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

Steelcase Inc. (NYSE:SCS) declared a quarterly dividend on Wednesday, December 18th,Wall Street Journal reports. Stockholders of record on Monday, December 30th will be given a dividend of 0.10 per share by the business services provider on Monday, January 13th. This represents a $0.40 annualized dividend and a dividend yield of 3.25%. The ex-dividend date is Monday, December 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% meaning its dividend is sufficiently covered by earnings. Research analysts expect Steelcase to earn $1.15 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 34.8%.

Steelcase Stock Performance

NYSE SCS traded down $0.14 during trading hours on Thursday, hitting $12.32. The company’s stock had a trading volume of 1,102,590 shares, compared to its average volume of 669,380. Steelcase has a 12 month low of $11.50 and a 12 month high of $14.74. The company’s 50 day simple moving average is $13.03 and its two-hundred day simple moving average is $13.17. The company has a debt-to-equity ratio of 0.48, a current ratio of 1.62 and a quick ratio of 1.23. The company has a market cap of $1.40 billion, a P/E ratio of 11.62, a price-to-earnings-growth ratio of 1.29 and a beta of 1.35.

Steelcase (NYSE:SCS) last announced its quarterly earnings results on Wednesday, December 18th. The business services provider reported $0.30 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.23 by $0.07. Steelcase had a net margin of 4.02% and a return on equity of 14.41%. The firm had revenue of $794.90 million for the quarter, compared to the consensus estimate of $796.58 million. During the same quarter last year, the firm posted $0.30 EPS. The business’s quarterly revenue was up 2.2% compared to the same quarter last year. As a group, sell-side analysts expect that Steelcase will post 1 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

Separately, Noble Financial assumed coverage on shares of Steelcase in a research note on Wednesday, October 9th. They set an “outperform” rating and a $16.00 target price for the company.

Insider Buying and Selling at Steelcase

In other news, VP Robert G. Krestakos sold 4,000 shares of the company’s stock in a transaction on Tuesday, October 15th. The stock was sold at an average price of $13.11, for a total value of $52,440.00. Following the completion of the sale, the vice president now directly owns 119,481 shares in the company, valued at $1,566,395.91. This represents a 3.24 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this link. 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.