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.

COPYRIGHT VIOLATION NOTICE: This news story was posted by Daily Political and is owned by of Daily Political. If you are reading this news story on another domain, it was illegally copied and reposted in violation of US & international trademark and copyright law. The legal version of this news story can be accessed at https://www.dailypolitical.com/2017/09/21/steelcase-inc-scs-shares-gap-up-following-dividend-announcement.html.

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.

Receive News & Ratings for Steelcase Inc. Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Steelcase Inc. and related companies with MarketBeat.com's FREE daily email newsletter.