Insider Selling: Flexsteel Industries (NASDAQ:FLXS) Director Sells $239,923.50 in Stock

Flexsteel Industries, Inc. (NASDAQ:FLXS) Director William Creekmuir sold 2,950 shares of the company’s stock in a transaction on Monday, September 14th. The shares were sold at an average price of $81.33, for a total transaction of $239,923.50. Following the completion of the transaction, the director owned 20,226 shares of the company’s stock, valued at approximately $1,644,980.58. The trade was a 12.73% decrease in their position. The sale was disclosed in a filing with the SEC, which is available at the SEC website.

Flexsteel Industries Price Performance

Shares of NASDAQ:FLXS opened at $79.69 on Friday. Flexsteel Industries, Inc. has a 12 month low of $34.00 and a 12 month high of $88.49. The firm has a market capitalization of $426.82 million, a P/E ratio of 12.83, a P/E/G ratio of 1.25 and a beta of 0.57. The company’s fifty day moving average price is $77.73 and its 200 day moving average price is $63.03.

Flexsteel Industries (NASDAQ:FLXS) last released its quarterly earnings data 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. 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%. On average, sell-side analysts anticipate that Flexsteel Industries, Inc. will post 5.29 EPS for the current year.

Flexsteel Industries Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Monday, October 12th. Investors of record on Wednesday, September 30th will be given a $0.25 dividend. The ex-dividend date of this dividend is Wednesday, September 30th. This represents a $1.00 dividend on an annualized basis and a dividend yield of 1.3%. Flexsteel Industries’s dividend payout ratio is 16.10%.

Hedge Funds Weigh In On Flexsteel Industries

Several institutional investors have recently bought and sold shares of the company. BlackRock Inc. acquired a new position in shares of Flexsteel Industries during the second quarter worth about $20,589,000. Janney Montgomery Scott LLC lifted its position in Flexsteel Industries by 97.5% in the first quarter. Janney Montgomery Scott LLC now owns 29,207 shares of the company’s stock valued at $1,313,000 after purchasing an additional 14,417 shares during the period. Walleye Capital LLC acquired a new stake in Flexsteel Industries in the first quarter valued at about $1,359,000. Illumine Investment Management LLC purchased a new stake in Flexsteel Industries in the 1st quarter valued at approximately $774,000. Finally, Bank of America Corp DE boosted its holdings in Flexsteel Industries by 462.3% in the 1st quarter. Bank of America Corp DE now owns 27,536 shares of the company’s stock valued at $1,237,000 after purchasing an additional 22,639 shares in the last quarter. 36.27% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

Several research analysts have commented on FLXS shares. Weiss Ratings reaffirmed a “buy (b-)” rating on shares of Flexsteel Industries in a research report on Friday, July 17th. Zacks Research downgraded Flexsteel Industries from a “strong-buy” rating to a “hold” rating in a report on Tuesday, July 21st. Freedom Broker lowered shares of Flexsteel Industries from a “buy” rating to a “hold” rating and raised their target price for the stock from $72.00 to $80.00 in a research report on Tuesday, August 18th. Finally, Freedom Capital cut shares of Flexsteel Industries from a “strong-buy” rating to a “hold” rating in a report 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’s stock. Based on data from MarketBeat, the stock currently has an average rating of “Hold” and a consensus target price of $80.00.

About Flexsteel Industries

Flexsteel Industries, Inc is a furniture manufacturer and distributor headquartered in Dubuque, Iowa. Founded in 1893, the company develops and sells residential furniture under the Flexsteel brand, with a focus on upholstered seating and furnishings for living rooms, family rooms, bedrooms, dining areas and home offices.

Its product portfolio includes sofas, sectionals, recliners, chairs, mattresses, beds, dressers, dining tables, dining chairs and occasional furniture. Flexsteel is known for its Blue Steel Spring seating technology, which is incorporated into many of its upholstered furniture products.