Flexsteel Industries (NASDAQ:FLXS) Director Sells 3,008 Shares

Flexsteel Industries, Inc. (NASDAQ:FLXS) Director William Creekmuir sold 3,008 shares of the business’s stock in a transaction on Tuesday, September 1st. The stock was sold at an average price of $81.54, for a total transaction of $245,272.32. Following the transaction, the director owned 26,276 shares in the company, valued at approximately $2,142,545.04. The trade was a 10.27% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website.

Flexsteel Industries Price Performance

NASDAQ FLXS traded up $0.03 on Thursday, hitting $81.28. 38,238 shares of the stock were exchanged, compared to its average volume of 50,796. The company has a market capitalization of $435.69 million, a PE ratio of 13.09, a P/E/G ratio of 1.25 and a beta of 0.57. The business’s fifty day moving average is $75.42 and its 200 day moving average is $60.77. Flexsteel Industries, Inc. has a 52 week low of $34.00 and a 52 week high of $88.49.

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

Flexsteel Industries Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Monday, July 6th. Investors of record on Wednesday, June 24th were issued a dividend of $0.25 per share. The ex-dividend date was Wednesday, June 24th. This is an increase from Flexsteel Industries’s previous quarterly dividend of $0.20. This represents a $1.00 dividend on an annualized basis and a yield of 1.2%. Flexsteel Industries’s dividend payout ratio is 16.10%.

Hedge Funds Weigh In On Flexsteel Industries

A number of large investors have recently made changes to their positions in the company. California State Teachers Retirement System lifted its holdings in Flexsteel Industries by 1,684.4% during the 2nd quarter. California State Teachers Retirement System now owns 3,426 shares of the company’s stock worth $255,000 after purchasing an additional 3,234 shares during the last quarter. Empowered Funds LLC acquired a new position in Flexsteel Industries in the 2nd quarter valued at $2,459,000. Public Employees Retirement System of Ohio bought a new position in Flexsteel Industries during the 2nd quarter worth $483,000. Punch & Associates Investment Management Inc. bought a new position in Flexsteel Industries during the 2nd quarter worth $6,817,000. Finally, Legal & General Group Plc bought a new position in Flexsteel Industries during the 2nd quarter worth $25,000. Institutional investors own 36.27% of the company’s stock.

Wall Street Analysts Forecast Growth

Several analysts have issued reports on FLXS shares. Freedom Capital lowered Flexsteel Industries from a “strong-buy” rating to a “hold” rating in a research note on Tuesday, August 18th. Weiss Ratings reiterated a “buy (b-)” rating on shares of Flexsteel Industries in a research note on Friday, July 17th. Freedom Broker lowered Flexsteel Industries from a “buy” rating to a “hold” rating and boosted their target price for the stock from $72.00 to $80.00 in a report on Tuesday, August 18th. Finally, Zacks Research cut 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 three have given a Hold rating to the company’s stock. Based on data from MarketBeat, Flexsteel Industries has a consensus rating of “Hold” and a consensus price target of $80.00.

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.