Flexsteel Industries (NASDAQ:FLXS) Announces Earnings Results

Flexsteel Industries (NASDAQ:FLXS) released its quarterly earnings data on Monday. The company reported $1.24 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.23 by $0.01, Zacks reports. Flexsteel Industries had a net margin of 7.21% and a return on equity of 16.11%.

Flexsteel Industries Stock Down 1.9%

Shares of NASDAQ:FLXS traded down $1.63 during trading on Monday, reaching $82.55. 60,995 shares of the company traded hands, compared to its average volume of 55,600. The firm has a fifty day simple moving average of $83.28 and a 200 day simple moving average of $70.10. The firm has a market cap of $442.47 million, a P/E ratio of 13.29, a price-to-earnings-growth ratio of 1.33 and a beta of 0.51. Flexsteel Industries has a 1-year low of $34.00 and a 1-year high of $90.64.

Flexsteel Industries Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Monday, October 12th. Stockholders of record on Wednesday, September 30th were issued a $0.25 dividend. The ex-dividend date was Wednesday, September 30th. This represents a $1.00 dividend on an annualized basis and a dividend yield of 1.2%. Flexsteel Industries’s dividend payout ratio is presently 16.10%.

Analyst Ratings Changes

Several equities analysts have recently commented on the stock. Freedom Broker cut shares of Flexsteel Industries from a “buy” rating to a “hold” rating and increased their price target for the stock from $72.00 to $80.00 in a research report on Tuesday, August 18th. Zacks Research upgraded Flexsteel Industries from a “hold” rating to a “strong-buy” rating in a research note on Thursday, October 1st. Freedom Capital cut Flexsteel Industries from a “strong-buy” rating to a “hold” rating in a research note on Tuesday, August 18th. Finally, Weiss Ratings raised Flexsteel Industries from a “buy (b-)” rating to a “buy (b)” rating in a report on Thursday, October 8th. One equities research analyst has rated the stock with a Strong Buy rating, one has issued a Buy rating and two have issued a Hold rating to the company’s stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $80.00.

Insider Buying and Selling at Flexsteel Industries

In other news, VP Stacy Kammes sold 2,750 shares of Flexsteel Industries stock in a transaction that occurred on Tuesday, September 8th. The shares were sold at an average price of $82.66, for a total value of $227,315.00. Following the transaction, the vice president owned 33,306 shares of the company’s stock, valued at $2,753,073.96. This trade represents a 7.63% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, insider David Crimmins sold 4,494 shares of the stock in a transaction that occurred on Friday, August 21st. The shares were sold at an average price of $80.91, for a total value of $363,609.54. Following the sale, the insider owned 30,194 shares of the company’s stock, valued at approximately $2,442,996.54. The trade was a 12.96% decrease in their position. The SEC filing for this sale provides additional information. Insiders have sold 28,914 shares of company stock valued at $2,350,392 over the last three months. 11.20% of the stock is owned by insiders.

About Flexsteel Industries

Flexsteel Industries, Inc is a furniture company that designs, manufactures, imports and markets residential furniture. Based in Dubuque, Iowa, the company serves the U.S. home furnishings market through retail furniture stores, national and regional chains, interior designers and online channels.

The company’s product offerings include upholstered seating such as sofas, sectionals, chairs and recliners, along with motion furniture, dining and bedroom furniture, occasional tables and home office products.