Flexsteel Industries (NASDAQ:FLXS) Director Sells $252,898.00 in Stock

Flexsteel Industries, Inc. (NASDAQ:FLXS) Director William Creekmuir sold 3,100 shares of the firm’s stock in a transaction that occurred on Friday, September 4th. The shares were sold at an average price of $81.58, for a total value of $252,898.00. Following the completion of the transaction, the director directly owned 23,176 shares in the company, valued at $1,890,698.08. The trade was a 11.80% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through this hyperlink.

Flexsteel Industries Trading Up 2.5%

Flexsteel Industries stock traded up $2.04 during trading hours on Tuesday, reaching $84.20. 65,706 shares of the company were exchanged, compared to its average volume of 84,575. Flexsteel Industries, Inc. has a 12 month low of $34.00 and a 12 month high of $88.49. The stock has a 50-day moving average of $76.22 and a 200 day moving average of $61.49. The firm has a market cap of $451.31 million, a price-to-earnings ratio of 13.56, a PEG ratio of 1.29 and a beta of 0.57.

Flexsteel Industries (NASDAQ:FLXS) last released its quarterly 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. The company had revenue of $115.37 million for the quarter, compared to analyst estimates of $109.51 million. Flexsteel Industries had a net margin of 7.21% and a return on equity of 16.11%. As a group, research analysts forecast that Flexsteel Industries, Inc. will post 5.29 EPS for the current year.

Flexsteel Industries Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Monday, July 6th. Shareholders of record on Wednesday, June 24th were given a dividend of $0.25 per share. The ex-dividend date of this dividend was Wednesday, June 24th. This represents a $1.00 dividend on an annualized basis and a yield of 1.2%. This is a positive change from Flexsteel Industries’s previous quarterly dividend of $0.20. Flexsteel Industries’s dividend payout ratio (DPR) is presently 16.10%.

Wall Street Analysts Forecast Growth

Several equities research analysts have recently issued reports on the company. Freedom Broker downgraded Flexsteel Industries from a “buy” rating to a “hold” rating and raised their price target for the company from $72.00 to $80.00 in a research report 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. Weiss Ratings restated a “buy (b-)” rating on shares of Flexsteel Industries in a research note on Friday, July 17th. Finally, Freedom Capital lowered Flexsteel Industries from a “strong-buy” rating to a “hold” rating in a report on Tuesday, August 18th. One research analyst has rated the stock with a Buy rating and three have assigned a Hold rating to the company’s stock. According to data from MarketBeat, the company presently has an average rating of “Hold” and an average price target of $80.00.

Institutional Trading of Flexsteel Industries

Several institutional investors have recently made changes to their positions in FLXS. California State Teachers Retirement System lifted its stake in Flexsteel Industries by 1,684.4% during the second quarter. California State Teachers Retirement System now owns 3,426 shares of the company’s stock worth $255,000 after purchasing an additional 3,234 shares during the period. Empowered Funds LLC bought a new stake in shares of Flexsteel Industries in the 2nd quarter valued at approximately $2,459,000. Public Employees Retirement System of Ohio acquired a new position in shares of Flexsteel Industries in the 2nd quarter worth approximately $483,000. Punch & Associates Investment Management Inc. bought a new position in shares of Flexsteel Industries during the 2nd quarter worth approximately $6,817,000. Finally, Legal & General Group Plc bought a new position in shares of Flexsteel Industries during the 2nd quarter worth approximately $25,000. 36.27% of the stock is currently owned by institutional investors and hedge funds.

Flexsteel Industries Company Profile

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.