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

Steelcase Inc. (NYSE:SCSGet Rating) declared a quarterly dividend on Thursday, September 22nd, Wall Street Journal reports. Shareholders of record on Wednesday, October 5th will be paid a dividend of 0.10 per share by the business services provider on Monday, October 17th. This represents a $0.40 dividend on an annualized basis and a dividend yield of 4.81%. The ex-dividend date is Tuesday, October 4th.

Steelcase has decreased its dividend payment by an average of 0.3% annually over the last three years and has raised its dividend annually for the last 1 consecutive years. Steelcase has a dividend payout ratio of 103.6% indicating that the company cannot currently cover its dividend with earnings alone and is relying on its balance sheet to cover its dividend payments.

Steelcase Trading Down 10.1 %

Shares of Steelcase stock opened at $8.31 on Friday. The firm has a 50-day simple moving average of $11.14 and a two-hundred day simple moving average of $11.39. The company has a market cap of $937.04 million, a P/E ratio of 63.93 and a beta of 1.14. Steelcase has a fifty-two week low of $8.06 and a fifty-two week high of $13.16. The company has a debt-to-equity ratio of 0.55, a quick ratio of 0.93 and a current ratio of 1.56.

Steelcase (NYSE:SCSGet Rating) last released its quarterly earnings results on Wednesday, September 21st. The business services provider reported $0.21 earnings per share for the quarter, topping the consensus estimate of $0.13 by $0.08. Steelcase had a net margin of 0.50% and a return on equity of 3.11%. The firm had revenue of $863.30 million during the quarter, compared to the consensus estimate of $882.70 million. During the same quarter in the prior year, the firm earned $0.21 EPS. The company’s revenue for the quarter was up 19.1% on a year-over-year basis.

Insider Buying and Selling

In related news, CAO Lizbeth S. O’shaughnessy sold 30,000 shares of the stock in a transaction that occurred on Wednesday, August 3rd. The shares were sold at an average price of $11.26, for a total transaction of $337,800.00. Following the completion of the transaction, the chief accounting officer now owns 288,388 shares of the company’s stock, valued at approximately $3,247,248.88. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. 12.77% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Steelcase

Hedge funds and other institutional investors have recently modified their holdings of the company. Advisor Group Holdings Inc. raised its stake in Steelcase by 12.5% during the 1st quarter. Advisor Group Holdings Inc. now owns 36,070 shares of the business services provider’s stock worth $431,000 after acquiring an additional 3,999 shares in the last quarter. Toroso Investments LLC boosted its holdings in shares of Steelcase by 160.0% in the first quarter. Toroso Investments LLC now owns 32,994 shares of the business services provider’s stock valued at $394,000 after acquiring an additional 20,304 shares in the last quarter. Hsbc Holdings PLC boosted its holdings in shares of Steelcase by 43.2% in the first quarter. Hsbc Holdings PLC now owns 29,487 shares of the business services provider’s stock valued at $353,000 after acquiring an additional 8,898 shares in the last quarter. Natixis Advisors L.P. boosted its holdings in shares of Steelcase by 47.3% in the first quarter. Natixis Advisors L.P. now owns 29,323 shares of the business services provider’s stock valued at $350,000 after acquiring an additional 9,422 shares in the last quarter. Finally, PDT Partners LLC purchased a new stake in shares of Steelcase in the first quarter valued at about $263,000. 76.11% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

Several analysts have recently weighed in on SCS shares. Sidoti cut shares of Steelcase from a “buy” rating to a “neutral” rating and set a $12.00 price target for the company. in a research note on Thursday, September 15th. Benchmark dropped their price target on shares of Steelcase from $16.00 to $12.00 in a research note on Friday.

About Steelcase

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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.

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Dividend History for Steelcase (NYSE:SCS)

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