Steelcase Inc. (SCS) to Issue Quarterly Dividend of $0.10 on January 13th

Steelcase Inc. (NYSE:SCS) declared a quarterly dividend on Wednesday, December 18th,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 dividend on an annualized basis and a dividend yield of 3.34%. The ex-dividend date of this dividend is Monday, December 30th.

Steelcase has decreased its dividend 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 Stock Up 0.6 %

NYSE SCS opened at $11.97 on Friday. The stock has a market capitalization of $1.36 billion, a PE ratio of 11.29, a PEG ratio of 1.29 and a beta of 1.35. The business’s 50-day moving average is $12.88 and its 200 day moving average is $13.11. Steelcase has a 1 year low of $11.47 and a 1 year high of $14.74. The company has a debt-to-equity ratio of 0.48, a current ratio of 1.62 and a quick ratio of 1.23.

Steelcase (NYSE:SCS) last posted its earnings results on Wednesday, December 18th. The business services provider reported $0.30 EPS for the quarter, topping the consensus estimate of $0.23 by $0.07. Steelcase had a net margin of 4.02% and a return on equity of 14.41%. The firm had revenue of $794.90 million during the quarter, compared to analysts’ expectations of $796.58 million. During the same period last year, the company posted $0.30 EPS. The company’s quarterly revenue was up 2.2% compared to the same quarter last year. Sell-side analysts forecast that Steelcase will post 1 earnings per share for the current year.

Wall Street Analysts Forecast Growth

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

Insider Activity

In other news, VP Robert G. Krestakos sold 4,000 shares of Steelcase stock in a transaction that occurred on Tuesday, October 15th. The shares were sold at an average price of $13.11, for a total transaction of $52,440.00. Following the completion of the transaction, the vice president now directly owns 119,481 shares in the company, valued at approximately $1,566,395.91. This trade represents a 3.24 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Company 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.