Insider Selling: Flexsteel Industries (NASDAQ:FLXS) Insider Sells $198,925.00 in Stock

Flexsteel Industries, Inc. (NASDAQ:FLXS) insider Michael Joseph Mcclaflin sold 2,500 shares of the stock in a transaction dated Monday, August 31st. The stock was sold at an average price of $79.57, for a total value of $198,925.00. Following the transaction, the insider owned 38,526 shares of the company’s stock, valued at approximately $3,065,513.82. The trade was a 6.09% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through this link.

Michael Joseph Mcclaflin also recently made the following trade(s):

• On Friday, August 28th, Michael Joseph Mcclaflin sold 2,000 shares of Flexsteel Industries stock. The shares were sold at an average price of $82.94, for a total value of $165,880.00.
• On Thursday, August 20th, Michael Joseph Mcclaflin sold 500 shares of Flexsteel Industries stock. The stock was sold at an average price of $79.66, for a total value of $39,830.00.

Flexsteel Industries Price Performance

Shares of FLXS traded up $0.68 during mid-day trading on Tuesday, hitting $80.22. 34,593 shares of the company’s stock were exchanged, compared to its average volume of 50,644. The company has a market cap of $429.66 million, a PE ratio of 13.00, a P/E/G ratio of 1.29 and a beta of 0.56. Flexsteel Industries, Inc. has a 52 week low of $34.00 and a 52 week high of $88.49. The company has a 50-day simple moving average of $74.90 and a 200 day simple moving average of $60.42.

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

Flexsteel Industries Increases Dividend

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

Institutional Investors Weigh In On Flexsteel Industries

Several hedge funds have recently bought and sold shares of the company. AQR Capital Management LLC bought a new position in Flexsteel Industries during the first quarter worth about $221,000. Jones Financial Companies Lllp raised its stake in Flexsteel Industries by 5,214.0% in the first quarter. Jones Financial Companies Lllp now owns 2,657 shares of the company’s stock valued at $97,000 after buying an additional 2,607 shares during the period. Empowered Funds LLC lifted its position in shares of Flexsteel Industries by 7.0% in the first quarter. Empowered Funds LLC now owns 24,749 shares of the company’s stock valued at $904,000 after buying an additional 1,622 shares during the last quarter. First Trust Advisors LP lifted its position in shares of Flexsteel Industries by 4.1% in the second quarter. First Trust Advisors LP now owns 11,745 shares of the company’s stock valued at $423,000 after buying an additional 467 shares during the last quarter. Finally, Qube Research & Technologies Ltd boosted its stake in shares of Flexsteel Industries by 7.0% during the 2nd quarter. Qube Research & Technologies Ltd now owns 28,888 shares of the company’s stock worth $1,041,000 after acquiring an additional 1,881 shares during the period. 36.27% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

Several brokerages have recently weighed in on FLXS. Weiss Ratings restated a “buy (b-)” rating on shares of Flexsteel Industries in a report on Friday, July 17th. Freedom Capital cut Flexsteel Industries from a “strong-buy” rating to a “hold” rating in a research report on Tuesday, August 18th. Zacks Research downgraded Flexsteel Industries from a “strong-buy” rating to a “hold” rating in a research note on Tuesday, July 21st. Finally, Freedom Broker downgraded Flexsteel Industries from a “buy” rating to a “hold” rating and raised their price target for the company from $72.00 to $80.00 in a research note 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. Based on data from MarketBeat.com, the company currently has an average 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.