30th. Steelcase's payout ratio is currently 37.74%.

Analyst Ratings Changes

Separately, Noble Financial began coverage on shares of Steelcase in a research note on Wednesday, October 9th. They set an "outperform" rating and a $16.00 target price on the stock.

Insiders Place Their Bets

In other Steelcase news, VP Robert G. Krestakos sold 4,000 shares of the business's stock in a transaction on Tuesday, October 15th. The stock was sold at an average price of $13.11, for a total value of $52,440.00. Following the sale, the vice president now directly owns 119,481 shares of the company's stock, valued at approximately $1,566,395.91. The trade was a 3.24 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Corporate insiders own 12.96% of the company's stock.

Steelcase 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.