Mackay Shields LLC Has $4.43 Million Stake in Steelcase Inc. (NYSE:SCS)

Mackay Shields LLC lowered its position in Steelcase Inc. (NYSE:SCS) by 4.3% during the third quarter, according to its most recent filing with the SEC. The firm owned 240,828 shares of the business services provider’s stock after selling 10,800 shares during the period. Mackay Shields LLC’s holdings in Steelcase were worth $4,431,000 as of its most recent filing with the SEC.

Several other hedge funds and other institutional investors have also recently modified their holdings of the company. Vanguard Group Inc. lifted its position in shares of Steelcase by 0.9% in the 2nd quarter. Vanguard Group Inc. now owns 8,038,271 shares of the business services provider’s stock worth $137,455,000 after purchasing an additional 74,334 shares during the period. BlackRock Inc. lifted its position in shares of Steelcase by 12.7% in the 2nd quarter. BlackRock Inc. now owns 6,975,317 shares of the business services provider’s stock worth $119,278,000 after purchasing an additional 788,468 shares during the period. Earnest Partners LLC lifted its position in shares of Steelcase by 69.5% in the 2nd quarter. Earnest Partners LLC now owns 5,543,166 shares of the business services provider’s stock worth $94,788,000 after purchasing an additional 2,273,553 shares during the period. LSV Asset Management lifted its position in shares of Steelcase by 0.9% in the 2nd quarter. LSV Asset Management now owns 2,535,024 shares of the business services provider’s stock worth $43,348,000 after purchasing an additional 23,462 shares during the period. Finally, Wells Fargo & Company MN lifted its position in shares of Steelcase by 32.7% in the 2nd quarter. Wells Fargo & Company MN now owns 2,435,585 shares of the business services provider’s stock worth $41,648,000 after purchasing an additional 600,417 shares during the period. Hedge funds and other institutional investors own 68.26% of the company’s stock.

A number of research analysts have recently issued reports on the stock. Raymond James downgraded shares of Steelcase from a “strong-buy” rating to a “market perform” rating in a research report on Monday, October 7th. Zacks Investment Research upgraded shares of Steelcase from a “hold” rating to a “buy” rating and set a $21.00 target price on the stock in a research report on Thursday, September 26th. Finally, Seaport Global Securities downgraded shares of Steelcase from a “buy” rating to a “neutral” rating in a research report on Wednesday, July 17th.

Shares of Steelcase stock traded up $0.01 during trading on Friday, reaching $17.95. 546,353 shares of the company traded hands, compared to its average volume of 667,255. The company has a debt-to-equity ratio of 0.76, a current ratio of 1.57 and a quick ratio of 1.20. Steelcase Inc. has a 1-year low of $13.96 and a 1-year high of $19.65. The company has a 50 day moving average price of $18.03 and a 200-day moving average price of $16.96. The firm has a market capitalization of $2.10 billion, a PE ratio of 14.96 and a beta of 1.37.

Steelcase (NYSE:SCS) last released its earnings results on Friday, September 20th. The business services provider reported $0.50 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $0.43 by $0.07. The company had revenue of $998.00 million for the quarter, compared to the consensus estimate of $980.87 million. Steelcase had a net margin of 3.80% and a return on equity of 18.13%. Steelcase’s quarterly revenue was up 14.0% compared to the same quarter last year. During the same quarter in the previous year, the company earned $0.36 EPS. Equities research analysts expect that Steelcase Inc. will post 1.35 earnings per share for the current year.

The firm also recently declared a quarterly dividend, which was paid on Monday, October 14th. Shareholders of record on Monday, September 30th were paid a dividend of $0.145 per share. The ex-dividend date of this dividend was Friday, September 27th. This represents a $0.58 dividend on an annualized basis and a yield of 3.23%. Steelcase’s dividend payout ratio (DPR) is presently 48.33%.

In other Steelcase news, VP Eddy F. Schmitt sold 25,000 shares of the business’s stock in a transaction on Tuesday, September 24th. The shares were sold at an average price of $18.95, for a total transaction of $473,750.00. Following the completion of the sale, the vice president now owns 38,789 shares in the company, valued at approximately $735,051.55. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CFO David C. Sylvester sold 7,500 shares of the business’s stock in a transaction on Tuesday, October 22nd. The shares were sold at an average price of $18.23, for a total transaction of $136,725.00. Following the sale, the chief financial officer now owns 405,316 shares of the company’s stock, valued at approximately $7,388,910.68. The disclosure for this sale can be found here. Insiders have sold a total of 40,300 shares of company stock valued at $754,203 in the last 90 days. 17.58% of the stock is currently owned by company insiders.

Steelcase Profile

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, fence and beam-based furniture systems, storage products, fixed and height-adjustable desks, benches, and tables, as well as complementary products, including worktools.

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Institutional Ownership by Quarter for Steelcase (NYSE:SCS)

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