Steelcase Inc. (SCS) Shares Gap Up Following Dividend Announcement
Steelcase Inc. (NYSE:SCS)’s share price gapped up prior to trading on Wednesday following a dividend announcement from the company. The stock had previously closed at $14.60, but opened at $15.15. Steelcase shares last traded at $14.20, with a volume of 707,500 shares changing hands.
The newly announced dividend which will be paid on Thursday, October 12th. Stockholders of record on Thursday, September 28th will be given a dividend of $0.1275 per share. This represents a $0.51 annualized dividend and a dividend yield of 3.66%. The ex-dividend date of this dividend is Wednesday, September 27th. Steelcase’s payout ratio is presently 50.50%.
Several research firms have recently commented on SCS. Sidoti downgraded shares of Steelcase from a “buy” rating to a “neutral” rating and set a $16.00 target price for the company. in a research report on Wednesday. ValuEngine downgraded shares of Steelcase from a “buy” rating to a “hold” rating in a research report on Friday, September 1st. Zacks Investment Research raised shares of Steelcase from a “sell” rating to a “hold” rating in a research report on Thursday, August 24th. BidaskClub downgraded shares of Steelcase from a “sell” rating to a “strong sell” rating in a research report on Monday, July 24th. Finally, TheStreet downgraded shares of Steelcase from a “b-” rating to a “c+” rating in a research report on Thursday, July 20th. One analyst has rated the stock with a sell rating, four have assigned a hold rating and two have given a buy rating to the company’s stock. The stock has a consensus rating of “Hold” and a consensus target price of $17.00.
The stock has a market cap of $1.71 billion, a price-to-earnings ratio of 14.14 and a beta of 1.18. The firm has a 50-day moving average of $13.41 and a 200-day moving average of $15.32.
Steelcase (NYSE:SCS) last issued its quarterly earnings results on Monday, September 18th. The business services provider reported $0.31 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $0.23 by $0.08. The company had revenue of $775.60 million during the quarter, compared to analyst estimates of $759.83 million. Steelcase had a net margin of 4.76% and a return on equity of 18.68%. Steelcase’s quarterly revenue was up 2.3% compared to the same quarter last year. During the same period last year, the business earned $0.32 EPS. On average, equities analysts predict that Steelcase Inc. will post $0.95 EPS for the current year.
In other Steelcase news, Director Peter M. Wege II sold 14,400 shares of the firm’s stock in a transaction dated Friday, July 14th. The shares were sold at an average price of $13.81, for a total transaction of $198,864.00. Following the completion of the sale, the director now directly owns 270,180 shares in the company, valued at approximately $3,731,185.80. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. 18.87% of the stock is owned by company insiders.
A number of large investors have recently added to or reduced their stakes in the business. New York State Teachers Retirement System increased its stake in Steelcase by 4.2% during the 1st quarter. New York State Teachers Retirement System now owns 7,500 shares of the business services provider’s stock valued at $126,000 after purchasing an additional 300 shares in the last quarter. Amalgamated Bank increased its stake in Steelcase by 3.4% during the 2nd quarter. Amalgamated Bank now owns 10,913 shares of the business services provider’s stock valued at $153,000 after purchasing an additional 358 shares in the last quarter. Principal Financial Group Inc. increased its stake in Steelcase by 1.0% during the 1st quarter. Principal Financial Group Inc. now owns 40,040 shares of the business services provider’s stock valued at $670,000 after purchasing an additional 387 shares in the last quarter. Rhumbline Advisers increased its stake in Steelcase by 0.4% during the 2nd quarter. Rhumbline Advisers now owns 110,940 shares of the business services provider’s stock valued at $1,553,000 after purchasing an additional 450 shares in the last quarter. Finally, SG Americas Securities LLC increased its stake in Steelcase by 5.2% during the 1st quarter. SG Americas Securities LLC now owns 17,719 shares of the business services provider’s stock valued at $297,000 after purchasing an additional 870 shares in the last quarter. Institutional investors and hedge funds own 62.10% of the company’s stock.
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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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