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

Steelcase Inc. (NYSE:SCS) declared a quarterly dividend on Wednesday, December 18th,Wall Street Journal reports. Investors 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 of this dividend is Monday, December 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 35.4% indicating that its dividend is sufficiently covered by earnings. 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 Price Performance

SCS stock traded down $0.14 during trading on Thursday, reaching $12.32. The company’s stock had a trading volume of 1,102,590 shares, compared to its average volume of 669,380. The company has a quick ratio of 1.23, a current ratio of 1.62 and a debt-to-equity ratio of 0.48. The company’s fifty day moving average is $13.03 and its 200-day moving average is $13.17. The company has a market capitalization of $1.40 billion, a P/E ratio of 11.62, a price-to-earnings-growth ratio of 1.29 and a beta of 1.35. Steelcase has a 1 year low of $11.50 and a 1 year high of $14.74.

Steelcase (NYSE:SCS) last released its quarterly earnings data on Wednesday, December 18th. The business services provider reported $0.30 earnings per share for the quarter, topping analysts’ consensus estimates of $0.23 by $0.07. The firm had revenue of $794.90 million during the quarter, compared to analyst estimates of $796.58 million. Steelcase had a return on equity of 14.41% and a net margin of 4.02%. The business’s quarterly revenue was up 2.2% compared to the same quarter last year. During the same quarter in the prior year, the company posted $0.30 earnings per share. On average, research analysts expect that Steelcase will post 1 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

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

Insiders Place Their Bets

In other news, VP Robert G. Krestakos sold 4,000 shares of the company’s stock in a transaction that occurred on Tuesday, October 15th. The stock was sold at an average price of $13.11, for a total transaction of $52,440.00. Following the sale, the vice president now directly owns 119,481 shares of the company’s stock, valued at $1,566,395.91. This represents a 3.24 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Corporate insiders own 12.96% of the company’s stock.

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.