Hotchkis & Wiley Capital Management LLC Makes New $6.17 Million Investment in Steelcase Inc. (NYSE:SCS)

Hotchkis & Wiley Capital Management LLC purchased a new position in Steelcase Inc. (NYSE:SCS) during the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm purchased 457,140 shares of the business services provider’s stock, valued at approximately $6,167,000. Hotchkis & Wiley Capital Management LLC owned 0.40% of Steelcase at the end of the most recent quarter.

Several other institutional investors have also added to or reduced their stakes in the business. Pzena Investment Management LLC raised its position in Steelcase by 0.5% in the second quarter. Pzena Investment Management LLC now owns 7,092,675 shares of the business services provider’s stock worth $91,921,000 after acquiring an additional 33,024 shares during the period. Dimensional Fund Advisors LP raised its position in Steelcase by 4.2% in the second quarter. Dimensional Fund Advisors LP now owns 5,297,183 shares of the business services provider’s stock worth $68,652,000 after acquiring an additional 215,729 shares during the period. Cooke & Bieler LP raised its position in shares of Steelcase by 4.9% during the 2nd quarter. Cooke & Bieler LP now owns 4,002,442 shares of the business services provider’s stock valued at $51,872,000 after purchasing an additional 186,596 shares during the period. American Century Companies Inc. raised its position in shares of Steelcase by 13.5% during the 2nd quarter. American Century Companies Inc. now owns 2,450,799 shares of the business services provider’s stock valued at $31,762,000 after purchasing an additional 291,070 shares during the period. Finally, Bank of New York Mellon Corp raised its position in shares of Steelcase by 6.5% during the 2nd quarter. Bank of New York Mellon Corp now owns 995,083 shares of the business services provider’s stock valued at $12,896,000 after purchasing an additional 60,951 shares during the period. 92.42% of the stock is currently owned by institutional investors.

Insider Buying and Selling at Steelcase

In other Steelcase news, VP Robert G. Krestakos sold 4,000 shares of Steelcase stock in a transaction on Tuesday, October 15th. The shares were sold at an average price of $13.11, for a total value of $52,440.00. Following the completion of the transaction, the vice president now directly owns 119,481 shares of the company’s stock, valued at $1,566,395.91. This trade represents a 3.24 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available at this link. 12.96% of the stock is currently owned by insiders.

Steelcase Stock Down 3.8 %

Shares of SCS stock opened at $13.11 on Friday. The company has a market capitalization of $1.49 billion, a price-to-earnings ratio of 12.37, a PEG ratio of 1.35 and a beta of 1.35. Steelcase Inc. has a one year low of $11.50 and a one year high of $14.74. The company’s fifty day moving average price is $13.02 and its 200-day moving average price is $13.17. The company has a debt-to-equity ratio of 0.48, a current ratio of 1.62 and a quick ratio of 1.23.

Steelcase (NYSE:SCS) last announced its quarterly earnings results on Wednesday, September 18th. The business services provider reported $0.39 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.37 by $0.02. The company had revenue of $855.80 million for the quarter, compared to the consensus estimate of $864.17 million. Steelcase had a net margin of 4.02% and a return on equity of 14.41%. Steelcase’s revenue for the quarter was up .1% compared to the same quarter last year. During the same period in the previous year, the firm posted $0.31 EPS. Sell-side analysts expect that Steelcase Inc. will post 1 EPS for the current fiscal year.

Steelcase Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Tuesday, October 15th. Shareholders of record on Monday, September 30th were issued a $0.10 dividend. The ex-dividend date was Monday, September 30th. This represents a $0.40 dividend on an annualized basis and a yield of 3.05%. Steelcase’s dividend payout ratio is currently 37.74%.

Wall Street Analysts Forecast Growth

Separately, Noble Financial began coverage on shares of Steelcase in a research report on Wednesday, October 9th. They set an “outperform” rating and a $16.00 price objective on the stock.

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.