Steelcase Inc. (NYSE:SCS) Shares Acquired by Mackenzie Financial Corp

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

Several other large investors also recently modified their holdings of the stock. Kapitalo Investimentos Ltda bought a new stake in Steelcase in the first quarter valued at $121,000. Pacer Advisors Inc. acquired a new position in Steelcase during the first quarter worth $11,642,000. Avantax Advisory Services Inc. increased its position in shares of Steelcase by 54.6% during the first quarter. Avantax Advisory Services Inc. now owns 102,699 shares of the business services provider's stock worth $1,126,000 after acquiring an additional 36,273 shares in the last quarter. KLP Kapitalforvaltning AS increased its holdings in Steelcase by 18.0% during the 1st quarter. KLP Kapitalforvaltning AS now owns 63,700 shares of the business services provider's stock worth $698,000 after purchasing an additional 9,700 shares in the last quarter. Finally, Universal Beteiligungs und Servicegesellschaft mbH bought a new stake in Steelcase during the first quarter worth $1,060,000. 92.42% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

Several research firms recently weighed in on SCS. Noble Financial lowered shares of Steelcase from a "strong-buy" rating to a "hold" rating in a research report on Tuesday. Wall Street Zen lowered Steelcase from a "strong-buy" rating to a "buy" rating in a research note on Friday, June 27th.

Insider Buying and Selling at Steelcase

In other news, VP Robert G. Krestakos sold 12,000 shares of the company's 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 completion of the sale, the vice president owned 127,912 shares of the company's stock, valued at approximately $1,359,704.56. This represents a 8.58% decrease in their position. 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.

Steelcase Trading Up 0.6%

Shares of SCS traded up $0.10 during mid-day trading on Thursday, hitting $16.09. 1,980,369 shares of the company's stock traded hands, compared to its average volume of 987,889. The business's 50-day moving average price is $10.88 and its 200-day moving average price is $10.92. The firm has a market capitalization of $1.84 billion, a P/E ratio of 15.62, a PEG ratio of 1.52 and a beta of 1.18. The company has a quick ratio of 1.15, a current ratio of 1.65 and a debt-to-equity ratio of 0.46. Steelcase Inc. has a 1 year low of $9.31 and a 1 year high of $17.13.

Steelcase (NYSE:SCS - Get Free Report) last released its quarterly earnings data on Wednesday, June 25th. The business services provider reported $0.20 earnings per share 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 previous year, the company earned $0.16 earnings per share. The firm's quarterly revenue was up 7.1% on a year-over-year basis. As a group, sell-side analysts forecast that Steelcase Inc. will post 1 EPS for the current fiscal year.

Steelcase Dividend Announcement

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

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.