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

Steelcase Inc. (NYSE:SCSGet Free Report) declared a quarterly dividend on Thursday, March 21st, Wall Street Journal reports. Shareholders of record on Wednesday, April 3rd will be given a dividend of 0.10 per share by the business services provider on Monday, April 15th. This represents a $0.40 dividend on an annualized basis and a yield of 3.25%. The ex-dividend date is Tuesday, April 2nd.

Steelcase has decreased its dividend by an average of 6.8% per year over the last three years. Steelcase has a payout ratio of 34.5% indicating that its dividend is sufficiently covered by earnings. Equities research analysts expect Steelcase to earn $0.91 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 44.0%.

Steelcase Trading Down 5.7 %

NYSE:SCS traded down $0.75 during trading hours on Thursday, reaching $12.30. 2,886,786 shares of the stock were exchanged, compared to its average volume of 765,916. The company has a quick ratio of 1.12, a current ratio of 1.54 and a debt-to-equity ratio of 0.51. The business has a 50-day moving average of $12.86 and a two-hundred day moving average of $11.98. Steelcase has a twelve month low of $6.39 and a twelve month high of $14.54. The company has a market capitalization of $1.40 billion, a price-to-earnings ratio of 19.06, a PEG ratio of 1.41 and a beta of 1.35.

Steelcase (NYSE:SCSGet Free Report) last released its quarterly earnings results on Wednesday, March 20th. The business services provider reported $0.23 EPS for the quarter, topping analysts’ consensus estimates of $0.21 by $0.02. Steelcase had a return on equity of 12.57% and a net margin of 2.37%. The company had revenue of $775.20 million for the quarter, compared to analysts’ expectations of $780.25 million. During the same period in the prior year, the firm earned $0.19 earnings per share. The firm’s revenue was down 3.3% compared to the same quarter last year. On average, equities analysts predict that Steelcase will post 0.78 EPS for the current year.

Wall Street Analyst Weigh In

Separately, StockNews.com upgraded Steelcase from a “buy” rating to a “strong-buy” rating in a research note on Tuesday, December 26th.

Check Out Our Latest Analysis on Steelcase

Insider Activity at Steelcase

In related news, CFO David C. Sylvester sold 85,000 shares of the stock in a transaction on Friday, December 22nd. The stock was sold at an average price of $13.87, for a total value of $1,178,950.00. Following the transaction, the chief financial officer now owns 570,809 shares of the company’s stock, valued at $7,917,120.83. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. In other Steelcase news, VP Robert G. Krestakos sold 3,800 shares of the firm’s stock in a transaction dated Tuesday, December 26th. The stock was sold at an average price of $13.83, for a total transaction of $52,554.00. Following the transaction, the vice president now owns 110,489 shares of the company’s stock, valued at $1,528,062.87. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, CFO David C. Sylvester sold 85,000 shares of the firm’s stock in a transaction dated Friday, December 22nd. The stock was sold at an average price of $13.87, for a total value of $1,178,950.00. Following the transaction, the chief financial officer now directly owns 570,809 shares in the company, valued at approximately $7,917,120.83. The disclosure for this sale can be found here. Insiders have sold 90,592 shares of company stock valued at $1,256,502 over the last quarter. 12.72% of the stock is owned by insiders.

Institutional Investors Weigh In On Steelcase

Several hedge funds have recently made changes to their positions in SCS. Goldman Sachs Group Inc. boosted its stake in shares of Steelcase by 156.4% during the second quarter. Goldman Sachs Group Inc. now owns 1,931,500 shares of the business services provider’s stock worth $14,892,000 after buying an additional 1,178,302 shares during the period. Vanguard Group Inc. lifted its position in Steelcase by 15.3% in the third quarter. Vanguard Group Inc. now owns 8,705,377 shares of the business services provider’s stock valued at $56,759,000 after purchasing an additional 1,152,299 shares during the period. BlackRock Inc. lifted its position in Steelcase by 14.3% in the second quarter. BlackRock Inc. now owns 8,350,989 shares of the business services provider’s stock valued at $64,386,000 after purchasing an additional 1,042,474 shares during the period. Invesco Ltd. boosted its holdings in Steelcase by 82.7% in the 1st quarter. Invesco Ltd. now owns 1,765,272 shares of the business services provider’s stock valued at $21,095,000 after purchasing an additional 799,202 shares in the last quarter. Finally, Norges Bank purchased a new stake in Steelcase in the 4th quarter valued at approximately $4,916,000. Institutional investors and hedge funds own 69.51% of the company’s stock.

About Steelcase

(Get Free Report)

Steelcase Inc provides a portfolio of furniture and architectural products in the United States and internationally. It operates through Americas, EMEA, and Other 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, and mobile power and screens.

Further Reading

Dividend History for Steelcase (NYSE:SCS)

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