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

Steelcase Inc. (NYSE:SCS) declared 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. Equities 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 Performance

Shares of SCS stock opened at $13.31 on Friday. The company has a market capitalization of $1.52 billion, a P/E ratio of 17.51, a PEG ratio of 1.39 and a beta of 1.33. 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 quick ratio of 1.15 and a current ratio of 1.61. The stock has a 50 day moving average price of $13.53 and a two-hundred day moving average price of $13.04.

Steelcase (NYSE:SCS) last posted its quarterly earnings results on Wednesday, September 18th. The business services provider reported $0.39 EPS for the quarter, beating analysts’ consensus estimates of $0.37 by $0.02. The company had revenue of $855.80 million during the quarter, compared to analyst estimates of $864.17 million. Steelcase had a net margin of 2.89% and a return on equity of 13.66%. The firm’s revenue was up .1% compared to the same quarter last year. During the same period in the prior year, the business posted $0.31 EPS. Analysts expect that Steelcase will post 1 earnings per share for the current year.

Insider Buying and Selling

In other Steelcase news, SVP Allan W. Smith, Jr. sold 70,444 shares of the business’s stock in a transaction on 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 directly owns 184,743 shares of the company’s stock, valued at approximately $2,556,843.12. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. In other Steelcase news, SVP Allan W. Smith, Jr. sold 70,444 shares of the firm’s stock in a transaction dated Monday, July 22nd. The shares were sold at an average price of $13.84, for a total value of $974,944.96. Following the completion of the sale, the senior vice president now directly owns 184,743 shares in the company, valued at $2,556,843.12. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, CAO Nicole Cherie Mcgrath sold 15,749 shares of Steelcase stock in a transaction that occurred on Tuesday, July 23rd. The shares were sold at an average price of $13.94, for a total value of $219,541.06. Following the sale, the chief accounting officer now directly owns 18,453 shares in the company, valued at $257,234.82. 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 quarter. 12.96% of the stock is owned by company insiders.

Analyst Ratings Changes

Separately, Benchmark boosted their price target on Steelcase from $17.00 to $18.00 and gave the company a “buy” rating in a report 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.