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

Steelcase Inc. (NYSE:SCS) announced a quarterly dividend on Thursday, December 19th,Wall Street Journal reports. Stockholders of record on Monday, December 30th will be given a dividend of 0.10 per share by the business services provider on Monday, January 13th. This represents a $0.40 dividend on an annualized basis and a dividend yield of 3.25%. The ex-dividend date is Monday, December 30th.

Steelcase has decreased its dividend payment by an average of 6.8% per year over the last three years. Steelcase has a payout ratio of 35.4% meaning its dividend is sufficiently covered by earnings. Equities research analysts expect Steelcase to earn $1.15 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 34.8%.

Steelcase Trading Down 1.1 %

Steelcase stock traded down $0.14 during trading hours on Thursday, reaching $12.32. The company had a trading volume of 1,102,584 shares, compared to its average volume of 667,987. The firm has a market cap of $1.40 billion, a price-to-earnings ratio of 11.62, a P/E/G ratio of 1.29 and a beta of 1.35. Steelcase has a 12-month low of $11.50 and a 12-month high of $14.74. The company has a debt-to-equity ratio of 0.48, a current ratio of 1.62 and a quick ratio of 1.23. The company has a 50-day moving average price of $13.03 and a 200 day moving average price of $13.17.

Steelcase (NYSE:SCS) last announced its quarterly earnings results on Wednesday, December 18th. The business services provider reported $0.30 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.23 by $0.07. The company had revenue of $794.90 million for the quarter, compared to the consensus estimate of $796.58 million. Steelcase had a return on equity of 14.41% and a net margin of 4.02%. Steelcase’s revenue was up 2.2% compared to the same quarter last year. During the same quarter in the previous year, the business earned $0.30 EPS. Equities analysts forecast that Steelcase will post 1 earnings per share for the current year.

Insider Activity

In other Steelcase news, VP Robert G. Krestakos sold 4,000 shares of the business’s stock in a transaction dated Tuesday, October 15th. The stock was sold at an average price of $13.11, for a total value of $52,440.00. Following the completion of the transaction, the vice president now owns 119,481 shares of the company’s stock, valued at approximately $1,566,395.91. The trade was a 3.24 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Company insiders own 12.96% of the company’s stock.

Wall Street Analysts Forecast Growth

Separately, Noble Financial started coverage on Steelcase in a research report on Wednesday, October 9th. They set an “outperform” rating and a $16.00 price objective on the stock.

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.