Flexsteel Industries (NASDAQ:FLXS) Insider Michael Joseph Mcclaflin Sells 2,000 Shares of Company Stock

Flexsteel Industries, Inc. (NASDAQ:FLXS) insider Michael McClaflin sold 2,000 shares of the stock in a transaction that occurred on Wednesday, November 11th. The shares were sold at an average price of $75.56, for a total value of $151,120.00. Following the completion of the sale, the insider directly owned 34,026 shares of the company’s stock, valued at $2,571,004.56. The trade was a 5.55% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink.

Michael Joseph Mcclaflin also recently made the following trade(s):

• On Thursday, November 12th, Michael McClaflin sold 1,000 shares of Flexsteel Industries stock. The shares were sold at an average price of $75.20, for a total transaction of $75,200.00.
• On Monday, August 31st, Michael McClaflin sold 2,500 shares of Flexsteel Industries stock. The shares were sold at an average price of $79.57, for a total transaction of $198,925.00.
• On Friday, August 28th, Michael McClaflin sold 2,000 shares of Flexsteel Industries stock. The shares were sold at an average price of $82.94, for a total transaction of $165,880.00.
• On Thursday, August 20th, Michael McClaflin sold 500 shares of Flexsteel Industries stock. The shares were sold at an average price of $79.66, for a total transaction of $39,830.00.

Flexsteel Industries Stock Down 0.4%

NASDAQ:FLXS traded down $0.30 during trading hours on Friday, reaching $74.83. 47,598 shares of the company’s stock were exchanged, compared to its average volume of 73,389. The firm has a market capitalization of $311.29 million, a price-to-earnings ratio of 12.19, a P/E/G ratio of 1.16 and a beta of 0.61. The company has a 50-day moving average of $81.53 and a 200 day moving average of $65.32. Flexsteel Industries, Inc. has a 1-year low of $34.59 and a 1-year high of $90.64.

Flexsteel Industries (NASDAQ:FLXS) last announced its earnings results on Monday, October 26th. The company reported $1.24 EPS for the quarter, beating analysts’ consensus estimates of $1.23 by $0.01. The business had revenue of $113.97 million during the quarter, compared to analysts’ expectations of $112.70 million. Flexsteel Industries had a net margin of 6.75% and a return on equity of 15.92%. Research analysts forecast that Flexsteel Industries, Inc. will post 5.40 EPS for the current fiscal year.

Flexsteel Industries Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Monday, October 12th. Shareholders of record on Wednesday, September 30th were paid a $0.25 dividend. This represents a $1.00 annualized dividend and a yield of 1.3%. The ex-dividend date of this dividend was Wednesday, September 30th. Flexsteel Industries’s payout ratio is currently 16.29%.

Key Headlines Impacting Flexsteel Industries

Here are a few of the latest headlines about FLXS:

• Neutral Sentiment: Despite the sales, both insiders retained sizable holdings: David Crimmins owned 28,228 shares after his reported transactions, and Michael McClaflin held 33,026 shares after his latest sale.
• Negative Sentiment: Crimmins sold a combined 9,950 shares on November 9–10 for about $723,000, reducing his position by 12% in the latest reported transaction. McClaflin sold 3,000 shares on November 11–12 for about $226,000. The repeated insider selling could weigh on investor sentiment. Crimmins sale report McClaflin SEC filing

Institutional Trading of Flexsteel Industries

Hedge funds and other institutional investors have recently made changes to their positions in the stock. BlackRock Inc. acquired a new stake in shares of Flexsteel Industries during the 2nd quarter valued at approximately $20,589,000. Congress Asset Management Co. acquired a new stake in Flexsteel Industries in the third quarter valued at $6,824,000. Punch & Associates Investment Management Inc. purchased a new position in shares of Flexsteel Industries in the second quarter valued at $6,817,000. Renaissance Technologies LLC increased its position in shares of Flexsteel Industries by 7.9% in the first quarter. Renaissance Technologies LLC now owns 142,200 shares of the company’s stock valued at $6,390,000 after buying an additional 10,400 shares in the last quarter. Finally, Allspring Global Investments Holdings LLC increased its holdings in Flexsteel Industries by 425.3% during the 3rd quarter. Allspring Global Investments Holdings LLC now owns 53,664 shares of the company’s stock valued at $4,543,000 after acquiring an additional 43,448 shares in the last quarter. Institutional investors and hedge funds own 36.27% of the company’s stock.

Wall Street Analysts Forecast Growth

Several research firms have recently commented on FLXS. Freedom Broker raised their target price on shares of Flexsteel Industries from $80.00 to $86.00 and gave the stock a “hold” rating in a research note on Tuesday, October 27th. Freedom Capital downgraded shares of Flexsteel Industries from a “strong-buy” rating to a “hold” rating 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 report on Thursday, October 1st. Finally, Weiss Ratings cut Flexsteel Industries from a “buy (b)” rating to a “buy (b-)” rating in a report on Tuesday, November 3rd. One analyst has rated the stock with a Strong Buy rating, one has assigned a Buy rating and two have issued a Hold rating to the company. Based on data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average target price of $86.00.

Flexsteel Industries Company Profile

Flexsteel Industries designs, manufactures, imports and markets furniture for residential and commercial customers. Its products include sofas, recliners, sectionals and other upholstered seating, along with dining, bedroom and occasional furniture. The company sells products under the Flexsteel name and other brands through a network of furniture retailers and other distribution channels. Its offerings serve homes as well as commercial settings. Founded in 1893, Flexsteel is headquartered in Dubuque, Iowa, and serves customers primarily in the United States.