Steelcase Inc. (NYSE:SCS) shot up 10.3% during mid-day trading on Thursday following a dividend announcement from the company. The stock traded as high as $14.29 and last traded at $14.19, with a volume of 1,616,097 shares. The stock had previously closed at $12.86.

The newly announced dividend which will be paid on Friday, October 14th. Investors of record on Tuesday, October 4th will be given a $0.12 dividend. This represents a $0.48 dividend on an annualized basis and a yield of 3.73%. The ex-dividend date of this dividend is Friday, September 30th. Steelcase’s payout ratio is 35.29%.

Separately, Zacks Investment Research raised Steelcase from a “sell” rating to a “hold” rating in a research report on Thursday, August 25th.

This story is the sole property of American Banking News and it was originally published by American Banking News. If you are reading this story on another website, that means this article was illegally copied and re-published to this website in violation of U.S. and International copyright law. The original version of this article is available at http://www.americanbankingnews.com/2016/09/22/steelcase-inc-scs-stock-price-up-10-3-following-dividend-announcement.html

The stock’s 50-day moving average price is $14.37 and its 200-day moving average price is $14.73. The company has a market capitalization of $1.70 billion, a price-to-earnings ratio of 10.45 and a beta of 1.38.

Steelcase (NYSE:SCS) last posted its quarterly earnings results on Wednesday, September 21st. The company reported $0.32 earnings per share (EPS) for the quarter, meeting the consensus estimate of $0.32. Steelcase had a net margin of 5.52% and a return on equity of 18.31%. The business earned $758 million during the quarter. During the same quarter in the previous year, the company earned $0.35 earnings per share. The business’s quarterly revenue was down 7.4% on a year-over-year basis. Analysts expect that Steelcase Inc. will post $1.10 earnings per share for the current fiscal year.

In other Steelcase news, VP Sara E. Armbruster sold 14,000 shares of the company’s stock in a transaction dated Wednesday, June 29th. The shares were sold at an average price of $13.50, for a total transaction of $189,000.00. Following the completion of the sale, the vice president now directly owns 99,711 shares in the company, valued at $1,346,098.50. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. Company insiders own 18.68% of the company’s stock.

Hedge funds have recently bought and sold shares of the stock. ProShare Advisors LLC raised its stake in Steelcase by 3.3% in the second quarter. ProShare Advisors LLC now owns 10,531 shares of the company’s stock valued at $143,000 after buying an additional 336 shares during the last quarter. SECOR Capital Advisors LP raised its stake in Steelcase by 1.1% in the second quarter. SECOR Capital Advisors LP now owns 57,356 shares of the company’s stock valued at $778,000 after buying an additional 625 shares during the last quarter. Public Employees Retirement System of Ohio raised its stake in Steelcase by 10.0% in the second quarter. Public Employees Retirement System of Ohio now owns 8,226 shares of the company’s stock valued at $112,000 after buying an additional 745 shares during the last quarter. American International Group Inc. raised its stake in Steelcase by 1.6% in the second quarter. American International Group Inc. now owns 49,566 shares of the company’s stock valued at $673,000 after buying an additional 776 shares during the last quarter. Finally, Systematic Financial Management LP raised its stake in Steelcase by 1.1% in the second quarter. Systematic Financial Management LP now owns 126,065 shares of the company’s stock valued at $1,710,000 after buying an additional 1,390 shares during the last quarter. Institutional investors and hedge funds own 65.72% of the company’s stock.

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.

5 Day Chart for NYSE:SCS

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.