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

Steelcase Inc. (NYSE:SCS) announced a quarterly dividend on Thursday, June 20th, Zacks reports. Stockholders of record on Wednesday, July 3rd will be paid a dividend of 0.10 per share by the business services provider on Monday, July 15th. This represents a $0.40 dividend on an annualized basis and a dividend yield of 3.09%. The ex-dividend date of this dividend is Wednesday, July 3rd.

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% indicating that its dividend is sufficiently covered by earnings. Equities analysts expect Steelcase to earn $1.19 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 33.6%.

Steelcase Trading Up 0.2 %

NYSE:SCS opened at $12.96 on Monday. The company has a market cap of $1.48 billion, a PE ratio of 17.05, a price-to-earnings-growth ratio of 1.30 and a beta of 1.34. The company has a current ratio of 1.61, a quick ratio of 1.15 and a debt-to-equity ratio of 0.51. The company has a 50 day simple moving average of $12.83 and a two-hundred day simple moving average of $12.86. Steelcase has a 12 month low of $7.38 and a 12 month high of $14.54.

Steelcase (NYSE:SCS) last issued its quarterly earnings data on Thursday, June 20th. The business services provider reported $0.16 EPS for the quarter, topping the consensus estimate of $0.10 by $0.06. Steelcase had a return on equity of 13.66% and a net margin of 2.89%. The company had revenue of $727.30 million during the quarter, compared to analyst estimates of $729.05 million. During the same quarter in the previous year, the company posted $0.09 earnings per share. Steelcase’s revenue was down 3.3% compared to the same quarter last year. Research analysts forecast that Steelcase will post 1 earnings per share for the current year.

Analysts Set New Price Targets

Several equities research analysts have recently commented on the stock. StockNews.com raised shares of Steelcase from a “buy” rating to a “strong-buy” rating in a research report on Friday, March 29th. Benchmark lifted their price target on shares of Steelcase from $17.00 to $18.00 and gave the stock a “buy” rating in a research note on Friday, June 21st.

Insider Transactions at Steelcase

In related news, VP Donna K. Flynn sold 13,310 shares of the stock in a transaction that occurred on Monday, June 24th. The shares were sold at an average price of $13.72, for a total value of $182,613.20. Following the completion of the sale, the vice president now directly owns 78,733 shares of the company’s stock, valued at approximately $1,080,216.76. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Corporate insiders own 12.96% of the company’s 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.