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

Steelcase Inc. (NYSE:SCS) announced a quarterly dividend on Wednesday, March 26th, Wall Street Journal reports. Investors of record on Monday, April 7th will be given a dividend of 0.10 per share by the business services provider on Monday, April 21st. This represents a $0.40 dividend on an annualized basis and a yield of 3.54%. The ex-dividend date of this dividend is Monday, April 7th.

Steelcase has decreased its dividend by an average of 9.2% annually over the last three years. Steelcase has a dividend payout ratio of 31.7% meaning its dividend is sufficiently covered by earnings. Equities research analysts expect Steelcase to earn $1.06 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 37.7%.

Steelcase Price Performance

Steelcase stock traded up $0.70 on Thursday, reaching $11.30. The company’s stock had a trading volume of 1,889,878 shares, compared to its average volume of 614,846. Steelcase has a twelve month low of $10.30 and a twelve month high of $14.74. The company has a market cap of $1.28 billion, a price-to-earnings ratio of 11.77, a PEG ratio of 1.25 and a beta of 1.33. The company has a debt-to-equity ratio of 0.48, a quick ratio of 1.21 and a current ratio of 1.57. The business’s fifty day moving average price is $11.61 and its 200 day moving average price is $12.37.

Steelcase (NYSE:SCS) last issued its quarterly earnings results on Wednesday, March 26th. The business services provider reported $0.26 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.20 by $0.06. The business had revenue of $788.00 million for the quarter, compared to the consensus estimate of $790.90 million. Steelcase had a net margin of 3.63% and a return on equity of 14.20%. The firm’s quarterly revenue was up 1.7% on a year-over-year basis. During the same quarter in the prior year, the company earned $0.23 EPS. Equities analysts expect that Steelcase will post 1 earnings per share for the current fiscal year.

Insider Activity

In other news, VP Robert G. Krestakos sold 5,000 shares of the company’s stock in a transaction on Wednesday, January 22nd. The stock was sold at an average price of $11.74, for a total transaction of $58,700.00. Following the transaction, the vice president now owns 114,481 shares of the company’s stock, valued at $1,344,006.94. This represents a 4.18 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this link. 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.