Steelcase Inc. (NYSE:SCS) Plans $0.10 Quarterly Dividend

Steelcase Inc. (NYSE:SCS - Get Free Report) announced a quarterly dividend on Thursday, June 26th, Wall Street Journal reports. Stockholders of record on Monday, July 7th will be paid a dividend of 0.10 per share by the business services provider on Monday, July 21st. This represents a $0.40 annualized dividend and a dividend yield of 3.67%. The ex-dividend date of this dividend is Monday, July 7th.

Steelcase has a payout ratio of 31.3% meaning its dividend is sufficiently covered by earnings. Equities 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 Stock Performance

Shares of SCS traded up $0.27 on Thursday, reaching $10.89. 3,363,996 shares of the stock traded hands, compared to its average volume of 661,067. The stock's 50-day moving average price is $10.24 and its 200-day moving average price is $11.09. The company has a debt-to-equity ratio of 0.47, a current ratio of 1.54 and a quick ratio of 1.17. The firm has a market cap of $1.25 billion, a price-to-earnings ratio of 10.78, a P/E/G ratio of 1.04 and a beta of 1.14. Steelcase has a 12 month low of $9.32 and a 12 month 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 the consensus estimate of $0.12 by $0.08. The firm had revenue of $779.00 million for the quarter, compared to analyst estimates of $759.90 million. Steelcase had a net margin of 3.81% and a return on equity of 14.37%. The business's revenue for the quarter was up 7.1% on a year-over-year basis. During the same quarter in the previous year, the firm posted $0.16 EPS. Equities analysts forecast that Steelcase will post 1 EPS for the current fiscal year.

Insider Activity at Steelcase

In other news, VP Robert G. Krestakos sold 6,000 shares of the firm's stock in a transaction that occurred on Monday, April 14th. The shares were sold at an average price of $10.13, for a total transaction of $60,780.00. Following the completion of the sale, the vice president now owns 139,912 shares of the company's stock, valued at approximately $1,417,308.56. This trade represents a 4.11% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through this link. 6.75% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Steelcase

A number of large investors have recently bought and sold shares of the business. Dynamic Technology Lab Private Ltd acquired a new position in Steelcase in the first quarter worth $259,000. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC lifted its position in Steelcase by 10.5% during 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 worth $2,069,000 after buying an additional 17,940 shares in the last quarter. Jones Financial Companies Lllp grew its holdings in 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 last quarter. Finally, MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. increased its position in Steelcase by 4.6% in the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 54,999 shares of the business services provider's stock valued at $603,000 after acquiring an additional 2,403 shares in the last quarter. 92.42% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

Separately, Sidoti upgraded Steelcase to a "hold" rating in a research note on Friday, March 28th.

Steelcase Company Profile

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.

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