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.
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.
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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