Steelcase Inc. Announces Quarterly Dividend of $0.10 (NYSE:SCS)

Steelcase Inc. (NYSE:SCS) announced a quarterly dividend on Thursday, June 20th, Zacks reports. Stockholders of record on Wednesday, July 3rd will be paid a dividend of 0.10 per share by the business services provider on Monday, July 15th. This represents a $0.40 annualized dividend and a dividend yield of 3.28%. The ex-dividend date is Wednesday, July 3rd.

Steelcase has decreased its dividend payment by an average of 6.8% annually over the last three years. Steelcase has a payout ratio of 37.4% meaning its dividend is sufficiently covered by earnings. Research analysts expect Steelcase to earn $1.12 per share next year, which means the company should continue to be able to cover its $0.40 annual dividend with an expected future payout ratio of 35.7%.

Steelcase Stock Performance

Shares of Steelcase stock opened at $12.18 on Friday. The company has a market cap of $1.40 billion, a PE ratio of 17.91, a price-to-earnings-growth ratio of 1.37 and a beta of 1.35. Steelcase has a 52 week low of $7.10 and a 52 week high of $14.54. The business has a 50 day moving average price of $12.69 and a 200-day moving average price of $12.82. The company has a quick ratio of 1.20, a current ratio of 1.58 and a debt-to-equity ratio of 0.50.

Steelcase (NYSE:SCS) last issued its quarterly earnings results on Wednesday, March 20th. The business services provider reported $0.23 EPS for the quarter, beating analysts’ consensus estimates of $0.21 by $0.02. The company had revenue of $775.20 million during the quarter, compared to the consensus estimate of $780.25 million. Steelcase had a return on equity of 12.87% and a net margin of 2.57%. Steelcase’s revenue was down 3.3% on a year-over-year basis. During the same period last year, the business posted $0.19 earnings per share. Equities analysts anticipate that Steelcase will post 0.92 earnings per share for the current fiscal year.

Analyst Ratings Changes

A number of analysts recently commented on SCS shares. StockNews.com raised Steelcase from a “buy” rating to a “strong-buy” rating in a research report on Friday, March 29th. Benchmark raised Steelcase from a “hold” rating to a “buy” rating and set a $17.00 price target for the company in a research report on Friday, June 14th.

Insider Buying and Selling at Steelcase

In other Steelcase news, VP Robert G. Krestakos sold 4,000 shares of the stock in a transaction on Monday, March 25th. The stock was sold at an average price of $12.61, for a total transaction of $50,440.00. Following the completion of the transaction, the vice president now directly owns 108,081 shares of the company’s stock, valued at $1,362,901.41. The sale was disclosed in a filing with the SEC, which is available through the SEC website. 12.96% of the stock is owned by corporate insiders.

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.