Steelcase Inc. (NYSE:SCS) announced a dividend on Thursday, September 19th, Fidelity reports. Shareholders of record on Monday, September 30th will be given a dividend of 0.145 per share by the business services provider on Monday, October 14th. The ex-dividend date is Friday, September 27th.
Steelcase has raised its dividend by an average of 6.4% annually over the last three years and has increased its dividend every year for the last 8 years. Steelcase has a payout ratio of 53.7% meaning its dividend is sufficiently covered by earnings. Equities research analysts expect Steelcase to earn $1.47 per share next year, which means the company should continue to be able to cover its $0.58 annual dividend with an expected future payout ratio of 39.5%.
Shares of SCS traded up $1.65 during midday trading on Friday, hitting $18.39. 4,726,832 shares of the company traded hands, compared to its average volume of 365,826. The stock has a 50-day moving average of $15.98 and a 200-day moving average of $16.51. Steelcase has a one year low of $13.96 and a one year high of $19.35. The firm has a market cap of $1.92 billion, a P/E ratio of 15.33 and a beta of 1.35. The company has a debt-to-equity ratio of 0.78, a current ratio of 1.57 and a quick ratio of 1.13.
In other news, CFO David C. Sylvester sold 21,017 shares of the company’s stock in a transaction dated Friday, July 12th. The stock was sold at an average price of $17.43, for a total transaction of $366,326.31. Following the sale, the chief financial officer now directly owns 412,816 shares in the company, valued at $7,195,382.88. The sale was disclosed in a document filed with the SEC, which is available at this link. Also, VP Sara E. Armbruster sold 5,000 shares of the company’s stock in a transaction dated Wednesday, July 10th. The shares were sold at an average price of $17.30, for a total value of $86,500.00. Following the sale, the vice president now owns 54,538 shares in the company, valued at $943,507.40. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 147,037 shares of company stock worth $2,557,519. Company insiders own 17.58% of the company’s stock.
Several equities research analysts have recently weighed in on SCS shares. Seaport Global Securities cut Steelcase from a “buy” rating to a “neutral” rating in a research report on Wednesday, July 17th. Zacks Investment Research cut Steelcase from a “hold” rating to a “sell” rating in a research report on Wednesday, August 14th. One equities research analyst has rated the stock with a sell rating, two have assigned a hold rating and one has assigned a strong buy rating to the company’s stock. The stock presently has a consensus rating of “Hold” and a consensus price target of $19.00.
Steelcase Company Profile
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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