Steelcase Inc. (SCS) to Issue Quarterly Dividend of $0.10 on April 15th

Steelcase Inc. (NYSE:SCSGet Free Report) announced a quarterly dividend on Wednesday, March 20th, Wall Street Journal reports. Shareholders of record on Wednesday, April 3rd will be paid a dividend of 0.10 per share by the business services provider on Monday, April 15th. This represents a $0.40 annualized dividend and a dividend yield of 3.06%. The ex-dividend date is Tuesday, April 2nd.

Steelcase has decreased its dividend by an average of 6.8% annually over the last three years. Steelcase has a dividend payout ratio of 35.7% meaning its dividend is sufficiently covered by earnings. Equities research analysts expect Steelcase to earn $1.12 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 35.7%.

Steelcase Trading Up 1.6 %

NYSE:SCS opened at $13.08 on Friday. The company has a current ratio of 1.54, a quick ratio of 1.12 and a debt-to-equity ratio of 0.51. Steelcase has a 1-year low of $6.39 and a 1-year high of $14.54. The firm has a market capitalization of $1.49 billion, a price-to-earnings ratio of 19.24, a PEG ratio of 1.42 and a beta of 1.35. The business’s 50-day moving average price is $12.88 and its two-hundred day moving average price is $12.18.

Steelcase (NYSE:SCSGet Free Report) last announced its quarterly earnings results on Wednesday, March 20th. The business services provider reported $0.23 earnings per share for the quarter, beating analysts’ consensus estimates of $0.21 by $0.02. Steelcase had a net margin of 2.57% and a return on equity of 13.00%. The business had revenue of $775.20 million for the quarter, compared to the consensus estimate of $780.25 million. During the same period last year, the company posted $0.19 EPS. Steelcase’s revenue for the quarter was down 3.3% on a year-over-year basis. On average, equities analysts expect that Steelcase will post 0.92 earnings per share for the current year.

Wall Street Analysts Forecast Growth

Separately, upgraded Steelcase from a “buy” rating to a “strong-buy” rating in a report on Friday.

Read Our Latest Research Report on SCS

Insider Buying and Selling at Steelcase

In related news, VP Robert G. Krestakos sold 4,000 shares of the stock in a transaction dated Monday, March 25th. The stock was sold at an average price of $12.61, for a total transaction of $50,440.00. Following the completion of the transaction, the vice president now directly owns 108,081 shares in the company, valued at $1,362,901.41. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Company insiders own 12.72% of the company’s stock.

Institutional Investors Weigh In On Steelcase

Hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Point72 Hong Kong Ltd bought a new stake in Steelcase during the first quarter worth about $33,000. Captrust Financial Advisors grew its stake in shares of Steelcase by 179.6% in the first quarter. Captrust Financial Advisors now owns 4,141 shares of the business services provider’s stock valued at $49,000 after buying an additional 2,660 shares in the last quarter. Tower Research Capital LLC TRC increased its holdings in Steelcase by 208.9% during the first quarter. Tower Research Capital LLC TRC now owns 6,091 shares of the business services provider’s stock worth $51,000 after buying an additional 4,119 shares during the last quarter. Point72 Middle East FZE bought a new stake in Steelcase during the fourth quarter worth $65,000. Finally, Two Sigma Investments LP acquired a new stake in Steelcase in the fourth quarter valued at $72,000. 92.42% of the stock is currently owned by institutional investors and hedge funds.

About Steelcase

(Get Free Report)

Steelcase Inc provides a portfolio of furniture and architectural products in the United States and internationally. It operates through Americas, EMEA, and Other 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, and mobile power and screens.

Further Reading

Dividend History for Steelcase (NYSE:SCS)

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