Counterpoint Mutual Funds LLC Makes New Investment in Steelcase Inc. $SCS

Key Points

• Counterpoint Mutual Funds LLC has acquired a new position in Steelcase Inc., purchasing 32,194 shares valued at approximately $336,000 in the 2nd quarter.
• Steelcase reported better-than-expected earnings of $0.45 per share for the last quarter, surpassing the consensus estimate of $0.37, and its revenue increased by 4.8% year-over-year to $897.10 million.
• Despite a strong earnings report, several analysts have downgraded Steelcase's stock to a "hold" rating, reflecting cautious sentiment in the market.

Counterpoint Mutual Funds LLC acquired a new position in shares of Steelcase Inc. (NYSE:SCS - Free Report) during the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor acquired 32,194 shares of the business services provider's stock, valued at approximately $336,000.

Several other large investors have also recently added to or reduced their stakes in the company. Vanguard Group Inc. grew its stake in Steelcase by 0.6% during the first quarter. Vanguard Group Inc. now owns 10,406,316 shares of the business services provider's stock worth $114,053,000 after buying an additional 65,179 shares during the last quarter. Fifth Third Bancorp lifted its position in shares of Steelcase by 6.2% during 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 in the last quarter. American Century Companies Inc. lifted its position in shares of Steelcase by 7.0% during the first quarter. American Century Companies Inc. now owns 3,235,986 shares of the business services provider's stock worth $35,466,000 after purchasing an additional 211,158 shares in the last quarter. Victory Capital Management Inc. lifted its position in shares of Steelcase by 208.4% during 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 in the last quarter. Finally, Bridgeway Capital Management LLC lifted its position in shares of Steelcase by 3.4% during the first quarter. Bridgeway Capital Management LLC now owns 1,118,141 shares of the business services provider's stock worth $12,255,000 after purchasing an additional 36,787 shares in the last quarter. 92.42% of the stock is owned by institutional investors.

Steelcase Trading Down 1.1%

Shares of NYSE SCS opened at $16.69 on Thursday. The company's 50 day simple moving average is $15.10 and its 200 day simple moving average is $12.07. Steelcase Inc. has a fifty-two week low of $9.31 and a fifty-two week high of $17.25. The firm has a market capitalization of $1.91 billion, a P/E ratio of 16.20, a P/E/G ratio of 1.61 and a beta of 1.26. The company has a debt-to-equity ratio of 0.46, a current ratio of 1.65 and a quick ratio of 1.15.

Steelcase (NYSE:SCS - Get Free Report) last announced its quarterly earnings data on Wednesday, September 24th. The business services provider reported $0.45 earnings per share for the quarter, beating the consensus estimate of $0.37 by $0.08. Steelcase had a net margin of 3.84% and a return on equity of 14.49%. The business had revenue of $897.10 million for the quarter, compared to analyst estimates of $878.73 million. During the same period in the prior year, the business posted $0.39 earnings per share. Steelcase's revenue was up 4.8% compared to the same quarter last year. On average, analysts predict that Steelcase Inc. will post 1 EPS for the current year.

Wall Street Analysts Forecast Growth

A number of equities analysts have recently issued reports on the stock. Noble Financial lowered shares of Steelcase from a "strong-buy" rating to a "hold" rating in a research report on Tuesday, August 5th. Wall Street Zen lowered shares of Steelcase from a "buy" rating to a "hold" rating in a research report on Saturday, August 9th. Two analysts have rated the stock with a Hold rating, According to MarketBeat.com, Steelcase has an average rating of "Hold" and a consensus target price of $16.00.

Insiders Place Their Bets

In related news, VP Robert G. Krestakos sold 12,000 shares of the stock in a transaction that occurred on Friday, July 11th. The shares were sold at an average price of $10.63, for a total value of $127,560.00. Following the transaction, the vice president directly owned 127,912 shares in the company, valued at $1,359,704.56. This represents a 8.58% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at the SEC website. 6.75% of the stock is owned by corporate insiders.

Steelcase Company 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.

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