Flexsteel Industries, Inc. (NASDAQ:FLXS) Sees Large Growth in Short Interest

Flexsteel Industries, Inc. (NASDAQ:FLXS) saw a significant increase in short interest in the month of January. As of January 15th, there was short interest totaling 105,293 shares, an increase of 20.0% from the December 31st total of 87,774 shares. Approximately 2.2% of the company’s shares are sold short. Based on an average trading volume of 21,290 shares, the days-to-cover ratio is currently 4.9 days. Based on an average trading volume of 21,290 shares, the days-to-cover ratio is currently 4.9 days. Approximately 2.2% of the company’s shares are sold short.

Analyst Upgrades and Downgrades

Several research firms have recently weighed in on FLXS. Wall Street Zen lowered Flexsteel Industries from a “strong-buy” rating to a “buy” rating in a research report on Saturday, October 18th. Weiss Ratings restated a “hold (c+)” rating on shares of Flexsteel Industries in a report on Monday, December 29th. Finally, Zacks Research raised shares of Flexsteel Industries from a “strong sell” rating to a “hold” rating in a research report on Monday, December 15th. Two equities research analysts have rated the stock with a Hold rating, According to data from MarketBeat, the company currently has an average rating of “Hold”.

Flexsteel Industries Stock Up 3.6%

NASDAQ:FLXS traded up $1.51 during trading hours on Tuesday, hitting $43.17. 83,296 shares of the company traded hands, compared to its average volume of 18,162. The firm’s 50-day simple moving average is $40.68 and its 200-day simple moving average is $40.50. Flexsteel Industries has a one year low of $29.38 and a one year high of $64.14. The company has a market cap of $230.53 million, a PE ratio of 11.76, a PEG ratio of 0.98 and a beta of 0.51.

Flexsteel Industries (NASDAQ:FLXS) last posted its quarterly earnings data on Monday, February 2nd. The company reported $1.18 EPS for the quarter, beating the consensus estimate of $0.79 by $0.39. Flexsteel Industries had a net margin of 4.58% and a return on equity of 16.99%. The firm had revenue of $118.25 million during the quarter, compared to analyst estimates of $107.51 million. As a group, equities research analysts expect that Flexsteel Industries will post 3.53 EPS for the current year.

Flexsteel Industries Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Thursday, January 8th. Stockholders of record on Monday, December 29th were paid a $0.20 dividend. The ex-dividend date was Monday, December 29th. This represents a $0.80 annualized dividend and a dividend yield of 1.9%. Flexsteel Industries’s dividend payout ratio (DPR) is presently 19.46%.

Institutional Investors Weigh In On Flexsteel Industries

Hedge funds and other institutional investors have recently bought and sold shares of the business. Copeland Capital Management LLC bought a new position in Flexsteel Industries in the 4th quarter worth about $59,000. Marion Wealth Management lifted its holdings in shares of Flexsteel Industries by 1.7% in the fourth quarter. Marion Wealth Management now owns 34,525 shares of the company’s stock worth $1,421,000 after buying an additional 589 shares in the last quarter. Farther Finance Advisors LLC bought a new position in shares of Flexsteel Industries in the fourth quarter valued at approximately $49,000. State of Alaska Department of Revenue purchased a new position in Flexsteel Industries during the fourth quarter valued at approximately $38,000. Finally, Ritholtz Wealth Management increased its holdings in Flexsteel Industries by 42.4% during the 4th quarter. Ritholtz Wealth Management now owns 10,699 shares of the company’s stock worth $423,000 after acquiring an additional 3,188 shares during the period. Institutional investors 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.