Flexsteel Industries (NASDAQ:FLXS) Director Sells $253,735.00 in Stock

Flexsteel Industries, Inc. (NASDAQ:FLXS) Director William Creekmuir sold 3,100 shares of Flexsteel Industries stock in a transaction on Friday, August 28th. The shares were sold at an average price of $81.85, for a total value of $253,735.00. Following the completion of the sale, the director directly owned 29,284 shares of the company’s stock, valued at $2,396,895.40. The trade was a 9.57% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at this hyperlink.

Flexsteel Industries Stock Down 1.1%

Shares of FLXS opened at $80.37 on Friday. Flexsteel Industries, Inc. has a fifty-two week low of $34.00 and a fifty-two week high of $88.49. The company has a market cap of $430.46 million, a P/E ratio of 12.94, a PEG ratio of 1.28 and a beta of 0.57. The firm’s 50 day moving average price is $75.65 and its 200 day moving average price is $60.93.

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

Flexsteel Industries Increases Dividend

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

Institutional Trading of Flexsteel Industries

Several institutional investors have recently modified their holdings of FLXS. Mariner LLC acquired a new stake in Flexsteel Industries during the 4th quarter worth $46,099,000. BlackRock Inc. acquired a new position in Flexsteel Industries in the second quarter valued at $20,589,000. Punch & Associates Investment Management Inc. purchased a new stake in shares of Flexsteel Industries in the second quarter valued at about $6,817,000. Bank of New York Mellon Corp purchased a new stake in shares of Flexsteel Industries in the second quarter valued at about $3,543,000. Finally, Empowered Funds LLC acquired a new stake in shares of Flexsteel Industries during the second quarter worth about $2,459,000. Hedge funds and other institutional investors own 36.27% of the company’s stock.

Wall Street Analysts Forecast Growth

Several research firms have commented on FLXS. Freedom Capital cut shares of Flexsteel Industries from a “strong-buy” rating to a “hold” rating in a report on Tuesday, August 18th. Weiss Ratings restated a “buy (b-)” rating on shares of Flexsteel Industries in a report on Friday, July 17th. Zacks Research cut shares of Flexsteel Industries from a “strong-buy” rating to a “hold” rating in a research report on Tuesday, July 21st. Finally, Freedom Broker downgraded shares of 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 research note on Tuesday, August 18th. One equities research analyst has rated the stock with a Buy rating and three have given a Hold rating to the company. Based on data from MarketBeat.com, the company has an average rating of “Hold” and an average 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.