Steelcase Inc. (NYSE:SCS) announced a quarterly dividend on Tuesday, September 19th, Wall Street Journal reports. Stockholders of record on Thursday, September 28th will be given a dividend of 0.1275 per share by the business services provider on Thursday, October 12th. This represents a $0.51 annualized dividend and a dividend yield of 3.66%. The ex-dividend date is Wednesday, September 27th.
Steelcase has raised its dividend by an average of 16.3% per year over the last three years and has increased its dividend every year for the last 6 years. Steelcase has a payout ratio of 53.7% meaning its dividend is sufficiently covered by earnings. Equities research analysts expect Steelcase to earn $1.10 per share next year, which means the company should continue to be able to cover its $0.51 annual dividend with an expected future payout ratio of 46.4%.
Shares of Steelcase (NYSE SCS) opened at 14.45 on Friday. Steelcase has a 1-year low of $12.50 and a 1-year high of $18.15. The stock’s 50 day moving average is $13.41 and its 200 day moving average is $15.32. The company has a market cap of $1.71 billion, a P/E ratio of 14.14 and a beta of 1.18.
Steelcase (NYSE:SCS) last posted its quarterly earnings results on Monday, September 18th. The business services provider reported $0.31 earnings per share for the quarter, beating the consensus estimate of $0.23 by $0.08. Steelcase had a net margin of 3.98% and a return on equity of 15.84%. The business had revenue of $775.60 million during the quarter, compared to analysts’ expectations of $759.83 million. During the same quarter in the prior year, the company posted $0.32 EPS. The business’s revenue for the quarter was up 2.3% on a year-over-year basis. On average, analysts predict that Steelcase will post $0.95 earnings per share for the current year.
In other news, Director Peter M. Wege II sold 14,400 shares of the company’s stock in a transaction that occurred on Friday, July 14th. The shares were sold at an average price of $13.81, for a total value of $198,864.00. Following the transaction, the director now directly owns 270,180 shares in the company, valued at approximately $3,731,185.80. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Corporate insiders own 18.87% of the company’s stock.
Several equities analysts have recently commented on the stock. UBS AG lowered shares of Steelcase from a “strong-buy” rating to an “outperform” rating in a report on Friday, June 23rd. Sidoti lowered shares of Steelcase from a “buy” rating to a “neutral” rating and set a $16.00 price objective on the stock. in a report on Wednesday. Zacks Investment Research upgraded shares of Steelcase from a “sell” rating to a “hold” rating in a report on Thursday, August 24th. ValuEngine lowered shares of Steelcase from a “buy” rating to a “hold” rating in a report on Friday, September 1st. Finally, BidaskClub lowered shares of Steelcase from a “hold” rating to a “sell” rating in a report on Friday, June 23rd. One research analyst has rated the stock with a sell rating, four have issued a hold rating and two have given a buy rating to the company. Steelcase currently has an average rating of “Hold” and an average target price of $17.00.
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Steelcase Company Profile
Steelcase Inc provides an integrated portfolio of furniture settings, user-centered technologies and interior architectural products. The Company’s segments include Americas, EMEA and Other Category. The Company’s furniture portfolio includes panel-based and freestanding furniture systems and complementary products, such as storage, tables and ergonomic worktools.
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