Steelcase Inc. (NYSE:SCS) declared a quarterly dividend on Wednesday, December 20th, Wall Street Journal reports. Stockholders of record on Friday, December 29th will be given a dividend of 0.1275 per share by the business services provider on Monday, January 15th. This represents a $0.51 annualized dividend and a dividend yield of 3.46%. The ex-dividend date is Thursday, December 28th.
Steelcase has increased its dividend payment by an average of 16.3% per year over the last three years and has raised its dividend every year for the last 6 years. Steelcase has a payout ratio of 57.3% indicating that its dividend is sufficiently covered by earnings. Equities research analysts expect Steelcase to earn $1.06 per share next year, which means the company should continue to be able to cover its $0.51 annual dividend with an expected future payout ratio of 48.1%.
Steelcase (NYSE SCS) traded up $0.40 during trading on Wednesday, hitting $14.75. The stock had a trading volume of 1,970,507 shares, compared to its average volume of 729,273. Steelcase has a 52 week low of $12.50 and a 52 week high of $18.15. The company has a quick ratio of 1.28, a current ratio of 1.63 and a debt-to-equity ratio of 0.37. The firm has a market capitalization of $1,676.69, a P/E ratio of 14.17 and a beta of 1.25.
Several equities analysts have recently commented on the company. TheStreet raised Steelcase from a “c+” rating to a “b-” rating in a research report on Tuesday, October 3rd. Sidoti raised Steelcase from a “neutral” rating to a “buy” rating and set a $16.00 price target on the stock in a research report on Friday, September 1st. ValuEngine downgraded Steelcase from a “buy” rating to a “hold” rating in a research report on Friday, September 1st. Finally, Zacks Investment Research raised Steelcase from a “sell” rating to a “hold” rating in a research report on Thursday, August 24th. Two analysts have rated the stock with a sell rating, two have issued a hold rating and two have assigned a buy rating to the stock. The company currently has a consensus rating of “Hold” and a consensus price target of $16.00.
Steelcase Company Profile
Steelcase Inc provides an integrated portfolio of furniture settings, user-centered technologies and interior architectural products. The Company’s segments include Americas, EMEA and Other Category. The Company’s furniture portfolio includes panel-based and freestanding furniture systems and complementary products, such as storage, tables and ergonomic worktools.
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