Steelcase (SCS) Trading -4.2% Higher Following Dividend Announcement

Steelcase (NYSE:SCS)’s share price traded up 4.2% during mid-day trading on Thursday after the company announced a dividend. The company traded as high as $15.49 and last traded at $14.27. 334,573 shares traded hands during trading, a decline of 52% from the average session volume of 702,078 shares. The stock had previously closed at $14.90.

The newly announced dividend which will be paid on Friday, April 13th. Stockholders of record on Friday, March 30th will be paid a $0.135 dividend. This is an increase from Steelcase’s previous quarterly dividend of $0.13. This represents a $0.54 annualized dividend and a dividend yield of 3.97%. The ex-dividend date of this dividend is Wednesday, March 28th. Steelcase’s dividend payout ratio (DPR) is currently 75.00%.

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Separately, Zacks Investment Research downgraded shares of Steelcase from a “hold” rating to a “sell” rating in a research note on Tuesday, December 12th. Two research analysts have rated the stock with a sell rating, two have assigned a hold rating and two have issued a buy rating to the company’s stock. Steelcase presently has a consensus rating of “Hold” and a consensus target price of $16.00.

The company has a quick ratio of 1.23, a current ratio of 1.58 and a debt-to-equity ratio of 0.36. The stock has a market cap of $1,730.41, a P/E ratio of 20.00 and a beta of 1.28.

Steelcase (NYSE:SCS) last posted its quarterly earnings results on Tuesday, March 20th. The business services provider reported $0.24 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $0.16 by $0.08. The firm had revenue of $772.70 million for the quarter, compared to the consensus estimate of $750.70 million. Steelcase had a net margin of 2.64% and a return on equity of 13.66%. The company’s revenue for the quarter was up .5% on a year-over-year basis. During the same period last year, the firm posted $0.27 earnings per share. analysts expect that Steelcase will post 0.96 EPS for the current fiscal year.

In other news, Director Peter M. Wege II sold 13,300 shares of the firm’s stock in a transaction dated Thursday, January 4th. The shares were sold at an average price of $15.14, for a total value of $201,362.00. Following the transaction, the director now directly owns 254,244 shares of the company’s stock, valued at $3,849,254.16. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Company insiders own 18.87% of the company’s stock.

Several large investors have recently bought and sold shares of the company. North Star Investment Management Corp. raised its stake in Steelcase by 19.2% during the fourth quarter. North Star Investment Management Corp. now owns 21,777 shares of the business services provider’s stock worth $331,000 after purchasing an additional 3,506 shares during the period. American International Group Inc. raised its stake in Steelcase by 8.1% during the third quarter. American International Group Inc. now owns 57,436 shares of the business services provider’s stock worth $885,000 after purchasing an additional 4,295 shares during the period. Martingale Asset Management L P raised its stake in Steelcase by 9.0% during the fourth quarter. Martingale Asset Management L P now owns 68,783 shares of the business services provider’s stock worth $1,046,000 after purchasing an additional 5,701 shares during the period. Teton Advisors Inc. raised its stake in Steelcase by 26.8% during the fourth quarter. Teton Advisors Inc. now owns 28,880 shares of the business services provider’s stock worth $439,000 after purchasing an additional 6,100 shares during the period. Finally, Strs Ohio raised its stake in Steelcase by 11.3% during the fourth quarter. Strs Ohio now owns 65,900 shares of the business services provider’s stock worth $1,001,000 after purchasing an additional 6,700 shares during the period. 64.62% of the stock is currently owned by hedge funds and other institutional investors.

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Steelcase Company Profile

Steelcase Inc manufactures and sells integrated portfolio of furniture settings, user-centered technologies, and interior architectural products. The company operates through Americas, EMEA, and Other Category segments. Its furniture systems portfolio comprises panel-based and freestanding furniture systems, storage, desks, benches, tables, and complementary products, such as worktools.

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