Steelcase Inc. (NYSE:SCS) Shares Acquired by Avantax Advisory Services Inc.

Avantax Advisory Services Inc. boosted its holdings in Steelcase Inc. (NYSE:SCS - Free Report) by 54.6% during the first quarter, according to its most recent Form 13F filing with the SEC. The fund owned 102,699 shares of the business services provider's stock after acquiring an additional 36,273 shares during the period. Avantax Advisory Services Inc. owned 0.09% of Steelcase worth $1,126,000 at the end of the most recent reporting period.

A number of other large investors have also recently added to or reduced their stakes in SCS. Victory Capital Management Inc. increased 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 valued at $15,496,000 after acquiring an additional 955,431 shares during the last quarter. Millennium Management LLC boosted its position in shares of Steelcase by 93.6% during the 4th 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 period. Norges Bank acquired a new stake in Steelcase in the 4th quarter valued at approximately $3,279,000. Moran Wealth Management LLC acquired a new stake in Steelcase in the 1st quarter valued at approximately $2,910,000. Finally, Fifth Third Bancorp raised its position in Steelcase by 6.2% in the first quarter. Fifth Third Bancorp now owns 3,802,658 shares of the business services provider's stock valued at $41,677,000 after purchasing an additional 223,541 shares during the period. 92.42% of the stock is currently owned by institutional investors and hedge funds.

Insider Activity

In other Steelcase news, VP Robert G. Krestakos sold 12,000 shares of the company's stock in a transaction dated Friday, July 11th. The stock was sold at an average price of $10.63, for a total transaction of $127,560.00. Following the sale, the vice president owned 127,912 shares in the company, valued at $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 available through this link. Insiders own 6.75% of the company's stock.

Steelcase Stock Down 1.7%

Shares of NYSE:SCS opened at $10.15 on Friday. The firm has a market capitalization of $1.16 billion, a PE ratio of 9.85, a price-to-earnings-growth ratio of 0.98 and a beta of 1.13. Steelcase Inc. has a 1 year low of $9.31 and a 1 year high of $14.36. The company has a debt-to-equity ratio of 0.46, a current ratio of 1.65 and a quick ratio of 1.15. The firm's 50-day moving average is $10.53 and its two-hundred day moving average is $10.83.

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

Steelcase Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Monday, July 21st. Stockholders of record on Monday, July 7th were paid a $0.10 dividend. This represents a $0.40 annualized dividend and a dividend yield of 3.9%. The ex-dividend date was Monday, July 7th. Steelcase's dividend payout ratio (DPR) is presently 38.83%.

Analyst Upgrades and Downgrades

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

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.

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