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

Steelcase Inc. (NYSE:SCS) declared 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 is Wednesday, July 3rd.

Steelcase has decreased its dividend 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. 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 Stock Performance

Shares of SCS stock opened at $12.96 on Tuesday. The company has a market cap of $1.48 billion, a PE ratio of 17.05, a PEG 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. Steelcase has a 12-month low of $7.38 and a 12-month high of $14.54. The business’s fifty day simple moving average is $12.85 and its 200-day simple moving average is $12.86.

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

Wall Street Analysts Forecast Growth

A number of equities research analysts have recently weighed in on SCS shares. Benchmark boosted their price objective on shares of Steelcase from $17.00 to $18.00 and gave the company a “buy” rating in a report on Friday, June 21st. StockNews.com raised shares of Steelcase from a “buy” rating to a “strong-buy” rating in a report on Friday, March 29th.

Insider Buying and Selling at Steelcase

In other Steelcase news, VP Donna K. Flynn sold 13,310 shares of the company’s stock in a transaction 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 sale, the vice president now directly owns 78,733 shares of the company’s stock, valued at $1,080,216.76. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. 12.96% of the stock is owned by corporate insiders.

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.