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

Steelcase Inc. (NYSE:SCS) announced a quarterly dividend on Wednesday, September 18th, Zacks reports. Investors of record on Monday, September 30th will be given a dividend of 0.10 per share by the business services provider on Tuesday, October 15th. This represents a $0.40 annualized dividend and a yield of 3.01%. The ex-dividend date is Monday, September 30th.

Steelcase has decreased its dividend payment by an average of 6.8% per year over the last three years. Steelcase has a dividend payout ratio of 35.4% indicating that its dividend is sufficiently covered by earnings. Analysts expect Steelcase to earn $1.19 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 33.6%.

Steelcase Price Performance

Shares of NYSE SCS opened at $13.31 on Friday. The company has a debt-to-equity ratio of 0.51, a quick ratio of 1.15 and a current ratio of 1.61. The company has a 50 day simple moving average of $13.53 and a two-hundred day simple moving average of $13.04. Steelcase has a fifty-two week low of $9.63 and a fifty-two week high of $14.74. The company has a market capitalization of $1.52 billion, a price-to-earnings ratio of 17.51, a P/E/G ratio of 1.39 and a beta of 1.33.

Steelcase (NYSE:SCS) last announced its quarterly earnings data 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. Steelcase had a return on equity of 13.66% and a net margin of 2.89%. The business had revenue of $855.80 million during the quarter, compared to analysts’ expectations of $864.17 million. During the same quarter in the previous year, the business earned $0.31 earnings per share. The firm’s quarterly revenue was up .1% compared to the same quarter last year. Analysts expect that Steelcase will post 1 EPS for the current fiscal year.

Insider Activity at Steelcase

In other Steelcase news, SVP Allan W. Smith, Jr. sold 70,444 shares of the stock in a transaction on Monday, July 22nd. The stock was sold at an average price of $13.84, for a total transaction of $974,944.96. Following the sale, the senior vice president now directly owns 184,743 shares in the company, valued at approximately $2,556,843.12. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. In other Steelcase news, SVP Allan W. Smith, Jr. sold 70,444 shares of the company’s stock in a transaction dated Monday, July 22nd. The shares were sold at an average price of $13.84, for a total transaction of $974,944.96. Following the transaction, the senior vice president now owns 184,743 shares in the company, valued at approximately $2,556,843.12. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, VP Donna K. Flynn sold 13,310 shares of the firm’s stock in a transaction dated Monday, June 24th. The shares were sold at an average price of $13.72, for a total transaction of $182,613.20. Following the sale, the vice president now directly owns 78,733 shares in the company, valued at approximately $1,080,216.76. The disclosure for this sale can be found here. Insiders sold 174,187 shares of company stock valued at $2,410,861 over the last 90 days. Corporate insiders own 12.96% of the company’s stock.

Analysts Set New Price Targets

Separately, Benchmark upped their price target on shares of Steelcase from $17.00 to $18.00 and gave the stock a “buy” rating in a research note on Friday, June 21st.

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.