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

Steelcase Inc. (NYSE:SCS) announced a quarterly dividend on Thursday, December 19th,Wall Street Journal reports. Shareholders 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 annualized dividend and a 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 payout ratio of 35.4% meaning its dividend is sufficiently covered by earnings. Equities 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 Stock Performance

Shares of NYSE SCS traded down $0.14 during trading on Thursday, hitting $12.32. The company had a trading volume of 1,102,584 shares, compared to its average volume of 667,987. The stock has a 50 day simple moving average of $13.03 and a 200 day simple moving average of $13.17. The firm 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. The company has a debt-to-equity ratio of 0.48, a quick ratio of 1.23 and a current ratio of 1.62. Steelcase has a 12 month low of $11.50 and a 12 month high of $14.74.

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

Analyst Upgrades and Downgrades

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

Insider Buying and Selling

In related 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 sale, the vice president now directly owns 119,481 shares in the company, valued at approximately $1,566,395.91. The trade was a 3.24 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. 12.96% of the stock is 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.