Key Points
- Director William Creekmuir sold 2,950 Flexsteel Industries shares at an average price of $81.33, totaling $239,923.50 and reducing his position by 12.73% to 20,226 shares.
- Flexsteel reported quarterly EPS of $1.33, exceeding the $1.09 consensus estimate, while revenue of $115.37 million also surpassed expectations.
- Analyst sentiment is largely neutral, with an average “Hold” rating and an $80 consensus price target; the company also declared a $0.25 quarterly dividend, equivalent to a 1.2% yield.
Flexsteel Industries, Inc. (NASDAQ:FLXS - Get Free Report) Director William Creekmuir sold 1,000 shares of the company's stock in a transaction that occurred on Tuesday, September 15th. The stock was sold at an average price of $81.03, for a total value of $81,030.00. Following the transaction, the director directly owned 19,226 shares of the company's stock, valued at approximately $1,557,882.78. The trade was a 4.94% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link.
Flexsteel Industries Price Performance
NASDAQ FLXS opened at $81.55 on Thursday. Flexsteel Industries, Inc. has a 1-year low of $34.00 and a 1-year high of $88.49. The stock's 50 day simple moving average is $77.41 and its 200-day simple moving average is $62.72. The company has a market cap of $437.11 million, a PE ratio of 13.13, a price-to-earnings-growth ratio of 1.29 and a beta of 0.57.
Flexsteel Industries (NASDAQ:FLXS - Get Free Report) last posted its quarterly earnings results 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 during the quarter, compared to analyst estimates of $109.51 million. On average, equities research analysts anticipate that Flexsteel Industries, Inc. will post 5.29 EPS for the current fiscal year.
Flexsteel Industries Announces Dividend
The company also recently announced a quarterly dividend, which will be paid on Monday, October 12th. Shareholders of record on Wednesday, September 30th will be given a $0.25 dividend. The ex-dividend date of this dividend is Wednesday, September 30th. This represents a $1.00 dividend on an annualized basis and a yield of 1.2%. Flexsteel Industries's payout ratio is presently 16.10%.
Analyst Upgrades and Downgrades
Several research analysts have recently commented on the company. Freedom Broker lowered Flexsteel Industries from a "buy" rating to a "hold" rating and raised their price target for the stock from $72.00 to $80.00 in a research report on Tuesday, August 18th. Zacks Research downgraded Flexsteel Industries from a "strong-buy" rating to a "hold" rating in a report on Tuesday, July 21st. Freedom Capital lowered Flexsteel Industries from a "strong-buy" rating to a "hold" rating in a research note on Tuesday, August 18th. Finally, Weiss Ratings reaffirmed a "buy (b-)" rating on shares of Flexsteel Industries in a research report on Friday, July 17th. One equities research analyst has rated the stock with a Buy rating and three have given a Hold rating to the company. According to data from MarketBeat, the company has an average rating of "Hold" and an average price target of $80.00.
View Our Latest Stock Analysis on Flexsteel Industries
Hedge Funds Weigh In On Flexsteel Industries
Hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Legal & General Group Plc acquired a new stake in shares of Flexsteel Industries in the second quarter valued at $25,000. C M Bidwell & Associates Ltd. acquired a new position in Flexsteel Industries during the 2nd quarter worth $67,000. IFP Advisors Inc grew its stake in Flexsteel Industries by 52.5% during the 2nd quarter. IFP Advisors Inc now owns 3,052 shares of the company's stock worth $227,000 after purchasing an additional 1,051 shares in the last quarter. Deutsche Bank AG purchased a new stake in Flexsteel Industries during the 2nd quarter worth about $234,000. Finally, Connor Clark & Lunn Investment Management Ltd. purchased a new stake in Flexsteel Industries during the 2nd quarter worth about $246,000. Hedge funds and other institutional investors own 36.27% of the company's stock.
About Flexsteel Industries
(
Get Free Report)
Flexsteel Industries, Inc is a furniture manufacturer and distributor headquartered in Dubuque, Iowa. Founded in 1893, the company develops and sells residential furniture under the Flexsteel brand, with a focus on upholstered seating and furnishings for living rooms, family rooms, bedrooms, dining areas and home offices.
Its product portfolio includes sofas, sectionals, recliners, chairs, mattresses, beds, dressers, dining tables, dining chairs and occasional furniture. Flexsteel is known for its Blue Steel Spring seating technology, which is incorporated into many of its upholstered furniture products.
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