Key Points
- Director William Creekmuir sold 3,100 Flexsteel Industries shares at an average price of $81.85, generating $253,735 and reducing his direct ownership by 9.57% to 29,284 shares.
- Flexsteel reported quarterly EPS of $1.33, beating estimates by $0.24, while revenue of $115.37 million also exceeded expectations. The company increased its quarterly dividend to $0.25, or $1.00 annually.
- FLXS shares opened at $79.22, near their 52-week high, but analyst sentiment is mixed: the consensus rating is Hold with an $80 target price. Institutional investors own 36.27% of the company.
Flexsteel Industries, Inc. (NASDAQ:FLXS - Get Free Report) insider Michael Joseph Mcclaflin sold 2,000 shares of the business's stock in a transaction dated Friday, August 28th. The stock was sold at an average price of $82.94, for a total transaction of $165,880.00. Following the sale, the insider directly owned 41,026 shares of the company's stock, valued at $3,402,696.44. This represents a 4.65% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link.
Michael Joseph Mcclaflin also recently made the following trade(s):
- On Monday, August 31st, Michael Joseph Mcclaflin sold 2,500 shares of Flexsteel Industries stock. The shares were sold at an average price of $79.57, for a total value of $198,925.00.
- On Thursday, August 20th, Michael Joseph 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%
Shares of FLXS opened at $79.22 on Wednesday. The stock has a fifty day simple moving average of $75.15 and a two-hundred day simple moving average of $60.59. Flexsteel Industries, Inc. has a 52-week low of $34.00 and a 52-week high of $88.49. The company has a market capitalization of $424.62 million, a PE ratio of 12.76, a price-to-earnings-growth ratio of 1.25 and a beta of 0.57.
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 firm had revenue of $115.37 million for the quarter, compared to analyst estimates of $109.51 million. As a group, equities analysts anticipate that Flexsteel Industries, Inc. will post 5.29 earnings per share for the current fiscal 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 $0.25 dividend. The ex-dividend date of this dividend was Wednesday, June 24th. This is a positive change 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%. Flexsteel Industries's dividend payout ratio is presently 16.10%.
Analyst Upgrades and Downgrades
A number of analysts recently weighed in on the stock. Freedom Broker lowered shares of Flexsteel Industries from a "buy" rating to a "hold" rating and upped their target price for the stock from $72.00 to $80.00 in a research note on Tuesday, August 18th. Weiss Ratings reissued a "buy (b-)" rating on shares of Flexsteel Industries in a research report on Friday, July 17th. Zacks Research lowered Flexsteel Industries from a "strong-buy" rating to a "hold" rating in a report on Tuesday, July 21st. Finally, Freedom Capital lowered shares of Flexsteel Industries from a "strong-buy" rating to a "hold" rating in a research note on Tuesday, August 18th. One investment analyst has rated the stock with a Buy rating and three have issued a Hold rating to the company. Based on data from MarketBeat.com, the company presently has a consensus rating of "Hold" and an average target price of $80.00.
Check Out Our Latest Stock Analysis on Flexsteel Industries
Hedge Funds Weigh In On Flexsteel Industries
A number of institutional investors have recently modified their holdings of the company. AQR Capital Management LLC purchased a new stake in shares of Flexsteel Industries in the first quarter valued at $221,000. Jones Financial Companies Lllp grew its holdings in Flexsteel Industries by 5,214.0% during the 1st quarter. Jones Financial Companies Lllp now owns 2,657 shares of the company's stock valued at $97,000 after purchasing an additional 2,607 shares in the last quarter. Empowered Funds LLC increased its holdings in Flexsteel Industries by 7.0% during the 1st quarter. Empowered Funds LLC now owns 24,749 shares of the company's stock worth $904,000 after purchasing an additional 1,622 shares during the last quarter. First Trust Advisors LP increased its stake 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 worth $423,000 after buying an additional 467 shares during the last quarter. Finally, Qube Research & Technologies Ltd increased its position in shares of Flexsteel Industries by 7.0% in the 2nd quarter. Qube Research & Technologies Ltd now owns 28,888 shares of the company's stock worth $1,041,000 after purchasing an additional 1,881 shares during the last quarter. Institutional investors and hedge funds own 36.27% of the company's stock.
Flexsteel Industries Company Profile
(
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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