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

Steelcase Inc. (NYSE:SCSGet Rating) announced 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 of this dividend is Tuesday, October 4th.

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

Steelcase Stock Down 10.1 %

Shares of NYSE:SCS opened at $8.31 on Friday. The stock has a market capitalization of $937.04 million, a price-to-earnings ratio of 63.93 and a beta of 1.14. Steelcase has a 1-year low of $8.06 and a 1-year high of $13.16. The company’s fifty day moving average is $11.14 and its two-hundred day moving average is $11.39. 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 issued its earnings results on Wednesday, September 21st. The business services provider reported $0.21 earnings per share for the quarter, topping analysts’ consensus estimates of $0.13 by $0.08. The company had revenue of $863.30 million for the quarter, compared to analysts’ expectations of $882.70 million. Steelcase had a net margin of 0.50% and a return on equity of 3.11%. The firm’s revenue was up 19.1% compared to the same quarter last year. During the same period in the prior year, the company earned $0.21 earnings per share.

Analyst Ratings Changes

A number of research firms recently weighed in on SCS. Benchmark dropped their price objective on shares of Steelcase from $16.00 to $12.00 in a report on Friday. Sidoti cut shares of Steelcase from a “buy” rating to a “neutral” rating and set a $12.00 price objective on the stock. in a report on Thursday, September 15th.

Insider Buying and Selling

In related news, CAO Lizbeth S. O’shaughnessy sold 30,000 shares of the stock in a transaction dated Wednesday, August 3rd. The shares were sold at an average price of $11.26, for a total value of $337,800.00. Following the completion of the transaction, the chief accounting officer now owns 288,388 shares in the company, valued at approximately $3,247,248.88. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Corporate insiders own 12.77% of the company’s stock.

Hedge Funds Weigh In On Steelcase

Several large investors have recently made changes to their positions in SCS. Point72 Hong Kong Ltd bought a new position in shares of Steelcase during the 1st quarter valued at about $33,000. Captrust Financial Advisors boosted its position in shares of Steelcase by 179.6% during the 1st quarter. Captrust Financial Advisors now owns 4,141 shares of the business services provider’s stock valued at $49,000 after purchasing an additional 2,660 shares in the last quarter. Great West Life Assurance Co. Can boosted its position in shares of Steelcase by 70.0% during the 1st quarter. Great West Life Assurance Co. Can now owns 11,388 shares of the business services provider’s stock valued at $143,000 after purchasing an additional 4,688 shares in the last quarter. HighTower Advisors LLC boosted its position in shares of Steelcase by 32.8% during the 1st quarter. HighTower Advisors LLC now owns 14,724 shares of the business services provider’s stock valued at $177,000 after purchasing an additional 3,635 shares in the last quarter. Finally, Sawtooth Solutions LLC bought a new position in shares of Steelcase during the 1st quarter valued at about $233,000. Institutional investors own 76.11% of the company’s stock.

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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