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

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 dividend on an annualized basis and a yield of 3.02%. The ex-dividend date is Monday, September 30th.

Steelcase has decreased its dividend payment by an average of 6.8% annually over the last three years. Steelcase has a payout ratio of 35.1% meaning its dividend is sufficiently covered by earnings. 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 Price Performance

SCS opened at $13.25 on Friday. The business has a fifty day moving average of $13.46 and a 200 day moving average of $13.04. Steelcase has a 52-week low of $10.29 and a 52-week high of $14.74. The company has a quick ratio of 1.15, a current ratio of 1.62 and a debt-to-equity ratio of 0.48. The stock has a market cap of $1.51 billion, a P/E ratio of 17.43, a PEG ratio of 1.29 and a beta of 1.33.

Steelcase (NYSE:SCS) last issued its earnings results on Wednesday, September 18th. The business services provider reported $0.39 earnings per share for the quarter, beating analysts’ consensus estimates of $0.37 by $0.02. The business had revenue of $855.80 million during the quarter, compared to analyst estimates of $864.17 million. Steelcase had a return on equity of 14.41% and a net margin of 4.02%. Steelcase’s revenue was up .1% on a year-over-year basis. During the same period in the previous year, the company posted $0.31 EPS. As a group, sell-side analysts anticipate that Steelcase will post 1.02 EPS for the current year.

Wall Street Analyst Weigh In

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

Insider Buying and Selling at Steelcase

In other news, CAO Nicole Cherie Mcgrath sold 15,749 shares of the business’s stock in a transaction on Tuesday, July 23rd. The stock was sold at an average price of $13.94, for a total value of $219,541.06. Following the completion of the transaction, the chief accounting officer now directly owns 18,453 shares of the company’s stock, valued at approximately $257,234.82. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. In other news, SVP Allan W. Smith, Jr. sold 70,444 shares of the business’s stock in a transaction on Monday, July 22nd. The stock was sold at an average price of $13.84, for a total value 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 approximately $2,556,843.12. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. Also, CAO Nicole Cherie Mcgrath sold 15,749 shares of the business’s stock in a transaction on Tuesday, July 23rd. The stock was sold at an average price of $13.94, for a total value of $219,541.06. Following the completion of the transaction, the chief accounting officer now directly owns 18,453 shares of the company’s stock, valued at $257,234.82. The disclosure for this sale can be found here. Insiders sold a total of 160,877 shares of company stock valued at $2,228,248 in the last ninety days. Corporate insiders own 12.96% of the company’s stock.

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.