Steelcase Inc. to Issue Quarterly Dividend of $0.10 (NYSE:SCS)

Steelcase Inc. (NYSE:SCS - Get Free Report) declared a quarterly dividend on Wednesday, December 18th,Wall Street Journal reports. Shareholders of record on Monday, December 30th will be given a dividend of 0.10 per share by the business services provider on Monday, January 13th. This represents a $0.40 dividend on an annualized basis and a yield of 3.25%. The ex-dividend date of this dividend is Monday, December 30th.

Steelcase has decreased its dividend by an average of 6.8% per year over the last three years. Steelcase has a dividend payout ratio of 35.4% indicating that its dividend is sufficiently covered by earnings. Analysts expect Steelcase to earn $1.15 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 34.8%.

Steelcase Stock Down 1.1 %

Shares of Steelcase stock traded down $0.14 on Thursday, hitting $12.32. The company had a trading volume of 1,102,590 shares, compared to its average volume of 669,380. Steelcase has a 1 year low of $11.50 and a 1 year high of $14.74. The company has a debt-to-equity ratio of 0.48, a quick ratio of 1.23 and a current ratio of 1.62. The stock has a 50 day moving average of $13.03 and a 200-day moving average of $13.16. The stock has a market capitalization of $1.40 billion, a price-to-earnings ratio of 11.62, a P/E/G ratio of 1.29 and a beta of 1.35.

Steelcase (NYSE:SCS - Get Free Report) last released its quarterly earnings results on Wednesday, December 18th. The business services provider reported $0.30 EPS for the quarter, beating analysts' consensus estimates of $0.23 by $0.07. The business had revenue of $794.90 million during the quarter, compared to analyst estimates of $796.58 million. Steelcase had a return on equity of 14.41% and a net margin of 4.02%. Steelcase's quarterly revenue was up 2.2% compared to the same quarter last year. During the same period in the prior year, the firm posted $0.30 EPS. As a group, sell-side analysts forecast that Steelcase will post 1 earnings per share for the current year.

Wall Street Analysts Forecast Growth

Separately, Noble Financial began coverage on shares of Steelcase in a report on Wednesday, October 9th. They set an "outperform" rating and a $16.00 price target on the stock.

Insider Buying and Selling

In other Steelcase news, VP Robert G. Krestakos sold 4,000 shares of the business's stock in a transaction dated Tuesday, October 15th. The shares were sold at an average price of $13.11, for a total value of $52,440.00. Following the transaction, the vice president now directly owns 119,481 shares in the company, valued at $1,566,395.91. The trade was a 3.24 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. 12.96% of the stock is currently owned by corporate insiders.

About Steelcase

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.