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 Flexsteel Industries 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 completion of the sale, 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 sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink.

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 transaction of $165,880.00.
• On Thursday, August 20th, Michael Joseph 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 Trading Up 0.9%

Shares of NASDAQ:FLXS traded up $0.68 during trading on Tuesday, hitting $80.22. 34,593 shares of the company’s stock were exchanged, compared to its average volume of 50,644. Flexsteel Industries, Inc. has a 1-year low of $34.00 and a 1-year high of $88.49. The firm has a 50-day moving average price of $74.90 and a two-hundred day moving average price of $60.42. The firm has a market cap of $429.66 million, a P/E ratio of 13.00, a PEG ratio of 1.29 and a beta of 0.56.

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

Flexsteel Industries Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Monday, July 6th. Stockholders of record on Wednesday, June 24th were given a $0.25 dividend. The ex-dividend date was Wednesday, June 24th. This represents a $1.00 annualized dividend and a dividend yield of 1.2%. This is an increase from Flexsteel Industries’s previous quarterly dividend of $0.20. Flexsteel Industries’s dividend payout ratio is 16.10%.

Institutional Investors Weigh In On Flexsteel Industries

Several large investors have recently made changes to their positions in the stock. Legal & General Group Plc acquired a new stake in shares of Flexsteel Industries during the second quarter worth $25,000. IFP Advisors Inc boosted its stake in Flexsteel Industries by 2,200.0% in the 3rd 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 increased its holdings in Flexsteel Industries by 149.6% during the 3rd quarter. BNP Paribas Financial Markets now owns 971 shares of the company’s stock worth $45,000 after purchasing an additional 582 shares in the last quarter. Farther Finance Advisors LLC bought a new position in Flexsteel Industries during the 4th quarter worth about $49,000. Finally, C M Bidwell & Associates Ltd. acquired a new stake in shares of Flexsteel Industries in the 2nd quarter valued at about $67,000. Institutional investors own 36.27% of the company’s stock.

Wall Street Analysts Forecast Growth

Several equities analysts have weighed in on the company. Zacks Research lowered Flexsteel Industries from a “strong-buy” rating to a “hold” rating in a research note on Tuesday, July 21st. Freedom Capital cut Flexsteel Industries from a “strong-buy” rating to a “hold” rating in a research note on Tuesday, August 18th. Freedom Broker downgraded shares of Flexsteel Industries from a “buy” rating to a “hold” rating and increased their price target for the company from $72.00 to $80.00 in a research report on Tuesday, August 18th. Finally, Weiss Ratings reissued a “buy (b-)” rating on shares of Flexsteel Industries in a research note on Friday, July 17th. One investment analyst has rated the stock with a Buy rating and three have assigned a Hold rating to the stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Hold” and a consensus price target 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.