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

Steelcase Inc. (NYSE:SCS) announced a quarterly dividend on Wednesday, March 26th, Wall Street Journal reports. Shareholders of record on Monday, April 7th will be paid a dividend of 0.10 per share by the business services provider on Monday, April 21st. This represents a $0.40 dividend on an annualized basis and a yield of 3.74%. The ex-dividend date is Monday, April 7th.

Steelcase has decreased its dividend by an average of 9.2% per year over the last three years. Steelcase has a payout ratio of 32.0% indicating that its dividend is sufficiently covered by earnings. Research analysts expect Steelcase to earn $1.06 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 37.7%.

Steelcase Price Performance

SCS stock opened at $10.69 on Friday. The company has a debt-to-equity ratio of 0.48, a quick ratio of 1.21 and a current ratio of 1.57. The company’s fifty day moving average price is $11.54 and its 200-day moving average price is $12.26. Steelcase has a one year low of $10.25 and a one year high of $14.74. The company has a market capitalization of $1.22 billion, a PE ratio of 11.14, a price-to-earnings-growth ratio of 1.25 and a beta of 1.33.

Steelcase (NYSE:SCS) last released its quarterly earnings data on Wednesday, March 26th. The business services provider reported $0.26 EPS for the quarter, beating the consensus estimate of $0.20 by $0.06. The business had revenue of $788.00 million during the quarter, compared to the consensus estimate of $790.90 million. Steelcase had a net margin of 3.63% and a return on equity of 14.20%. The business’s revenue was up 1.7% on a year-over-year basis. During the same quarter in the prior year, the firm earned $0.23 EPS. On average, equities analysts anticipate that Steelcase will post 1 EPS for the current fiscal year.

Analyst Ratings Changes

Separately, Sidoti upgraded Steelcase to a “hold” rating in a research report on Friday, March 28th.

Insider Activity

In related news, VP Robert G. Krestakos sold 5,000 shares of the firm’s stock in a transaction that occurred on Wednesday, January 22nd. The stock was sold at an average price of $11.74, for a total transaction of $58,700.00. Following the completion of the sale, the vice president now directly owns 114,481 shares of the company’s stock, valued at approximately $1,344,006.94. This trade represents a 4.18 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. 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.