Steelcase Inc. (NYSE:SCS) is set to release earnings results for its first quarter, after the closing bell on Wednesday.

Analysts expect the Grand Rapids, Michigan-based company to report quarterly earnings at 10 cents per share, up from 9 cents per share in the year-ago period. The company is projected to post revenue of $729.13 million for the quarter, according to data from Benzinga Pro.

On Friday, Benchmark analyst Reuben Garner upgraded Steelcase from Hold to Buy, while announcing a price target of $17.

With the recent buzz around Steelcase, some investors may be eyeing potential gains from the company's dividends too. As of now, Steelcase offers an annual dividend yield of 3.23%, which is a quarterly dividend amount of 10 cents per share (40 cents a year).

So, how can investors exploit its dividend yield to pocket a regular $500 monthly?

To earn $500 per month or $6,000 annually from dividends alone, you would need an investment of approximately $186,000 or around 15,000 shares. For a more modest $100 per month or $1,200 per year, you would need $37,200 or around 3,000 shares.

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To calculate: Divide the desired annual income ($6,000 or $1,200) by the dividend ($0.40 in this case). So, $6,000 / $0.40 = 15,000 ($500 per month), and $1,200 / $0.40 = 3,000 shares ($100 per month).

Note that dividend yield can change on a rolling basis, as the dividend payment and the stock price both fluctuate over time.

How that works: The dividend yield is computed by dividing the annual dividend payment by the stock's current price.

For example, if a stock pays an annual dividend of $2 and is currently priced at $50, the dividend yield would be 4% ($2/$50). However, if the stock price increases to $60, the dividend yield drops to 3.33% ($2/$60). Conversely, if the stock price falls to $40, the dividend yield rises to 5% ($2/$40).

Similarly, changes in the dividend payment can impact the yield. If a company increases its dividend, the yield will also increase, provided the stock price stays the same. Conversely, if the dividend payment decreases, so will the yield.

SCS Price Action: Shares of Steelcase gained 0.6% to close at $12.40 on Friday.

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