Insider Selling: Flexsteel Industries (NASDAQ:FLXS) Insider Sells 2,000 Shares of Stock

Flexsteel Industries, Inc. (NASDAQ:FLXS) insider Michael McClaflin sold 2,000 shares of the stock in a transaction that occurred on Wednesday, November 11th. The shares were sold at an average price of $75.56, for a total transaction of $151,120.00. Following the transaction, the insider owned 34,026 shares in the company, valued at approximately $2,571,004.56. This trade represents a 5.55% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website.

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

• On Thursday, November 12th, Michael McClaflin sold 1,000 shares of Flexsteel Industries stock. The stock was sold at an average price of $75.20, for a total transaction of $75,200.00.
• On Monday, August 31st, Michael McClaflin sold 2,500 shares of Flexsteel Industries stock. The stock was sold at an average price of $79.57, for a total transaction of $198,925.00.
• On Friday, August 28th, Michael McClaflin sold 2,000 shares of Flexsteel Industries stock. The shares were sold at an average price of $82.94, for a total transaction of $165,880.00.
• On Thursday, August 20th, Michael McClaflin sold 500 shares of Flexsteel Industries stock. The shares were sold at an average price of $79.66, for a total transaction of $39,830.00.

Flexsteel Industries Stock Performance

Shares of NASDAQ FLXS traded down $0.30 during midday trading on Friday, hitting $74.83. 47,598 shares of the stock traded hands, compared to its average volume of 57,128. The firm has a 50-day moving average of $81.64 and a two-hundred day moving average of $65.14. The firm has a market capitalization of $311.44 million, a P/E ratio of 12.19, a PEG ratio of 1.16 and a beta of 0.61. Flexsteel Industries, Inc. has a one year low of $34.59 and a one year high of $90.64.

Flexsteel Industries (NASDAQ:FLXS) last released its quarterly earnings results on Monday, October 26th. The company reported $1.24 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.23 by $0.01. Flexsteel Industries had a return on equity of 15.92% and a net margin of 6.75%. The firm had revenue of $113.97 million for the quarter, compared to the consensus estimate of $112.70 million. Equities analysts forecast that Flexsteel Industries, Inc. will post 5.40 earnings per share for the current fiscal year.

Flexsteel Industries Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Monday, October 12th. Shareholders of record on Wednesday, September 30th were issued a $0.25 dividend. The ex-dividend date of this dividend was Wednesday, September 30th. This represents a $1.00 dividend on an annualized basis and a yield of 1.3%. Flexsteel Industries’s dividend payout ratio is currently 16.29%.

Wall Street Analysts Forecast Growth

Several research analysts have issued reports on the company. Zacks Research raised Flexsteel Industries from a “hold” rating to a “strong-buy” rating in a research report on Thursday, October 1st. Weiss Ratings lowered shares of Flexsteel Industries from a “buy (b)” rating to a “buy (b-)” rating in a research report on Tuesday, November 3rd. Freedom Capital lowered shares of Flexsteel Industries from a “strong-buy” rating to a “hold” rating in a research report on Tuesday, August 18th. Finally, Freedom Broker increased their price objective on shares of Flexsteel Industries from $80.00 to $86.00 and gave the stock a “hold” rating in a research note on Tuesday, October 27th. One investment analyst has rated the stock with a Strong Buy rating, one has given a Buy rating and two have given a Hold rating to the stock. According to MarketBeat, Flexsteel Industries presently has a consensus rating of “Moderate Buy” and an average price target of $86.00.

Institutional Investors Weigh In On Flexsteel Industries

A number of hedge funds have recently modified their holdings of the business. First Trust Advisors LP bought a new stake in shares of Flexsteel Industries during the 3rd quarter valued at $1,790,000. Ieq Capital LLC purchased a new stake in shares of Flexsteel Industries in the 3rd quarter worth $266,000. Meeder Asset Management Inc. raised its holdings in Flexsteel Industries by 158.0% in the 3rd quarter. Meeder Asset Management Inc. now owns 10,071 shares of the company’s stock worth $853,000 after purchasing an additional 6,167 shares during the period. Russell Investments Group Ltd. raised its holdings in Flexsteel Industries by 156.6% in the 3rd quarter. Russell Investments Group Ltd. now owns 20,010 shares of the company’s stock worth $1,694,000 after purchasing an additional 12,211 shares during the period. Finally, Ritholtz Wealth Management raised its holdings in Flexsteel Industries by 18.0% in the 3rd quarter. Ritholtz Wealth Management now owns 26,306 shares of the company’s stock worth $2,227,000 after purchasing an additional 4,013 shares during the period. Institutional investors own 36.27% of the company’s stock.

About Flexsteel Industries

Flexsteel Industries designs, manufactures, imports and markets furniture for residential and commercial customers. Its products include sofas, recliners, sectionals and other upholstered seating, along with dining, bedroom and occasional furniture. The company sells products under the Flexsteel name and other brands through a network of furniture retailers and other distribution channels. Its offerings serve homes as well as commercial settings. Founded in 1893, Flexsteel is headquartered in Dubuque, Iowa, and serves customers primarily in the United States.