Flexsteel Industries, Inc. (NASDAQ:FLXS – Get Free Report) Director William Creekmuir sold 3,100 shares of the business’s stock in a transaction on Friday, September 4th. The shares were sold at an average price of $81.58, for a total transaction of $252,898.00. Following the sale, the director directly owned 23,176 shares in the company, valued at approximately $1,890,698.08. This trade represents a 11.80% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink.
Flexsteel Industries Stock Up 2.5%
Shares of Flexsteel Industries stock traded up $2.04 during midday trading on Tuesday, hitting $84.20. The company’s stock had a trading volume of 65,706 shares, compared to its average volume of 84,575. The firm has a market capitalization of $451.31 million, a P/E ratio of 13.56, a PEG ratio of 1.29 and a beta of 0.57. The stock has a 50-day simple moving average of $76.22 and a 200-day simple moving average of $61.49. Flexsteel Industries, Inc. has a 1-year low of $34.00 and a 1-year high of $88.49.
Flexsteel Industries (NASDAQ:FLXS – Get Free Report) last issued its quarterly earnings results on Monday, August 17th. The company reported $1.33 earnings per share for the quarter, beating analysts’ consensus estimates of $1.09 by $0.24. The business had revenue of $115.37 million for the quarter, compared to the consensus estimate of $109.51 million. Flexsteel Industries had a return on equity of 16.11% and a net margin of 7.21%. As a group, sell-side analysts predict that Flexsteel Industries, Inc. will post 5.29 earnings per share for the current year.
Flexsteel Industries Increases Dividend
The firm also recently announced a quarterly dividend, which was paid on Monday, July 6th. Shareholders of record on Wednesday, June 24th were paid a dividend of $0.25 per share. This is a boost from Flexsteel Industries’s previous quarterly dividend of $0.20. The ex-dividend date of this dividend was Wednesday, June 24th. This represents a $1.00 annualized dividend and a yield of 1.2%. Flexsteel Industries’s dividend payout ratio (DPR) is presently 16.10%.
Analyst Ratings Changes
A number of analysts have recently issued reports on FLXS shares. Zacks Research lowered shares of Flexsteel Industries from a “strong-buy” rating to a “hold” rating in a research report on Tuesday, July 21st. Weiss Ratings reiterated a “buy (b-)” rating on shares of Flexsteel Industries in a research note on Friday, July 17th. Freedom Broker downgraded shares of Flexsteel Industries from a “buy” rating to a “hold” rating and increased their target price for the stock from $72.00 to $80.00 in a research report on Tuesday, August 18th. Finally, Freedom Capital lowered shares of Flexsteel Industries from a “strong-buy” rating to a “hold” rating in a research note on Tuesday, August 18th. One investment analyst has rated the stock with a Buy rating and three have issued a Hold rating to the company’s stock. According to data from MarketBeat, Flexsteel Industries presently has a consensus rating of “Hold” and a consensus price target of $80.00.
Check Out Our Latest Stock Analysis on Flexsteel Industries
Hedge Funds Weigh In On Flexsteel Industries
Hedge funds have recently added to or reduced their stakes in the company. Janney Montgomery Scott LLC grew its position in Flexsteel Industries by 97.5% in the first quarter. Janney Montgomery Scott LLC now owns 29,207 shares of the company’s stock worth $1,313,000 after acquiring an additional 14,417 shares in the last quarter. BlackRock Inc. bought a new position in shares of Flexsteel Industries during the 2nd quarter valued at $20,589,000. Walleye Capital LLC acquired a new stake in shares of Flexsteel Industries in the 1st quarter valued at $1,359,000. Illumine Investment Management LLC acquired a new stake in shares of Flexsteel Industries in the 1st quarter valued at $774,000. Finally, Bank of America Corp DE boosted its holdings in Flexsteel Industries by 462.3% in the first quarter. Bank of America Corp DE now owns 27,536 shares of the company’s stock worth $1,237,000 after purchasing an additional 22,639 shares in the last quarter. Institutional investors and hedge funds own 36.27% of the company’s stock.
About Flexsteel Industries
Flexsteel Industries, Inc NASDAQ: FLXS is a U.S.-based furniture manufacturer specializing in the design, production, and marketing of residential upholstered furniture and wood casegoods. The company operates through two primary segments: Upholstery, which encompasses seating products such as sofas, loveseats, chairs, recliners, and sectionals; and Casegoods, which includes accent and occasional tables, cabinets, bookcases, and other wood-based furnishings. Flexsteel sells its products through a network of independent retailers, furniture stores, and distributors across North America.
Flexsteel’s upholstery segment is distinguished by its patented Blue Steel Spring® technology, which offers enhanced longevity and comfort by replacing conventional webbing and springs with a welded steel seat suspension.
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