Michael Joseph Mcclaflin Sells 2,000 Shares of Flexsteel Industries (NASDAQ:FLXS) Stock

Flexsteel Industries, Inc. (NASDAQ:FLXS) insider Michael Joseph Mcclaflin sold 2,000 shares of the business’s stock in a transaction that occurred on Friday, August 28th. The stock was sold at an average price of $82.94, for a total value of $165,880.00. Following the transaction, the insider directly owned 41,026 shares in the company, valued at approximately $3,402,696.44. This trade represents a 4.65% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink.

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 value of $39,830.00.

Flexsteel Industries Trading Up 2.6%

Shares of NASDAQ FLXS opened at $81.26 on Thursday. The company has a market capitalization of $435.55 million, a P/E ratio of 13.09, a P/E/G ratio of 1.25 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 $75.42 and a 200-day moving average of $60.77.

Flexsteel Industries (NASDAQ:FLXS) last announced 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 business had revenue of $115.37 million during the quarter, compared to the consensus estimate of $109.51 million. Analysts predict that Flexsteel Industries, Inc. will post 5.29 EPS for the current fiscal year.

Flexsteel Industries Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Monday, July 6th. Stockholders 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 boost from Flexsteel Industries’s previous quarterly dividend of $0.20. This represents a $1.00 annualized dividend and a dividend yield of 1.2%. Flexsteel Industries’s payout ratio is currently 16.10%.

Hedge Funds Weigh In On Flexsteel Industries

Hedge funds have recently bought and sold shares of the business. Mariner LLC bought a new stake in Flexsteel Industries in the 4th quarter valued at about $46,099,000. BlackRock Inc. acquired a new stake in shares of Flexsteel Industries in the second quarter valued at approximately $20,589,000. Vanguard Group Inc. boosted its stake in shares of Flexsteel Industries by 0.3% in 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 during the period. Renaissance Technologies LLC grew 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 worth $6,390,000 after buying an additional 10,400 shares in the last quarter. Finally, Punch & Associates Investment Management Inc. grew 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 worth $4,113,000 after buying an additional 545 shares in the last quarter. 36.27% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

Several research firms have weighed in on FLXS. Freedom Broker cut shares of Flexsteel Industries from a “buy” rating to a “hold” rating and increased their price target for the company from $72.00 to $80.00 in a report on Tuesday, August 18th. Freedom Capital cut Flexsteel Industries from a “strong-buy” rating to a “hold” rating in a report on Tuesday, August 18th. Zacks Research downgraded Flexsteel Industries from a “strong-buy” rating to a “hold” rating in a research report on Tuesday, July 21st. Finally, Weiss Ratings reiterated a “buy (b-)” rating on shares of Flexsteel Industries in a research note on Friday, July 17th. One analyst has rated the stock with a Buy rating and three have given a Hold rating to the company’s stock. According to data from MarketBeat.com, Flexsteel Industries presently has a consensus rating of “Hold” and a consensus target price of $80.00.

Flexsteel Industries Company Profile

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.