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

by · The Markets Daily

Steelcase Inc. (NYSE:SCS – Get Free Report) announced a quarterly dividend on Wednesday, September 18th, Zacks reports. Stockholders 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 dividend on an annualized basis and a dividend yield of 3.02%. The ex-dividend date of this dividend 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 dividend payout ratio of 35.1% 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

NYSE:SCS opened at $13.25 on Friday. The company has a market cap of $1.51 billion, a P/E ratio of 17.43, a P/E/G ratio of 1.29 and a beta of 1.33. The firm’s 50 day moving average is $13.46 and its two-hundred day moving average is $13.04. Steelcase has a fifty-two week low of $10.29 and a fifty-two 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.

Steelcase (NYSE:SCS – Get Free Report) last released its quarterly earnings data on Wednesday, September 18th. The business services provider reported $0.39 earnings per share for the quarter, beating 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 business had revenue of $855.80 million for the quarter, compared to analyst estimates of $864.17 million. During the same period in the previous year, the company posted $0.31 EPS. The company’s revenue was up .1% compared to the same quarter last year. Analysts expect that Steelcase will post 1.02 EPS for the current year.

Wall Street Analyst Weigh In

Separately, Benchmark boosted their price objective on shares of Steelcase from $17.00 to $18.00 and gave the stock a “buy” rating in a report on Friday, June 21st.

View Our Latest Research Report on Steelcase

Insiders Place Their Bets

In other news, CFO David C. Sylvester sold 73,184 shares of the stock in a transaction that occurred on Wednesday, July 24th. The stock was sold at an average price of $13.84, for a total transaction of $1,012,866.56. Following the completion of the transaction, the chief financial officer now directly owns 551,592 shares in the company, valued at approximately $7,634,033.28. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. In other news, CFO David C. Sylvester sold 73,184 shares of the business’s stock in a transaction dated Wednesday, July 24th. The shares were sold at an average price of $13.84, for a total value of $1,012,866.56. Following the completion of the sale, the chief financial officer now owns 551,592 shares of the company’s stock, valued at approximately $7,634,033.28. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, SVP Allan W. Smith, Jr. sold 70,444 shares of the stock in a transaction dated Monday, July 22nd. The stock was sold at an average price of $13.84, for a total transaction of $974,944.96. Following the transaction, the senior vice president now directly owns 184,743 shares in the company, valued at approximately $2,556,843.12. The disclosure for this sale can be found here. Insiders have sold 160,877 shares of company stock worth $2,228,248 in the last three months. 12.96% of the stock is owned by insiders.

Steelcase Company Profile

(Get Free Report)

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.

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