Steelcase Inc. (SCS) to Issue Quarterly Dividend of $0.10 on July 15th

Steelcase Inc. (NYSE:SCS) announced a quarterly dividend on Thursday, June 20th, Zacks reports. Investors 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 3.01%. The ex-dividend date of this dividend 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 dividend payout ratio of 37.4% indicating that its dividend is sufficiently covered by earnings. 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 Price Performance

SCS opened at $13.29 on Friday. Steelcase has a twelve month low of $7.10 and a twelve month high of $14.54. The firm has a market cap of $1.52 billion, a price-to-earnings ratio of 17.49, a PEG ratio of 1.32 and a beta of 1.35. The company has a current ratio of 1.58, a quick ratio of 1.20 and a debt-to-equity ratio of 0.50. The company has a fifty day simple moving average of $12.71 and a 200 day simple moving average of $12.83.

Steelcase (NYSE:SCS) last posted its quarterly earnings results on Thursday, June 20th. The business services provider reported $0.16 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.10 by $0.06. The firm had revenue of $727.30 million for the quarter, compared to analysts’ expectations of $729.05 million. Steelcase had a net margin of 2.89% and a return on equity of 13.66%. The firm’s quarterly revenue was down 3.3% on a year-over-year basis. During the same period in the prior year, the company posted $0.09 earnings per share. Equities research analysts expect that Steelcase will post 0.92 EPS for the current fiscal year.

Insider Buying and Selling at Steelcase

In related news, VP Robert G. Krestakos sold 4,000 shares of the stock in a transaction dated Monday, March 25th. The shares were sold at an average price of $12.61, for a total value of $50,440.00. Following the sale, the vice president now owns 108,081 shares of the company’s stock, valued at approximately $1,362,901.41. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. 12.96% of the stock is currently owned by company insiders.

Analyst Upgrades and Downgrades

Several research firms have recently commented on SCS. StockNews.com raised shares of Steelcase from a “buy” rating to a “strong-buy” rating in a report on Friday, March 29th. Benchmark lifted their target price on Steelcase from $17.00 to $18.00 and gave the company a “buy” rating in a research note on Friday.

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.