Steelcase Inc. Plans Quarterly Dividend of $0.07 (NYSE:SCS)
Steelcase Inc. (NYSE:SCS) declared a quarterly dividend on Tuesday, March 24th, Zacks reports. Shareholders of record on Friday, April 3rd will be paid a dividend of 0.07 per share by the business services provider on Friday, April 17th. This represents a $0.28 annualized dividend and a yield of 2.50%. The ex-dividend date is Thursday, April 2nd.
Steelcase has increased its dividend by an average of 4.4% annually over the last three years and has raised its dividend annually for the last 9 consecutive years. Steelcase has a payout ratio of 40.6% indicating that its dividend is sufficiently covered by earnings.
Steelcase stock traded down $0.36 during mid-day trading on Thursday, hitting $11.19. The company had a trading volume of 1,180,902 shares, compared to its average volume of 848,890. The stock has a market cap of $1.18 billion, a price-to-earnings ratio of 6.74 and a beta of 1.40. Steelcase has a 1 year low of $7.02 and a 1 year high of $23.02. The company has a quick ratio of 1.25, a current ratio of 1.60 and a debt-to-equity ratio of 0.74. The business has a fifty day moving average of $15.50 and a 200 day moving average of $17.81.
SCS has been the topic of a number of analyst reports. Sidoti lowered their price objective on shares of Steelcase from $14.00 to $10.00 and set a “neutral” rating on the stock in a research report on Wednesday. ValuEngine lowered shares of Steelcase from a “hold” rating to a “sell” rating in a research report on Friday, January 31st. One equities research analyst has rated the stock with a sell rating and four have issued a hold rating to the stock. The company presently has a consensus rating of “Hold” and an average price target of $18.00.
In other Steelcase news, Director Robert C. Pew III sold 28,671 shares of the firm’s stock in a transaction on Thursday, January 9th. The stock was sold at an average price of $19.78, for a total value of $567,112.38. Following the completion of the sale, the director now owns 250,898 shares of the company’s stock, valued at $4,962,762.44. The transaction was disclosed in a filing with the SEC, which is available through this hyperlink. Also, Director Robert C. Pew III sold 43,305 shares of the firm’s stock in a transaction on Thursday, January 16th. The shares were sold at an average price of $19.58, for a total value of $847,911.90. Following the completion of the sale, the director now directly owns 128,922 shares of the company’s stock, valued at approximately $2,524,292.76. The disclosure for this sale can be found here. Over the last quarter, insiders sold 121,976 shares of company stock worth $2,415,024. 17.58% of the stock is currently owned by insiders.
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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