Mackenzie Financial Corp Boosts Stock Holdings in Steelcase Inc. (NYSE:SCS)

Mackenzie Financial Corp boosted its holdings in shares of Steelcase Inc. (NYSE:SCS - Free Report) by 85.7% in the first quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 186,487 shares of the business services provider's stock after purchasing an additional 86,055 shares during the period. Mackenzie Financial Corp owned about 0.16% of Steelcase worth $2,044,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Pacer Advisors Inc. acquired a new stake in shares of Steelcase in the first quarter valued at approximately $11,642,000. Victory Capital Management Inc. boosted 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. Millennium Management LLC boosted its position in shares of Steelcase by 93.6% during 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 in the last quarter. Norges Bank bought a new stake in Steelcase in the 4th quarter valued at $3,279,000. Finally, Moran Wealth Management LLC bought a new stake in Steelcase in the 1st quarter valued at $2,910,000. Institutional investors own 92.42% of the company's stock.

Insider Transactions at Steelcase

In other Steelcase news, VP Robert G. Krestakos sold 12,000 shares of the firm's stock in a transaction 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 of the company's stock, valued at approximately $1,359,704.56. This trade represents a 8.58% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. 6.75% of the stock is currently owned by corporate insiders.

Wall Street Analysts Forecast Growth

Separately, Wall Street Zen cut shares of Steelcase from a "strong-buy" rating to a "buy" rating in a research report on Friday, June 27th.

Steelcase Price Performance

NYSE:SCS traded down $0.61 on Tuesday, hitting $15.97. The company had a trading volume of 7,748,421 shares, compared to its average volume of 1,875,148. The company has a current ratio of 1.65, a quick ratio of 1.15 and a debt-to-equity ratio of 0.46. Steelcase Inc. has a 52 week low of $9.31 and a 52 week high of $17.13. The firm has a 50 day moving average of $10.66 and a two-hundred day moving average of $10.85. The stock has a market capitalization of $1.83 billion, a price-to-earnings ratio of 15.51, a PEG ratio of 1.58 and a beta of 1.18.

Steelcase (NYSE:SCS - Get Free Report) last announced its quarterly earnings results on Wednesday, June 25th. The business services provider reported $0.20 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.12 by $0.08. Steelcase had a net margin of 3.84% and a return on equity of 14.49%. The firm had revenue of $779.00 million during the quarter, compared to analysts' expectations of $759.90 million. During the same period in the prior year, the company posted $0.16 EPS. The company's revenue was up 7.1% on a year-over-year basis. On average, research analysts anticipate that Steelcase Inc. will post 1 earnings per share for the current year.

Steelcase Dividend Announcement

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

About Steelcase

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.