Steelcase Inc. (SCS) to Issue Quarterly Dividend of $0.10 on October 15th

Steelcase Inc. (NYSE:SCS) announced a quarterly dividend on Wednesday, September 18th, Zacks reports. Investors of record on Monday, September 30th will be paid 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 dividend yield of 3.03%. 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 35.4% 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 Trading Down 0.9 %

Shares of NYSE:SCS opened at $13.19 on Friday. The company has a current ratio of 1.61, a quick ratio of 1.15 and a debt-to-equity ratio of 0.51. The stock has a market capitalization of $1.51 billion, a PE ratio of 17.51, a P/E/G ratio of 1.39 and a beta of 1.33. Steelcase has a 1 year low of $10.29 and a 1 year high of $14.74. The firm has a fifty day moving average price of $13.53 and a 200 day moving average price of $13.04.

Steelcase (NYSE:SCS) last issued its quarterly earnings data 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 for the quarter, compared to the consensus estimate of $864.17 million. Steelcase had a return on equity of 13.66% and a net margin of 2.89%. The firm’s revenue was up .1% compared to the same quarter last year. During the same period last year, the business earned $0.31 EPS. Analysts expect that Steelcase will post 1 EPS for the current fiscal year.

Insider Transactions at Steelcase

In other Steelcase news, VP Donna K. Flynn sold 13,310 shares of the business’s stock in a transaction dated Monday, June 24th. The shares were sold at an average price of $13.72, for a total value of $182,613.20. Following the completion of 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 SEC, which is available at this hyperlink. In other Steelcase news, VP Donna K. Flynn sold 13,310 shares of the company’s stock in a transaction on Monday, June 24th. The shares were sold at an average price of $13.72, for a total transaction of $182,613.20. Following the completion of 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 filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CAO Nicole Cherie Mcgrath sold 15,749 shares of the stock in a transaction dated Tuesday, July 23rd. The shares were 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 in the company, valued at approximately $257,234.82. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 174,187 shares of company stock worth $2,410,861. Insiders own 12.96% of the company’s stock.

Analyst Ratings Changes

Separately, Benchmark increased their price target on shares of Steelcase from $17.00 to $18.00 and gave the stock a “buy” rating in a research 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.