Flexsteel Industries, Inc. (NASDAQ:FLXS - Get Free Report) insider Michael Joseph Mcclaflin sold 500 shares of Flexsteel Industries stock in a transaction dated Thursday, August 20th. The shares were sold at an average price of $79.66, for a total value of $39,830.00. Following the completion of the sale, the insider owned 35,897 shares of the company's stock, valued at $2,859,555.02. The trade was a 1.37% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link.
Flexsteel Industries Stock Down 1.0%
Shares of FLXS stock opened at $80.60 on Tuesday. The firm has a market cap of $432.02 million, a price-to-earnings ratio of 12.98, a PEG ratio of 1.28 and a beta of 0.56. Flexsteel Industries, Inc. has a 52-week low of $34.00 and a 52-week high of $88.49. The company's 50 day moving average is $73.17 and its 200 day moving average is $59.40.
Flexsteel Industries (NASDAQ:FLXS - Get Free Report) last released its quarterly earnings results on Monday, August 17th. The company reported $1.33 EPS for the quarter, beating the consensus estimate 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 during the quarter, compared to analyst estimates of $109.51 million. Analysts anticipate that Flexsteel Industries, Inc. will post 5.29 EPS for the current fiscal year.
Flexsteel Industries Increases Dividend
The company also recently announced a quarterly dividend, which was paid on Monday, July 6th. Investors of record on Wednesday, June 24th were paid a $0.25 dividend. This is a positive change from Flexsteel Industries's previous quarterly dividend of $0.20. The ex-dividend date was Wednesday, June 24th. This represents a $1.00 dividend on an annualized basis and a yield of 1.2%. Flexsteel Industries's dividend payout ratio (DPR) is 16.10%.
Flexsteel Industries News Roundup
Here are the key news stories impacting Flexsteel Industries this week:
- Positive Sentiment: Strong quarterly results support the stock. Flexsteel reported quarterly EPS of $1.33, surpassing the $1.09 analyst consensus, while revenue of $115.37 million exceeded expectations of $109.51 million. The company’s 7.21% net margin and 16.11% return on equity also indicate healthy profitability. Flexsteel Flexes Its Muscles in the Second Quarter
- Positive Sentiment: Dividend growth adds to shareholder appeal. Flexsteel increased its quarterly dividend to $0.25 from $0.20, or $1.00 annually, implying a yield of approximately 1.2% and a modest 16.1% payout ratio. Flexsteel Is Flexing Its Muscles, Again
- Neutral Sentiment: Investor-relations event could provide a near-term catalyst. CEO Derek Schmidt and CFO Mike Ressler are scheduled to present and hold one-on-one meetings at the Midwest IDEAS Investor Conference in Chicago on August 26. Any comments on demand, margins or the outlook could influence investor sentiment. Flexsteel Investor Conference Announcement
- Neutral Sentiment: Analyst sentiment is mixed. Although Weiss Ratings maintained a buy-equivalent view, Zacks Research and Freedom Capital downgraded the shares to hold. The overall analyst consensus is Hold, which may limit buying enthusiasm after the stock’s substantial advance.
- Negative Sentiment: Several insiders sold shares. VP Stacy Marie Kammes sold 2,250 shares for about $182,250, while insider David Edward Crimmins sold 5,756 shares worth roughly $463,333 and Michael Joseph Mcclaflin sold 500 shares. These transactions reduced the insiders’ individual holdings by 7.4%, 16.5% and 1.4%, respectively, potentially signaling profit-taking and creating short-term sentiment pressure. Flexsteel Insider Selling Report
Wall Street Analyst Weigh In
Several analysts have commented on the stock. Weiss Ratings restated a "buy (b-)" rating on shares of Flexsteel Industries in a research note on Friday, July 17th. Zacks Research cut shares of Flexsteel Industries from a "strong-buy" rating to a "hold" rating in a report on Tuesday, July 21st. Finally, Freedom Capital downgraded shares of Flexsteel Industries from a "strong-buy" rating to a "hold" rating in a research report on Tuesday, August 18th. One equities research analyst has rated the stock with a Buy rating and two have issued a Hold rating to the company's stock. According to data from MarketBeat.com, the company currently has an average rating of "Hold".
View Our Latest Report on Flexsteel Industries
Hedge Funds Weigh In On Flexsteel Industries
A number of large investors have recently added to or reduced their stakes in FLXS. AQR Capital Management LLC purchased a new position in Flexsteel Industries in the 1st quarter valued at about $221,000. Jones Financial Companies Lllp raised its holdings in shares of Flexsteel Industries by 5,214.0% during the first quarter. Jones Financial Companies Lllp now owns 2,657 shares of the company's stock valued at $97,000 after acquiring an additional 2,607 shares during the last quarter. Empowered Funds LLC raised its holdings in shares of Flexsteel Industries by 7.0% during the first quarter. Empowered Funds LLC now owns 24,749 shares of the company's stock valued at $904,000 after acquiring an additional 1,622 shares during the last quarter. First Trust Advisors LP lifted its position in shares of Flexsteel Industries by 4.1% in the second quarter. First Trust Advisors LP now owns 11,745 shares of the company's stock valued at $423,000 after acquiring an additional 467 shares in the last quarter. Finally, Qube Research & Technologies Ltd lifted its position in shares of Flexsteel Industries by 7.0% in the second quarter. Qube Research & Technologies Ltd now owns 28,888 shares of the company's stock valued at $1,041,000 after acquiring an additional 1,881 shares in the last quarter. 36.27% of the stock is currently owned by institutional investors and hedge funds.
About Flexsteel Industries
(
Get Free Report)
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.
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