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

Steelcase Inc. (NYSE:SCS) declared a quarterly dividend on Wednesday, September 18th, Zacks reports. Stockholders 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 annualized dividend and a dividend yield of 3.02%. The ex-dividend date is Monday, September 30th.

Steelcase has decreased its dividend 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. 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 Up 0.3 %

NYSE SCS opened at $13.25 on Friday. The stock’s 50-day moving average price is $13.46 and its 200-day moving average price is $13.04. The company has a quick ratio of 1.15, a current ratio of 1.62 and a debt-to-equity ratio of 0.48. Steelcase has a 52 week low of $10.29 and a 52 week high of $14.74. The company has a market capitalization of $1.51 billion, a P/E ratio of 17.43, a price-to-earnings-growth ratio of 1.29 and a beta of 1.33.

Steelcase (NYSE:SCS) last posted its quarterly earnings data on Wednesday, September 18th. The business services provider reported $0.39 EPS for the quarter, topping the consensus estimate of $0.37 by $0.02. Steelcase had a return on equity of 14.41% and a net margin of 4.02%. The firm had revenue of $855.80 million for the quarter, compared to the consensus estimate of $864.17 million. During the same quarter last year, the company earned $0.31 earnings per share. The business’s revenue for the quarter was up .1% compared to the same quarter last year. On average, equities research analysts predict that Steelcase will post 1.02 earnings per share for the current year.

Insider Activity at Steelcase

In other Steelcase news, CAO Nicole Cherie Mcgrath sold 15,749 shares of the firm’s stock in a transaction that occurred on Tuesday, July 23rd. The stock was sold at an average price of $13.94, for a total transaction of $219,541.06. Following the completion of the transaction, the chief accounting officer now owns 18,453 shares in the company, valued at approximately $257,234.82. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. In other Steelcase news, SVP Allan W. Smith, Jr. sold 70,444 shares of the firm’s stock in a transaction that occurred on Monday, July 22nd. The stock was sold at an average price of $13.84, for a total transaction of $974,944.96. Following the completion of the transaction, the senior vice president now owns 184,743 shares in the company, valued at approximately $2,556,843.12. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, CAO Nicole Cherie Mcgrath sold 15,749 shares of the firm’s stock in a transaction that occurred on Tuesday, July 23rd. The shares were sold at an average price of $13.94, for a total value of $219,541.06. Following the transaction, the chief accounting officer now owns 18,453 shares of the company’s stock, valued at approximately $257,234.82. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 160,877 shares of company stock valued at $2,228,248. 12.96% of the stock is owned by company insiders.

Wall Street Analysts Forecast Growth

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

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.