Steelcase Inc. (SCS) To Go Ex-Dividend on June 28th

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Steelcase Inc. (NYSE:SCS) announced a quarterly dividend on Wednesday, June 19th, NASDAQ reports. Shareholders of record on Monday, July 1st will be paid a dividend of 0.145 per share by the business services provider on Tuesday, July 16th. This represents a $0.58 dividend on an annualized basis and a yield of 3.63%. The ex-dividend date of this dividend is Friday, June 28th.

Steelcase has raised its dividend by an average of 6.4% per year over the last three years and has increased its dividend every year for the last 8 years. Steelcase has a dividend payout ratio of 53.7% indicating that its dividend is sufficiently covered by earnings. Equities research analysts expect Steelcase to earn $1.47 per share next year, which means the company should continue to be able to cover its $0.58 annual dividend with an expected future payout ratio of 39.5%.

Shares of NYSE:SCS opened at $15.98 on Wednesday. The company has a fifty day moving average of $16.84. Steelcase has a fifty-two week low of $13.10 and a fifty-two week high of $19.35. The company has a market capitalization of $1.83 billion, a PE ratio of 13.32 and a beta of 1.32. The company has a quick ratio of 1.22, a current ratio of 1.57 and a debt-to-equity ratio of 0.78.

Steelcase (NYSE:SCS) last announced its quarterly earnings results on Wednesday, June 19th. The business services provider reported $0.15 earnings per share for the quarter, missing analysts’ consensus estimates of $0.19 by ($0.04). Steelcase had a net margin of 3.61% and a return on equity of 16.35%. The company had revenue of $824.30 million during the quarter, compared to the consensus estimate of $839.07 million. During the same quarter last year, the company earned $0.14 earnings per share. The business’s revenue was up 9.3% on a year-over-year basis. Equities research analysts forecast that Steelcase will post 1.28 earnings per share for the current fiscal year.

Several analysts have recently commented on SCS shares. Zacks Investment Research upgraded Steelcase from a “sell” rating to a “hold” rating in a report on Wednesday, May 22nd. Raymond James upgraded Steelcase from an “outperform” rating to a “strong-buy” rating and increased their target price for the stock from $20.00 to $21.00 in a report on Thursday, March 21st. One investment analyst has rated the stock with a sell rating, one has given a hold rating, one has issued a buy rating and one has given a strong buy rating to the company. The company presently has a consensus rating of “Buy” and a consensus target price of $19.00.

In other news, Director Jennifer C. Niemann sold 1,832 shares of the stock in a transaction on Friday, March 29th. The stock was sold at an average price of $14.69, for a total transaction of $26,912.08. Following the sale, the director now owns 7,746 shares in the company, valued at $113,788.74. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, VP Allan W. Smith, Jr. sold 12,233 shares of the stock in a transaction on Wednesday, May 1st. The stock was sold at an average price of $17.15, for a total value of $209,795.95. Following the sale, the vice president now owns 29,600 shares in the company, valued at approximately $507,640. The disclosure for this sale can be found here. Insiders have sold 214,065 shares of company stock worth $3,654,708 in the last 90 days. Company insiders own 17.04% of the company’s stock.

About Steelcase

Steelcase Inc manufactures and sells integrated furniture settings, user-centered technologies, and interior architectural products. It operates through Americas, EMEA, and Other Category segments. The company's furniture portfolio includes panel, fence and beam-based furniture systems, storage products, fixed and height-adjustable desks, benches, and tables, as well as complementary products, including worktools.

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Dividend History for Steelcase (NYSE:SCS)

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