Steelcase Inc. (NYSE:SCS) to Issue $0.07 Quarterly Dividend

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Steelcase Inc. (NYSE:SCS) declared a quarterly dividend on Tuesday, March 24th, Zacks reports. Stockholders of record on Friday, April 3rd will be paid a dividend of 0.07 per share by the business services provider on Friday, April 17th. This represents a $0.28 annualized dividend and a dividend yield of 2.50%. The ex-dividend date is Thursday, April 2nd.

Steelcase has increased its dividend by an average of 4.4% annually over the last three years and has increased its dividend annually for the last 9 consecutive years. Steelcase has a dividend payout ratio of 40.6% meaning its dividend is sufficiently covered by earnings.

Shares of Steelcase stock traded down $0.35 on Thursday, hitting $11.20. 102,791 shares of the company were exchanged, compared to its average volume of 1,112,223. The stock has a market capitalization of $1.18 billion, a price-to-earnings ratio of 6.75 and a beta of 1.40. The company has a 50-day moving average price of $15.50 and a 200 day moving average price of $17.81. Steelcase has a 1-year low of $7.02 and a 1-year high of $23.02. The company has a quick ratio of 1.25, a current ratio of 1.60 and a debt-to-equity ratio of 0.74.

Steelcase (NYSE:SCS) last released its quarterly earnings results on Wednesday, March 25th. The business services provider reported $0.39 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $0.32 by $0.07. The firm had revenue of $946.20 million for the quarter, compared to analyst estimates of $914.80 million. Steelcase had a net margin of 5.36% and a return on equity of 20.25%. The business’s revenue for the quarter was up 3.7% compared to the same quarter last year. During the same quarter in the previous year, the company earned $0.29 EPS.

In related news, Director Robert C. Pew III sold 28,671 shares of the business’s stock in a transaction on Thursday, January 9th. The shares were sold at an average price of $19.78, for a total transaction of $567,112.38. Following the completion of the transaction, the director now owns 250,898 shares in the company, valued at $4,962,762.44. The sale was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, Director Robert C. Pew III sold 43,305 shares of the business’s stock in a transaction on Thursday, January 16th. The stock was sold at an average price of $19.58, for a total transaction of $847,911.90. Following the transaction, the director now owns 128,922 shares of the company’s stock, valued at approximately $2,524,292.76. The disclosure for this sale can be found here. In the last quarter, insiders have sold 121,976 shares of company stock valued at $2,415,024. Insiders own 17.58% of the company’s stock.

A number of brokerages have issued reports on SCS. Sidoti cut their target price on Steelcase from $14.00 to $10.00 and set a “neutral” rating on the stock in a research report on Wednesday. ValuEngine lowered Steelcase from a “hold” rating to a “sell” rating in a research report on Friday, January 31st. One equities research analyst has rated the stock with a sell rating and four have issued a hold rating to the company’s stock. The stock presently has an average rating of “Hold” and an average price target of $18.00.

About Steelcase

Steelcase Inc manufactures and sells integrated furniture settings, user-centered technologies, and interior architectural products. It operates through Americas, EMEA, and Other Category segments. The company's furniture portfolio includes panel, fence and beam-based furniture systems, storage products, fixed and height-adjustable desks, benches, and tables, as well as complementary products, including worktools.

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Dividend History for Steelcase (NYSE:SCS)

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