Steelcase Inc. (SCS) To Go Ex-Dividend on July 3rd

Steelcase Inc. (NYSE:SCS) announced a quarterly dividend on Thursday, June 20th, Zacks reports. Stockholders 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 dividend on an annualized basis and a dividend yield of 3.09%. The ex-dividend date is Wednesday, July 3rd.

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. Equities 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 Performance

SCS opened at $12.96 on Monday. 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 business has a fifty day simple moving average of $12.83 and a 200 day simple moving average of $12.86. Steelcase has a 1 year low of $7.38 and a 1 year high of $14.54. The company has a market capitalization of $1.48 billion, a PE ratio of 17.05, a price-to-earnings-growth ratio of 1.30 and a beta of 1.34.

Steelcase (NYSE:SCS) last posted its earnings results on Thursday, June 20th. The business services provider reported $0.16 earnings per share for the quarter, topping analysts’ consensus estimates of $0.10 by $0.06. Steelcase had a return on equity of 13.66% and a net margin of 2.89%. The company had revenue of $727.30 million during the quarter, compared to the consensus estimate of $729.05 million. During the same quarter last year, the firm earned $0.09 earnings per share. The company’s revenue was down 3.3% on a year-over-year basis. Research analysts expect that Steelcase will post 1 EPS for the current year.

Insider Transactions at Steelcase

In related 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 transaction, the vice president now directly owns 78,733 shares of the company’s stock, valued at $1,080,216.76. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. 12.96% of the stock is currently owned by insiders.

Analyst Upgrades and Downgrades

Several equities research analysts recently issued reports on the company. 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. StockNews.com upgraded Steelcase from a “buy” rating to a “strong-buy” rating in a research report on Friday, March 29th.

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.