Steelcase Inc. Announces Dividend of $0.15 (NYSE:SCS)

Steelcase Inc. (NYSE:SCS) announced a dividend on Thursday, September 19th, Fidelity reports. Shareholders of record on Monday, September 30th will be paid a dividend of 0.145 per share by the business services provider on Monday, October 14th. The ex-dividend date of this dividend is Friday, September 27th.

Steelcase has raised its dividend payment by an average of 6.4% annually over the last three years and has increased its dividend annually for the last 8 consecutive years. Steelcase has a dividend payout ratio of 53.7% meaning its dividend is sufficiently covered by earnings. Research analysts expect Steelcase to earn $1.47 per share next year, which means the company should continue to be able to cover its $0.58 annual dividend with an expected future payout ratio of 39.5%.

Shares of NYSE:SCS traded up $1.65 during trading on Friday, hitting $18.39. 4,726,832 shares of the company traded hands, compared to its average volume of 365,826. The stock has a market capitalization of $1.92 billion, a price-to-earnings ratio of 15.33 and a beta of 1.35. The business’s fifty day moving average is $15.98 and its 200-day moving average is $16.51. Steelcase has a one year low of $13.96 and a one year high of $19.35. The company has a quick ratio of 1.13, a current ratio of 1.57 and a debt-to-equity ratio of 0.78.

Steelcase (NYSE:SCS) last posted its earnings results on Friday, September 20th. The business services provider reported $0.50 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $0.43 by $0.07. The company had revenue of $998.00 million during the quarter, compared to analyst estimates of $980.87 million. Steelcase had a return on equity of 16.35% and a net margin of 3.61%. The business’s revenue was up 14.0% compared to the same quarter last year. During the same period in the prior year, the company earned $0.36 earnings per share. On average, analysts forecast that Steelcase will post 1.28 EPS for the current year.

Several equities analysts have recently commented on the company. Seaport Global Securities lowered Steelcase from a “buy” rating to a “neutral” rating in a report on Wednesday, July 17th. Zacks Investment Research lowered Steelcase from a “hold” rating to a “sell” rating in a report on Wednesday, August 14th. One investment analyst has rated the stock with a sell rating, two have given a hold rating and one has issued a strong buy rating to the stock. The stock currently has an average rating of “Hold” and a consensus target price of $19.00.

In other news, CEO James P. Keane sold 100,000 shares of the company’s stock in a transaction that occurred on Friday, July 12th. The stock was sold at an average price of $17.45, for a total transaction of $1,745,000.00. Following the completion of the transaction, the chief executive officer now directly owns 808,927 shares of the company’s stock, valued at $14,115,776.15. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CAO Lizbeth S. O’shaughnessy sold 20,000 shares of the company’s stock in a transaction that occurred on Tuesday, July 9th. The shares were sold at an average price of $17.11, for a total value of $342,200.00. Following the transaction, the chief accounting officer now directly owns 209,840 shares of the company’s stock, valued at $3,590,362.40. The disclosure for this sale can be found here. Insiders have sold 147,037 shares of company stock valued at $2,557,519 over the last ninety days. Corporate insiders own 17.58% of the company’s stock.

About Steelcase

Steelcase Inc manufactures and sells integrated furniture settings, user-centered technologies, and interior architectural products. It operates through Americas, EMEA, and Other Category segments. The company's furniture portfolio includes panel, fence and beam-based furniture systems, storage products, fixed and height-adjustable desks, benches, and tables, as well as complementary products, including worktools.

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Dividend History for Steelcase (NYSE:SCS)

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