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

Steelcase Inc. (NYSE:SCS) announced a quarterly dividend on Thursday, June 20th, Zacks reports. Investors of record on Wednesday, July 3rd will be given a dividend of 0.10 per share by the business services provider on Monday, July 15th. This represents a $0.40 annualized dividend and a yield of 3.01%. The ex-dividend date is Wednesday, July 3rd.

Steelcase has decreased its dividend by an average of 6.8% annually over the last three years. Steelcase has a payout ratio of 37.4% meaning its dividend is sufficiently covered by earnings. Research analysts expect Steelcase to earn $1.12 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 35.7%.

Steelcase Stock Up 9.1 %

Steelcase stock opened at $13.29 on Friday. The company has a current ratio of 1.58, a quick ratio of 1.20 and a debt-to-equity ratio of 0.50. The firm’s fifty day moving average price is $12.71 and its two-hundred day moving average price is $12.83. The firm has a market capitalization of $1.52 billion, a price-to-earnings ratio of 17.49, a price-to-earnings-growth ratio of 1.32 and a beta of 1.35. Steelcase has a 1-year low of $7.10 and a 1-year high of $14.54.

Steelcase (NYSE:SCS) last released its quarterly earnings results on Thursday, June 20th. The business services provider reported $0.16 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.10 by $0.06. The business had revenue of $727.30 million during the quarter, compared to the consensus estimate of $729.05 million. Steelcase had a return on equity of 13.66% and a net margin of 2.89%. The company’s quarterly revenue was down 3.3% on a year-over-year basis. During the same quarter in the previous year, the business earned $0.09 EPS. On average, equities research analysts predict that Steelcase will post 0.92 earnings per share for the current fiscal year.

Insider Activity

In related news, VP Robert G. Krestakos sold 4,000 shares of the business’s stock in a transaction dated Monday, March 25th. The shares were sold at an average price of $12.61, for a total value of $50,440.00. Following the transaction, the vice president now directly owns 108,081 shares of the company’s stock, valued at approximately $1,362,901.41. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Insiders own 12.96% of the company’s stock.

Analysts Set New Price Targets

SCS has been the subject of several recent analyst reports. StockNews.com upgraded shares of Steelcase from a “buy” rating to a “strong-buy” rating in a research note on Friday, March 29th. Benchmark lifted their target price on shares of Steelcase from $17.00 to $18.00 and gave the stock a “buy” rating in a research report on Friday.

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.