Steelcase Inc. (SCS) to Issue Quarterly Dividend of $0.13 on January 15th

Steelcase Inc. (NYSE:SCS) announced a quarterly dividend on Wednesday, December 20th, Wall Street Journal reports. Shareholders of record on Friday, December 29th will be given a dividend of 0.1275 per share by the business services provider on Monday, January 15th. This represents a $0.51 dividend on an annualized basis and a yield of 3.40%. The ex-dividend date is Thursday, December 28th.

Steelcase has raised its dividend by an average of 16.3% annually over the last three years and has increased its dividend annually for the last 6 consecutive years. Steelcase has a dividend payout ratio of 63.0% meaning its dividend is sufficiently covered by earnings. Equities analysts expect Steelcase to earn $0.97 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 52.6%.

Steelcase (NYSE:SCS) traded up $0.05 during trading hours on Wednesday, reaching $15.00. The company’s stock had a trading volume of 654,746 shares, compared to its average volume of 729,578. The company has a current ratio of 1.58, a quick ratio of 1.23 and a debt-to-equity ratio of 0.36. Steelcase has a 1-year low of $12.50 and a 1-year high of $18.15. The company has a market cap of $1,717.30, a P/E ratio of 16.85 and a beta of 1.25.

Steelcase (NYSE:SCS) last released its quarterly earnings data on Tuesday, December 19th. The business services provider reported $0.22 earnings per share (EPS) for the quarter, hitting the Zacks’ consensus estimate of $0.22. Steelcase had a return on equity of 13.62% and a net margin of 3.49%. The business had revenue of $772.10 million for the quarter, compared to the consensus estimate of $762.37 million. During the same quarter in the previous year, the company posted $0.30 EPS. The company’s revenue was down 1.8% compared to the same quarter last year. equities research analysts expect that Steelcase will post 0.81 EPS for the current fiscal year.

In other Steelcase news, VP Sara E. Armbruster sold 3,000 shares of Steelcase stock in a transaction on Friday, December 22nd. The stock was sold at an average price of $14.80, for a total transaction of $44,400.00. Following the completion of the sale, the vice president now directly owns 69,870 shares of the company’s stock, valued at approximately $1,034,076. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Insiders own 18.87% of the company’s stock.

A number of equities analysts have recently commented on SCS shares. ValuEngine cut Steelcase from a “buy” rating to a “hold” rating in a report on Friday, September 1st. Sidoti upgraded Steelcase from a “neutral” rating to a “buy” rating and set a $16.00 target price for the company in a report on Friday, September 1st. TheStreet upgraded Steelcase from a “c+” rating to a “b-” rating in a report on Tuesday, October 3rd. Finally, Zacks Investment Research cut Steelcase from a “hold” rating to a “sell” rating in a report on Tuesday, December 12th. Two investment analysts have rated the stock with a sell rating, two have assigned a hold rating and two have issued a buy rating to the company. The company currently has a consensus rating of “Hold” and an average price target of $16.00.

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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.

Dividend History for Steelcase (NYSE:SCS)

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