Flexsteel Industries, Inc. (NASDAQ:FLXS) Sees Large Drop in Short Interest

Flexsteel Industries, Inc. (NASDAQ:FLXS) saw a significant decline in short interest during the month of February. As of February 27th, there was short interest totaling 81,241 shares, a decline of 12.2% from the February 12th total of 92,579 shares. Based on an average trading volume of 29,797 shares, the short-interest ratio is presently 2.7 days. Approximately 1.7% of the shares of the stock are short sold. Approximately 1.7% of the shares of the stock are short sold. Based on an average trading volume of 29,797 shares, the short-interest ratio is presently 2.7 days.

Flexsteel Industries Price Performance

FLXS opened at $45.34 on Wednesday. Flexsteel Industries has a one year low of $29.38 and a one year high of $59.95. The company’s 50 day simple moving average is $47.10 and its 200-day simple moving average is $43.29. The stock has a market capitalization of $242.54 million, a P/E ratio of 12.40, a price-to-earnings-growth ratio of 0.93 and a beta of 0.47.

Flexsteel Industries (NASDAQ:FLXS) last issued its quarterly earnings results on Monday, February 2nd. The company reported $1.18 earnings per share for the quarter, beating analysts’ consensus estimates of $0.79 by $0.39. Flexsteel Industries had a net margin of 4.58% and a return on equity of 16.67%. The business had revenue of $118.25 million during the quarter, compared to analyst estimates of $107.51 million. As a group, analysts anticipate that Flexsteel Industries will post 3.53 EPS for the current year.

Flexsteel Industries Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Thursday, April 9th. Stockholders of record on Monday, March 30th will be given a dividend of $0.20 per share. The ex-dividend date is Monday, March 30th. This represents a $0.80 dividend on an annualized basis and a dividend yield of 1.8%. Flexsteel Industries’s payout ratio is presently 21.80%.

Hedge Funds Weigh In On Flexsteel Industries

Several hedge funds have recently added to or reduced their stakes in the company. IFP Advisors Inc increased its position in Flexsteel Industries by 2,200.0% in the third quarter. IFP Advisors Inc now owns 621 shares of the company’s stock worth $29,000 after purchasing an additional 594 shares during the period. BNP Paribas Financial Markets boosted its stake in shares of Flexsteel Industries by 149.6% in the 3rd quarter. BNP Paribas Financial Markets now owns 971 shares of the company’s stock valued at $45,000 after purchasing an additional 582 shares during the last quarter. State of Alaska Department of Revenue bought a new position in shares of Flexsteel Industries in the 4th quarter valued at about $38,000. Farther Finance Advisors LLC acquired a new stake in shares of Flexsteel Industries during the 4th quarter worth approximately $49,000. Finally, Copeland Capital Management LLC acquired a new stake in shares of Flexsteel Industries during the 4th quarter worth approximately $59,000. Institutional investors own 36.27% of the company’s stock.

Wall Street Analyst Weigh In

A number of research firms recently weighed in on FLXS. Wall Street Zen raised Flexsteel Industries from a “buy” rating to a “strong-buy” rating in a report on Saturday, February 7th. Zacks Research raised Flexsteel Industries from a “hold” rating to a “strong-buy” rating in a research note on Thursday, February 5th. Finally, Weiss Ratings restated a “hold (c+)” rating on shares of Flexsteel Industries in a report on Monday, December 29th. One analyst has rated the stock with a Strong Buy rating and one has assigned a Hold rating to the stock. According to data from MarketBeat.com, Flexsteel Industries has an average rating of “Buy”.

About Flexsteel Industries

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.