Brandywine Global Investment Management LLC Sells 12,010 Shares of Steelcase Inc. $SCS

Brandywine Global Investment Management LLC cut its stake in Steelcase Inc. (NYSE:SCS) by 3.8% in the 1st quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 306,890 shares of the business services provider’s stock after selling 12,010 shares during the quarter. Brandywine Global Investment Management LLC owned 0.27% of Steelcase worth $3,364,000 as of its most recent filing with the Securities & Exchange Commission.

Several other institutional investors and hedge funds have also recently modified their holdings of SCS. Pacer Advisors Inc. purchased a new stake in shares of Steelcase in the first quarter worth approximately $11,642,000. Victory Capital Management Inc. raised its stake in shares of Steelcase by 208.4% in the first quarter. Victory Capital Management Inc. now owns 1,413,845 shares of the business services provider’s stock worth $15,496,000 after purchasing an additional 955,431 shares during the last quarter. Millennium Management LLC raised its stake in shares of Steelcase by 93.6% in the fourth quarter. Millennium Management LLC now owns 694,625 shares of the business services provider’s stock worth $8,210,000 after purchasing an additional 335,889 shares during the last quarter. Moran Wealth Management LLC purchased a new stake in shares of Steelcase in the first quarter worth approximately $2,910,000. Finally, Fifth Third Bancorp raised its stake in shares of Steelcase by 6.2% in the first quarter. Fifth Third Bancorp now owns 3,802,658 shares of the business services provider’s stock worth $41,677,000 after purchasing an additional 223,541 shares during the last quarter. 92.42% of the stock is owned by hedge funds and other institutional investors.

Insiders Place Their Bets

In other Steelcase news, VP Robert G. Krestakos sold 12,000 shares of the stock in a transaction on Friday, July 11th. The stock was sold at an average price of $10.63, for a total transaction of $127,560.00. Following the completion of the transaction, the vice president directly owned 127,912 shares of the company’s stock, valued at approximately $1,359,704.56. This represents a 8.58% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Company insiders own 6.75% of the company’s stock.

Analyst Upgrades and Downgrades

Several brokerages have recently commented on SCS. Wall Street Zen downgraded Steelcase from a “buy” rating to a “hold” rating in a research note on Saturday, August 9th. Noble Financial downgraded Steelcase from a “strong-buy” rating to a “hold” rating in a research report on Tuesday, August 5th.

Steelcase Stock Performance

Shares of SCS opened at $16.05 on Tuesday. The company has a current ratio of 1.65, a quick ratio of 1.15 and a debt-to-equity ratio of 0.46. The company has a market capitalization of $1.84 billion, a price-to-earnings ratio of 15.58, a PEG ratio of 1.54 and a beta of 1.18. The stock has a 50 day moving average of $11.79 and a 200 day moving average of $11.16. Steelcase Inc. has a 12 month low of $9.31 and a 12 month high of $17.13.

Steelcase (NYSE:SCS) last issued its quarterly earnings results on Wednesday, June 25th. The business services provider reported $0.20 EPS for the quarter, beating analysts’ consensus estimates of $0.12 by $0.08. The company had revenue of $779.00 million during the quarter, compared to the consensus estimate of $759.90 million. Steelcase had a return on equity of 14.49% and a net margin of 3.84%. Steelcase’s revenue was up 7.1% on a year-over-year basis. During the same period last year, the business posted $0.16 earnings per share. As a group, sell-side analysts forecast that Steelcase Inc. will post 1 earnings per share for the current year.

Steelcase Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Monday, July 21st. Shareholders of record on Monday, July 7th were issued a dividend of $0.10 per share. This represents a $0.40 annualized dividend and a yield of 2.5%. The ex-dividend date of this dividend was Monday, July 7th. Steelcase’s dividend payout ratio is 38.83%.

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.