Steelcase (SCS) Declares $0.10 Dividend
Steelcase said on March 22, 2023 that its board of directors declared a regular quarterly dividend of $0.10 per share ($0.40 annualized). Previously, the company paid $0.10 per share.
Shares must be purchased before the ex-div date of April 4, 2023 to qualify for the dividend. Shareholders of record as of April 5, 2023 will receive the payment on April 14, 2023.
At the current share price of $7.61 / share, the stock's dividend yield is 5.26%. Looking back five years and taking a sample every week, the average dividend yield has been 3.90%, the lowest has been 2.01%, and the highest has been 6.84%. The standard deviation of yields is 1.03 (n=236).
The current dividend yield is 1.32 standard deviations above the historical average.
Additionally, the company's dividend payout ratio is 1.57. The payout ratio tells us how much of a company's income is paid out in dividends. A payout ratio of one (1.0) means 100% of the company's income is paid in a dividend. A payout ratio greater than one means the company is dipping into savings in order to maintain its dividend - not a healthy situation. Companies with few growth prospects are expected to pay out most of their income in dividends, which typically means a payout ratio between 0.5 and 1.0. Companies with good growth prospects are expected to retain some earnings in order to invest in those growth prospects, which translates to a payout ratio of zero to 0.5.
The company's 3-Year dividend growth rate is -0.16%.
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Analyst Price Forecast Suggests 20.63% Upside
As of March 23, 2023, the average one-year price target for Steelcase is $9.18. The forecasts range from a low of $7.07 to a high of $11.55. The average price target represents an increase of 20.63% from its latest reported closing price of $7.61.
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The projected annual revenue for Steelcase is $3,263MM, an increase of 0.94%. The projected annual non-GAAP EPS is $0.47.
What is the Fund Sentiment?
There are 402 funds or institutions reporting positions in Steelcase. This is a decrease of 26 owner(s) or 6.07% in the last quarter. Average portfolio weight of all funds dedicated to SCS is 0.08%, a decrease of 15.83%. Total shares owned by institutions decreased in the last three months by 3.62% to 93,774K shares. The put/call ratio of SCS is 0.18, indicating a bullish outlook.
What are Large Shareholders Doing?
Pzena Investment Management holds 10,608K shares representing 9.39% ownership of the company. In it's prior filing, the firm reported owning 9,254K shares, representing an increase of 12.76%. The firm increased its portfolio allocation in SCS by 10.24% over the last quarter.
Earnest Partners holds 7,177K shares representing 6.35% ownership of the company. In it's prior filing, the firm reported owning 7,381K shares, representing a decrease of 2.85%. The firm decreased its portfolio allocation in SCS by 3.80% over the last quarter.
Fifth Third Bancorp holds 5,247K shares representing 4.64% ownership of the company. In it's prior filing, the firm reported owning 5,275K shares, representing a decrease of 0.54%. The firm decreased its portfolio allocation in SCS by 99.90% over the last quarter.
Cooke & Bieler holds 3,446K shares representing 3.05% ownership of the company. In it's prior filing, the firm reported owning 3,471K shares, representing a decrease of 0.73%. The firm decreased its portfolio allocation in SCS by 1.85% over the last quarter.
Douglas Lane & Associates holds 3,292K shares representing 2.91% ownership of the company. In it's prior filing, the firm reported owning 3,736K shares, representing a decrease of 13.47%. The firm decreased its portfolio allocation in SCS by 13.56% over the last quarter.
Steelcase Background Information
(This description is provided by the company.)
For over 108 years, Steelcase Inc. has helped create great experiences for the world's leading organizations, across industries. The Company demonstrates this through our family of brands - including Steelcase®, Coalesse®, Designtex®, Turnstone®, Smith System®, Orangebox® and AMQ®. Together, they offer a comprehensive portfolio of architecture, furniture and technology products and services designed to unlock human promise and support social, economic and environmental sustainability. The Company is globally accessible through a network of channels, including approximately 800 Steelcase dealer locations. Steelcase is a global, industry-leading and publicly traded company with fiscal 2020 revenue of $3.7 billion.
This story originally appeared on Fintel.