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

Steelcase Inc. (NYSE:SCS) declared a quarterly dividend on Wednesday, March 26th, Wall Street Journal reports. Stockholders of record on Monday, April 7th will be paid a dividend of 0.10 per share by the business services provider on Monday, April 21st. This represents a $0.40 annualized dividend and a dividend yield of 3.54%. The ex-dividend date is Monday, April 7th.

Steelcase has decreased its dividend by an average of 9.2% per year over the last three years. Steelcase has a payout ratio of 31.7% meaning its dividend is sufficiently covered by earnings. Equities analysts expect Steelcase to earn $1.06 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 37.7%.

Steelcase Price Performance

NYSE SCS traded up $0.70 on Thursday, reaching $11.30. 1,889,878 shares of the stock traded hands, compared to its average volume of 614,846. The company has a quick ratio of 1.21, a current ratio of 1.57 and a debt-to-equity ratio of 0.48. The company has a market cap of $1.28 billion, a price-to-earnings ratio of 11.77, a P/E/G ratio of 1.25 and a beta of 1.33. The firm’s fifty day simple moving average is $11.61 and its 200 day simple moving average is $12.37. Steelcase has a 12 month low of $10.30 and a 12 month high of $14.74.

Steelcase (NYSE:SCS) last issued its earnings results on Wednesday, March 26th. The business services provider reported $0.26 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.20 by $0.06. The business had revenue of $788.00 million for the quarter, compared to analysts’ expectations of $790.90 million. Steelcase had a return on equity of 14.20% and a net margin of 3.63%. The company’s quarterly revenue was up 1.7% on a year-over-year basis. During the same period in the previous year, the firm posted $0.23 EPS. As a group, research analysts predict that Steelcase will post 1 EPS for the current fiscal year.

Insider Transactions at Steelcase

In other Steelcase news, VP Robert G. Krestakos sold 5,000 shares of the business’s stock in a transaction on Wednesday, January 22nd. The shares were sold at an average price of $11.74, for a total transaction of $58,700.00. Following the completion of the transaction, the vice president now owns 114,481 shares of the company’s stock, valued at $1,344,006.94. The trade was a 4.18 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. 12.96% of the stock is currently owned by company insiders.

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.