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

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 of this dividend is Monday, September 30th.

Steelcase has decreased its dividend by an average of 6.8% per year over the last three years. Steelcase has a payout ratio of 35.4% meaning its dividend is sufficiently covered by earnings. Research 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 Stock Down 5.7 %

SCS stock opened at $13.31 on Friday. Steelcase has a fifty-two week low of $9.63 and a fifty-two week high of $14.74. The company has a debt-to-equity ratio of 0.51, a current ratio of 1.61 and a quick ratio of 1.15. The stock has a market capitalization of $1.52 billion, a price-to-earnings ratio of 17.51, a PEG ratio of 1.39 and a beta of 1.33. The business’s fifty day moving average price is $13.53 and its two-hundred day moving average price is $13.03.

Steelcase (NYSE:SCS) last posted 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 net margin of 2.89% and a return on equity of 13.66%. The firm had revenue of $855.80 million during the quarter, compared to the consensus estimate of $864.17 million. During the same quarter in the previous year, the firm posted $0.31 EPS. The business’s revenue for the quarter was up .1% compared to the same quarter last year. On average, equities analysts anticipate that Steelcase will post 1 earnings per share for the current year.

Analyst Upgrades and Downgrades

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

Insider Transactions at Steelcase

In other news, VP Donna K. Flynn sold 13,310 shares of the business’s stock in a transaction dated Monday, June 24th. The stock was 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 $1,080,216.76. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. In related news, SVP Allan W. Smith, Jr. sold 70,444 shares of the company’s stock in a transaction dated 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 owns 184,743 shares in the company, valued at approximately $2,556,843.12. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, VP Donna K. Flynn sold 13,310 shares of Steelcase stock in a transaction on Monday, June 24th. The shares were sold at an average price of $13.72, for a total transaction of $182,613.20. Following the completion of the sale, the vice president now owns 78,733 shares of the company’s stock, valued at approximately $1,080,216.76. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 174,187 shares of company stock worth $2,410,861. Corporate insiders own 12.96% of the company’s stock.

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.