Flexsteel Industries (NASDAQ:FLXS) Director William Creekmuir Sells 3,100 Shares of Stock

Flexsteel Industries, Inc. (NASDAQ:FLXS) Director William Creekmuir sold 3,100 shares of the business’s stock in a transaction that occurred on Friday, August 28th. The shares were sold at an average price of $81.85, for a total value of $253,735.00. Following the completion of the sale, the director owned 29,284 shares of the company’s stock, valued at approximately $2,396,895.40. This represents a 9.57% decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website.

Flexsteel Industries Trading Down 0.4%

FLXS stock opened at $79.22 on Wednesday. The company has a market capitalization of $424.62 million, a P/E ratio of 12.76, a PEG ratio of 1.25 and a beta of 0.57. The business has a 50 day simple moving average of $75.15 and a 200-day simple moving average of $60.59. Flexsteel Industries, Inc. has a twelve month low of $34.00 and a twelve month high of $88.49.

Flexsteel Industries (NASDAQ:FLXS) last announced its earnings results on Monday, August 17th. The company reported $1.33 EPS for the quarter, beating analysts’ consensus estimates of $1.09 by $0.24. Flexsteel Industries had a net margin of 7.21% and a return on equity of 16.11%. The business had revenue of $115.37 million for the quarter, compared to analysts’ expectations of $109.51 million. Research analysts predict that Flexsteel Industries, Inc. will post 5.29 EPS for the current fiscal year.

Flexsteel Industries Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Monday, July 6th. Shareholders of record on Wednesday, June 24th were paid a $0.25 dividend. This is a boost from Flexsteel Industries’s previous quarterly dividend of $0.20. This represents a $1.00 dividend on an annualized basis and a yield of 1.3%. The ex-dividend date was Wednesday, June 24th. Flexsteel Industries’s dividend payout ratio (DPR) is presently 16.10%.

Analyst Upgrades and Downgrades

FLXS has been the subject of several recent research reports. Freedom Capital downgraded shares of Flexsteel Industries from a “strong-buy” rating to a “hold” rating in a research note on Tuesday, August 18th. Zacks Research cut Flexsteel Industries from a “strong-buy” rating to a “hold” rating in a research report on Tuesday, July 21st. Freedom Broker downgraded Flexsteel Industries from a “buy” rating to a “hold” rating and upped their price objective for the company from $72.00 to $80.00 in a research note on Tuesday, August 18th. Finally, Weiss Ratings reaffirmed a “buy (b-)” rating on shares of Flexsteel Industries in a research report on Friday, July 17th. One investment analyst has rated the stock with a Buy rating and three have given a Hold rating to the company’s stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Hold” and a consensus target price of $80.00.

Hedge Funds Weigh In On Flexsteel Industries

Several institutional investors have recently bought and sold shares of the company. Legal & General Group Plc acquired a new stake in shares of Flexsteel Industries in the 2nd quarter worth $25,000. IFP Advisors Inc increased its stake in shares of Flexsteel Industries by 2,200.0% during the third quarter. IFP Advisors Inc now owns 621 shares of the company’s stock worth $29,000 after acquiring an additional 594 shares during the period. BNP Paribas Financial Markets increased its stake in shares of Flexsteel Industries by 149.6% during the third quarter. BNP Paribas Financial Markets now owns 971 shares of the company’s stock worth $45,000 after acquiring an additional 582 shares during the period. Farther Finance Advisors LLC purchased a new position in Flexsteel Industries during the fourth quarter worth about $49,000. Finally, C M Bidwell & Associates Ltd. purchased a new position in Flexsteel Industries during the second quarter worth about $67,000. 36.27% of the stock is owned by institutional investors and hedge funds.

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.