Empowered Funds LLC Buys New Stake in Flexsteel Industries, Inc. $FLXS

Empowered Funds LLC purchased a new position in Flexsteel Industries, Inc. (NASDAQ:FLXS) in the 2nd quarter, Holdings Channel.com reports. The firm purchased 33,021 shares of the company’s stock, valued at approximately $2,459,000.

Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Deutsche Bank AG grew its stake in shares of Flexsteel Industries by 11.1% in the 4th quarter. Deutsche Bank AG now owns 3,024 shares of the company’s stock valued at $119,000 after purchasing an additional 303 shares during the period. Barclays PLC lifted its position in shares of Flexsteel Industries by 6.4% during the 4th quarter. Barclays PLC now owns 5,527 shares of the company’s stock worth $218,000 after buying an additional 333 shares during the period. Legal & General Group Plc bought a new position in shares of Flexsteel Industries during the 2nd quarter worth approximately $25,000. Russell Investments Group Ltd. lifted its position in shares of Flexsteel Industries by 24.7% during the 3rd quarter. Russell Investments Group Ltd. now owns 1,991 shares of the company’s stock worth $92,000 after buying an additional 395 shares during the period. Finally, First Trust Advisors LP boosted its stake in Flexsteel Industries by 4.1% in the 2nd quarter. First Trust Advisors LP now owns 11,745 shares of the company’s stock valued at $423,000 after buying an additional 467 shares in the last quarter. Institutional investors own 36.27% of the company’s stock.

Analysts Set New Price Targets

A number of analysts have weighed in on FLXS shares. Freedom Capital cut Flexsteel Industries from a “strong-buy” rating to a “hold” rating in a research report on Tuesday, August 18th. Freedom Broker cut Flexsteel Industries from a “buy” rating to a “hold” rating and lifted their price objective for the company from $72.00 to $80.00 in a report on Tuesday, August 18th. Weiss Ratings reaffirmed a “buy (b-)” rating on shares of Flexsteel Industries in a report on Friday, July 17th. Finally, Zacks Research cut shares of Flexsteel Industries from a “strong-buy” rating to a “hold” rating in a research note on Tuesday, July 21st. One investment analyst has rated the stock with a Buy rating and three have assigned a Hold rating to the company. Based on data from MarketBeat, the stock presently has an average rating of “Hold” and a consensus target price of $80.00.

Flexsteel Industries Stock Performance

Shares of NASDAQ:FLXS opened at $81.26 on Thursday. Flexsteel Industries, Inc. has a twelve month low of $34.00 and a twelve month high of $88.49. The firm has a market cap of $435.55 million, a PE ratio of 13.09, a price-to-earnings-growth ratio of 1.25 and a beta of 0.57. The business has a fifty day moving average of $75.42 and a 200-day moving average of $60.77.

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

Flexsteel Industries Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Monday, July 6th. Shareholders of record on Wednesday, June 24th were given a $0.25 dividend. This represents a $1.00 annualized dividend and a yield of 1.2%. The ex-dividend date was Wednesday, June 24th. This is a boost from Flexsteel Industries’s previous quarterly dividend of $0.20. Flexsteel Industries’s dividend payout ratio is 16.10%.

Insider Activity at Flexsteel Industries

In other news, VP Stacy Marie Kammes sold 2,250 shares of the stock in a transaction that occurred on Friday, August 21st. The shares were sold at an average price of $81.00, for a total transaction of $182,250.00. Following the sale, the vice president directly owned 28,165 shares of the company’s stock, valued at $2,281,365. This represents a 7.40% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, insider David Edward Crimmins sold 4,494 shares of the firm’s stock in a transaction that occurred on Friday, August 21st. The shares were sold at an average price of $80.91, for a total transaction of $363,609.54. Following the completion of the sale, the insider directly owned 30,194 shares of the company’s stock, valued at approximately $2,442,996.54. This represents a 12.96% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. In the last three months, insiders sold 16,106 shares of company stock valued at $1,303,953. Insiders own 11.20% 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.