Steelcase Inc. (NYSE:SCS - Get Free Report) declared a quarterly dividend on Thursday, June 26th, Wall Street Journal reports. Stockholders of record on Monday, July 7th will be given a dividend of 0.10 per share by the business services provider on Monday, July 21st. This represents a $0.40 dividend on an annualized basis and a dividend yield of 3.81%. The ex-dividend date is Monday, July 7th.
Steelcase has a dividend payout ratio of 31.3% meaning its dividend is sufficiently covered by earnings. Research analysts expect Steelcase to earn $1.06 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 37.7%.
Steelcase Trading Down 3.7%
Steelcase stock traded down $0.41 during trading hours on Friday, hitting $10.49. The company had a trading volume of 2,760,884 shares, compared to its average volume of 664,744. The company has a debt-to-equity ratio of 0.47, a quick ratio of 1.17 and a current ratio of 1.54. The firm has a market cap of $1.20 billion, a P/E ratio of 10.18, a P/E/G ratio of 1.01 and a beta of 1.14. The company has a 50-day moving average price of $10.27 and a two-hundred day moving average price of $11.02. Steelcase has a 1 year low of $9.32 and a 1 year high of $14.74.
Steelcase (NYSE:SCS - Get Free Report) last announced its quarterly earnings results on Wednesday, June 25th. The business services provider reported $0.20 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.12 by $0.08. Steelcase had a return on equity of 14.66% and a net margin of 3.84%. The firm had revenue of $779.00 million during the quarter, compared to analyst estimates of $759.90 million. During the same quarter in the previous year, the business earned $0.16 earnings per share. Steelcase's quarterly revenue was up 7.1% on a year-over-year basis. On average, sell-side analysts anticipate that Steelcase will post 1 earnings per share for the current year.
Wall Street Analysts Forecast Growth
A number of analysts recently weighed in on the stock. Wall Street Zen lowered shares of Steelcase from a "strong-buy" rating to a "buy" rating in a research note on Friday. Sidoti raised Steelcase to a "hold" rating in a report on Friday, March 28th.
Check Out Our Latest Research Report on Steelcase
Insider Buying and Selling at Steelcase
In related news, VP Robert G. Krestakos sold 6,000 shares of the stock in a transaction on Monday, April 14th. The stock was sold at an average price of $10.13, for a total value of $60,780.00. Following the completion of the transaction, the vice president now directly owns 139,912 shares of the company's stock, valued at approximately $1,417,308.56. This represents a 4.11% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Insiders own 6.75% of the company's stock.
Hedge Funds Weigh In On Steelcase
Several hedge funds and other institutional investors have recently modified their holdings of the business. Jones Financial Companies Lllp raised its holdings in shares of Steelcase by 3,634.2% during the 1st quarter. Jones Financial Companies Lllp now owns 2,950 shares of the business services provider's stock worth $32,000 after acquiring an additional 2,871 shares during the period. Dynamic Technology Lab Private Ltd acquired a new position in Steelcase during the 1st quarter worth about $259,000. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. boosted its holdings in Steelcase by 4.6% in the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 54,999 shares of the business services provider's stock valued at $603,000 after purchasing an additional 2,403 shares during the period. Finally, UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC increased its holdings in shares of Steelcase by 10.5% in the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 188,770 shares of the business services provider's stock valued at $2,069,000 after acquiring an additional 17,940 shares during the last quarter. 92.42% of the stock is owned by hedge funds and other institutional investors.
About Steelcase
(
Get Free Report)
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.
Further Reading
Before you consider Steelcase, you'll want to hear this.
MarketBeat keeps track of Wall Street's top-rated and best performing research analysts and the stocks they recommend to their clients on a daily basis. MarketBeat has identified the five stocks that top analysts are quietly whispering to their clients to buy now before the broader market catches on... and Steelcase wasn't on the list.
While Steelcase currently has a Moderate Buy rating among analysts, top-rated analysts believe these five stocks are better buys.
View The Five Stocks Here
Wondering what the next stocks will be that hit it big, with solid fundamentals? Enter your email address to see which stocks MarketBeat analysts could become the next blockbuster growth stocks.
Get This Free Report
Like this article? Share it with a colleague.
Link copied to clipboard.
