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

Steelcase Inc. (NYSE:SCS) announced a quarterly dividend on Thursday, March 27th, 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% per year over the last three years. Steelcase has a payout ratio of 31.7% meaning its dividend is sufficiently covered by earnings. Equities 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 Stock Up 6.6 %

Shares of NYSE:SCS traded up $0.70 during trading on Thursday, hitting $11.30. 1,889,878 shares of the company’s stock traded hands, compared to its average volume of 614,846. The company has a market cap of $1.28 billion, a price-to-earnings ratio of 11.77, a price-to-earnings-growth ratio of 1.25 and a beta of 1.33. Steelcase has a 52 week low of $10.30 and a 52 week high of $14.74. The company has a current ratio of 1.57, a quick ratio of 1.21 and a debt-to-equity ratio of 0.48. The company has a 50-day moving average price of $11.61 and a 200-day moving average price of $12.37.

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

Insiders Place Their Bets

In related news, VP Robert G. Krestakos sold 5,000 shares of the business’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 sale, the vice president now directly owns 114,481 shares in the company, valued at approximately $1,344,006.94. The trade was a 4.18 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. 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.