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

Steelcase Inc. (NYSE:SCS) announced a quarterly dividend on Wednesday, September 18th, Zacks reports. Shareholders 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 dividend on an annualized basis and a yield of 3.01%. The ex-dividend date 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 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 Stock Down 5.7 %

NYSE:SCS opened at $13.31 on Friday. The company has a quick ratio of 1.15, a current ratio of 1.61 and a debt-to-equity ratio of 0.51. Steelcase has a 12-month low of $9.63 and a 12-month high of $14.74. The stock’s fifty day simple moving average is $13.53 and its 200-day simple moving average is $13.03. The firm has a market capitalization of $1.52 billion, a P/E 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 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 analysts’ expectations of $864.17 million. Steelcase had a return on equity of 13.66% and a net margin of 2.89%. Steelcase’s revenue was up .1% on a year-over-year basis. During the same period in the prior year, the business posted $0.31 EPS. Equities research analysts expect that Steelcase will post 1 earnings per share for the current year.

Insider Buying and Selling at Steelcase

In other news, VP Donna K. Flynn sold 13,310 shares of Steelcase stock in a transaction that occurred on Monday, June 24th. The shares were sold at an average price of $13.72, for a total value 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 filing with the Securities & Exchange Commission, which is available through the SEC website. In other news, VP Donna K. Flynn sold 13,310 shares of the company’s stock in a transaction that occurred on 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 owns 78,733 shares in the company, valued at approximately $1,080,216.76. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Also, SVP Allan W. Smith, Jr. sold 70,444 shares of the firm’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 completion of the transaction, the senior vice president now directly owns 184,743 shares of the company’s stock, valued at $2,556,843.12. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 174,187 shares of company stock valued at $2,410,861. 12.96% of the stock is currently owned by corporate insiders.

Analysts Set New Price Targets

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

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.