Flexsteel Industries (NASDAQ:FLXS) Insider David Edward Crimmins Sells 1,262 Shares of Stock

Flexsteel Industries, Inc. (NASDAQ:FLXS) insider David Edward Crimmins sold 1,262 shares of the business’s stock in a transaction that occurred on Thursday, August 20th. The stock was sold at an average price of $79.02, for a total transaction of $99,723.24. Following the completion of the sale, the insider owned 34,688 shares in the company, valued at $2,741,045.76. The trade was a 3.51% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website.

David Edward Crimmins also recently made the following trade(s):

• On Friday, August 21st, David Edward Crimmins sold 4,494 shares of Flexsteel Industries stock. The stock was sold at an average price of $80.91, for a total transaction of $363,609.54.

Flexsteel Industries Stock Performance

Flexsteel Industries 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 price-to-earnings-growth ratio of 1.28 and a beta of 0.56. Flexsteel Industries, Inc. has a 1 year low of $34.00 and a 1 year high of $88.49. The firm’s 50 day moving average price is $73.17 and its two-hundred day moving average price is $59.40.

Flexsteel Industries (NASDAQ:FLXS) last posted its quarterly earnings results on Monday, August 17th. The company reported $1.33 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.09 by $0.24. Flexsteel Industries had a return on equity of 16.11% and a net margin of 7.21%.The company had revenue of $115.37 million for the quarter, compared to analysts’ expectations of $109.51 million. As a group, equities analysts predict that Flexsteel Industries, Inc. will post 5.29 EPS for the current fiscal year.

Flexsteel Industries Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Monday, July 6th. Stockholders of record on Wednesday, June 24th were given a dividend of $0.25 per share. 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. The ex-dividend date of this dividend was Wednesday, June 24th. Flexsteel Industries’s payout ratio is presently 16.10%.

Analysts Set New Price Targets

FLXS has been the subject of a number of recent analyst reports. Freedom Capital lowered Flexsteel Industries from a “strong-buy” rating to a “hold” rating in a research report on Tuesday, August 18th. Weiss Ratings restated a “buy (b-)” rating on shares of Flexsteel Industries in a report on Friday, July 17th. Finally, Zacks Research lowered shares of Flexsteel Industries from a “strong-buy” rating to a “hold” rating in a research note on Tuesday, July 21st. One investment analyst has rated the stock with a Buy rating and two have assigned a Hold rating to the company’s stock. According to data from MarketBeat.com, the stock has an average rating of “Hold”.

Key Flexsteel Industries News

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

Institutional Trading of Flexsteel Industries

Large investors have recently added to or reduced their stakes in the company. Mariner LLC purchased a new stake in shares of Flexsteel Industries in the fourth quarter valued at $46,099,000. BlackRock Inc. purchased a new position in shares of Flexsteel Industries during the second quarter valued at $20,589,000. Vanguard Group Inc. grew its holdings in shares of Flexsteel Industries by 0.3% during the third 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 in the last quarter. Renaissance Technologies LLC raised its position in Flexsteel Industries by 7.9% during 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 during the period. Finally, Punch & Associates Investment Management Inc. raised its position in Flexsteel Industries by 0.6% during the first quarter. Punch & Associates Investment Management Inc. now owns 91,525 shares of the company’s stock valued at $4,113,000 after buying an additional 545 shares during the period. 36.27% of the stock is owned by institutional investors and hedge funds.

About Flexsteel Industries

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.