Steelcase Inc. to Issue Quarterly Dividend of $0.13 (SCS)

Steelcase Inc. (NYSE:SCS) declared a quarterly dividend on Tuesday, September 19th, Wall Street Journal reports. Investors 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 dividend on an annualized basis and a yield of 3.37%. The ex-dividend date of this dividend is Wednesday, September 27th.

Steelcase has raised its dividend by an average of 16.3% annually 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. 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%.

Steelcase (NYSE:SCS) opened at 14.50 on Wednesday. The company has a 50-day moving average price of $13.41 and a 200-day moving average price of $15.32. The company has a market cap of $1.71 billion, a PE ratio of 14.19 and a beta of 1.18. Steelcase has a 1-year low of $12.50 and a 1-year high of $18.15.

Steelcase (NYSE:SCS) last announced its quarterly earnings results on Monday, September 18th. The business services provider reported $0.31 EPS for the quarter, topping the consensus estimate of $0.23 by $0.08. The business had revenue of $775.60 million for the quarter, compared to analysts’ expectations of $759.83 million. Steelcase had a net margin of 3.98% and a return on equity of 15.84%. The business’s quarterly revenue was up 2.3% compared to the same quarter last year. During the same quarter in the previous year, the company earned $0.32 EPS. On average, analysts expect that Steelcase will post $0.96 EPS for the current fiscal year.

In other news, Director Peter M. Wege II sold 14,400 shares of the business’s stock in a transaction dated Friday, July 14th. The shares were sold at an average price of $13.81, for a total value of $198,864.00. Following the sale, the director now directly owns 270,180 shares in the company, valued at approximately $3,731,185.80. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. 18.87% of the stock is owned by insiders.

Several brokerages have commented on SCS. TheStreet cut shares of Steelcase from a “b-” rating to a “c+” rating in a research note on Thursday, July 20th. Raymond James Financial, Inc. reiterated an “outperform” rating and issued a $16.00 price target (down previously from $19.00) on shares of Steelcase in a research note on Friday, June 23rd. Zacks Investment Research upgraded shares of Steelcase from a “sell” rating to a “hold” rating in a research note on Tuesday, May 30th. UBS AG cut shares of Steelcase from a “strong-buy” rating to an “outperform” rating in a research note on Friday, June 23rd. Finally, ValuEngine cut shares of Steelcase from a “buy” rating to a “hold” rating in a research note on Friday, September 1st. One investment analyst has rated the stock with a sell rating, three have assigned a hold rating and three have given a buy rating to the stock. The company has an average rating of “Hold” and a consensus target price of $17.00.

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About Steelcase

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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