Key Points
- Director William Creekmuir sold 3,008 Flexsteel Industries shares at an average price of $81.54, generating $245,272.32 and reducing his direct holdings by 10.27% to 26,276 shares.
- Flexsteel reported quarterly EPS of $1.33, exceeding the $1.09 analyst consensus, while revenue of $115.37 million also topped estimates. The company raised its quarterly dividend to $0.25 per share, or $1.00 annually.
- Analyst sentiment is currently cautious, with one Buy rating and three Hold ratings, producing a consensus rating of Hold and an average price target of $80.00.
Flexsteel Industries, Inc. (NASDAQ:FLXS - Get Free Report) Director William Creekmuir sold 3,008 shares of the stock in a transaction dated Tuesday, September 1st. The shares were sold at an average price of $81.54, for a total transaction of $245,272.32. Following the completion of the transaction, the director directly owned 26,276 shares of the company's stock, valued at approximately $2,142,545.04. The trade was a 10.27% decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website.
Flexsteel Industries Trading Down 1.1%
FLXS opened at $80.37 on Friday. The firm has a market cap of $430.46 million, a P/E ratio of 12.94, a P/E/G ratio of 1.28 and a beta of 0.57. 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 $75.65 and a 200 day moving average of $60.93.
Flexsteel Industries (NASDAQ:FLXS - Get Free Report) last issued its quarterly earnings data 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. Flexsteel Industries had a return on equity of 16.11% and a net margin of 7.21%.The business had revenue of $115.37 million for the quarter, compared to the consensus estimate of $109.51 million. On average, research analysts forecast that Flexsteel Industries, Inc. will post 5.29 earnings per share for the current fiscal year.
Flexsteel Industries Increases Dividend
The company also recently declared a quarterly dividend, which was paid on Monday, July 6th. Investors of record on Wednesday, June 24th were paid 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 dividend yield of 1.2%. This is a boost from Flexsteel Industries's previous quarterly dividend of $0.20. Flexsteel Industries's dividend payout ratio is presently 16.10%.
Analyst Upgrades and Downgrades
Several brokerages have issued reports on FLXS. Weiss Ratings reissued a "buy (b-)" rating on shares of Flexsteel Industries in a research note on Friday, July 17th. Zacks Research cut Flexsteel Industries from a "strong-buy" rating to a "hold" rating in a research note on Tuesday, July 21st. Freedom Broker downgraded Flexsteel Industries from a "buy" rating to a "hold" rating and increased their price target for the stock from $72.00 to $80.00 in a report on Tuesday, August 18th. Finally, Freedom Capital downgraded Flexsteel Industries from a "strong-buy" rating to a "hold" rating in a report on Tuesday, August 18th. One investment 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, Flexsteel Industries has a consensus rating of "Hold" and an average price target of $80.00.
Read Our Latest Analysis on FLXS
Institutional Inflows and Outflows
A number of hedge funds have recently made changes to their positions in the stock. Mariner LLC purchased a new position in Flexsteel Industries in the 4th quarter worth about $46,099,000. BlackRock Inc. bought a new stake in Flexsteel Industries during the 2nd quarter valued at about $20,589,000. Vanguard Group Inc. boosted its position in Flexsteel Industries by 0.3% in the 3rd quarter. Vanguard Group Inc. now owns 225,855 shares of the company's stock valued at $10,468,000 after buying an additional 708 shares during the period. Renaissance Technologies LLC boosted its position in Flexsteel Industries by 7.9% in the 1st 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 during the period. Finally, Punch & Associates Investment Management Inc. grew its stake in Flexsteel Industries by 0.6% in the 1st quarter. Punch & Associates Investment Management Inc. now owns 91,525 shares of the company's stock worth $4,113,000 after acquiring an additional 545 shares in the last quarter. 36.27% of the stock is currently owned by institutional investors.
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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