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.
WARNING: “Steelcase Inc. to Issue Quarterly Dividend of $0.13 (SCS)” was originally reported by Chaffey Breeze and is the property of of Chaffey Breeze. If you are reading this news story on another domain, it was illegally stolen and republished in violation of United States & international copyright and trademark legislation. The original version of this news story can be viewed at https://www.chaffeybreeze.com/2017/09/20/steelcase-inc-to-issue-quarterly-dividend-of-0-13-scs.html.
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.
Receive News & Ratings for Steelcase Inc. Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Steelcase Inc. and related companies with MarketBeat.com's FREE daily email newsletter.