Pacer Advisors Inc. Acquires New Shares in Steelcase Inc. (NYSE:SCS)

Key Points

• Pacer Advisors Inc. has acquired a new stake in Steelcase Inc., purchasing over 1 million shares valued at approximately $11.6 million, representing about 0.93% of the company's stock.
• Steelcase reported $0.20 earnings per share for its latest quarter, exceeding analysts' estimates, with revenues reaching $779 million, a year-over-year increase of 7.1%.
• The company's recent quarterly dividend was $0.10 per share, reflecting an annualized dividend yield of 3.78%, with a payout ratio currently at 38.83%.

Pacer Advisors Inc. acquired a new stake in shares of Steelcase Inc. (NYSE:SCS - Free Report) in the first quarter, according to its most recent disclosure with the SEC. The firm acquired 1,062,246 shares of the business services provider's stock, valued at approximately $11,642,000. Pacer Advisors Inc. owned approximately 0.93% of Steelcase at the end of the most recent reporting period.

A number of other institutional investors have also added to or reduced their stakes in the stock. MetLife Investment Management LLC grew its holdings in Steelcase by 2.0% during the 4th quarter. MetLife Investment Management LLC now owns 54,643 shares of the business services provider's stock valued at $646,000 after buying an additional 1,079 shares in the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. boosted its position in shares of Steelcase by 3.4% during the 4th quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 52,596 shares of the business services provider's stock valued at $622,000 after acquiring an additional 1,741 shares during the last quarter. State of Wyoming boosted its position in shares of Steelcase by 9.3% during the 4th quarter. State of Wyoming now owns 20,668 shares of the business services provider's stock valued at $244,000 after acquiring an additional 1,762 shares during the last quarter. Diversified Trust Co boosted its position in shares of Steelcase by 7.9% during the 1st quarter. Diversified Trust Co now owns 34,300 shares of the business services provider's stock valued at $376,000 after acquiring an additional 2,499 shares during the last quarter. Finally, Sterling Capital Management LLC boosted its position in shares of Steelcase by 8.3% during the 4th quarter. Sterling Capital Management LLC now owns 34,486 shares of the business services provider's stock valued at $408,000 after acquiring an additional 2,644 shares during the last quarter. 92.42% of the stock is owned by hedge funds and other institutional investors.

Insider Buying and Selling at Steelcase

In other news, VP Robert G. Krestakos sold 12,000 shares of Steelcase 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 sale, the vice president directly owned 127,912 shares in the company, 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 document filed with the Securities & Exchange Commission, which can be accessed through this link. Company insiders own 6.75% of the company's stock.

Wall Street Analysts Forecast Growth

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

Steelcase Trading Up 0.7%

SCS traded up $0.08 during trading on Wednesday, reaching $10.59. The company had a trading volume of 181,956 shares, compared to its average volume of 767,599. The stock has a market cap of $1.21 billion, a P/E ratio of 10.28, a PEG ratio of 1.03 and a beta of 1.13. The business has a 50 day simple moving average of $10.52 and a 200-day simple moving average of $10.85. Steelcase Inc. has a 52 week low of $9.31 and a 52 week high of $14.74. 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 (NYSE:SCS - Get Free Report) last issued its quarterly earnings results on Wednesday, June 25th. The business services provider reported $0.20 earnings per share (EPS) for the quarter, topping 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 company earned $0.16 earnings per share. On average, equities analysts anticipate that Steelcase Inc. will post 1 EPS for the current fiscal year.

Steelcase Announces Dividend

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. The ex-dividend date of this dividend was Monday, July 7th. This represents a $0.40 annualized dividend and a dividend yield of 3.78%. Steelcase's dividend payout ratio (DPR) 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.