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.
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.
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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