Insider Selling: Flexsteel Industries (NASDAQ:FLXS) Director Sells 3,100 Shares

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

Flexsteel Industries Stock Performance

FLXS stock traded down $0.32 during trading on Tuesday, reaching $79.22. 59,852 shares of the company traded hands, compared to its average volume of 50,804. Flexsteel Industries, Inc. has a 12 month low of $34.00 and a 12 month high of $88.49. The business has a 50 day simple moving average of $74.90 and a 200 day simple moving average of $60.42. The company has a market capitalization of $424.30 million, a price-to-earnings ratio of 12.76, a price-to-earnings-growth ratio of 1.29 and a beta of 0.56.

Flexsteel Industries (NASDAQ:FLXS) last posted its earnings results 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 for the quarter, compared to analyst estimates of $109.51 million. Flexsteel Industries had a return on equity of 16.11% and a net margin of 7.21%. As a group, research analysts forecast that Flexsteel Industries, Inc. will post 5.29 EPS for the current year.

Flexsteel Industries Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Monday, July 6th. Stockholders of record on Wednesday, June 24th were given a $0.25 dividend. This represents a $1.00 dividend on an annualized basis and a dividend yield of 1.3%. The ex-dividend date of this dividend was Wednesday, June 24th. This is an increase from Flexsteel Industries’s previous quarterly dividend of $0.20. Flexsteel Industries’s payout ratio is presently 16.10%.

Wall Street Analysts Forecast Growth

A number of equities research analysts recently commented on FLXS shares. Freedom Broker cut shares of Flexsteel Industries from a “buy” rating to a “hold” rating and increased their target price for the company from $72.00 to $80.00 in a research report on Tuesday, August 18th. Weiss Ratings reaffirmed a “buy (b-)” rating on shares of Flexsteel Industries in a research report on Friday, July 17th. Zacks Research lowered Flexsteel Industries from a “strong-buy” rating to a “hold” rating in a report on Tuesday, July 21st. Finally, Freedom Capital lowered Flexsteel Industries from a “strong-buy” rating to a “hold” rating in a report on Tuesday, August 18th. One research analyst has rated the stock with a Buy rating and three have issued a Hold rating to the company. According to MarketBeat, the stock presently has an average rating of “Hold” and a consensus target price of $80.00.

Hedge Funds Weigh In On Flexsteel Industries

Several hedge funds have recently modified their holdings of the stock. AQR Capital Management LLC purchased a new position in shares of Flexsteel Industries in the 1st quarter valued at approximately $221,000. Jones Financial Companies Lllp grew its position in Flexsteel Industries by 5,214.0% during the 1st quarter. Jones Financial Companies Lllp now owns 2,657 shares of the company’s stock worth $97,000 after purchasing an additional 2,607 shares during the last quarter. Empowered Funds LLC grew its position in Flexsteel Industries by 7.0% during the 1st quarter. Empowered Funds LLC now owns 24,749 shares of the company’s stock worth $904,000 after purchasing an additional 1,622 shares during the last quarter. First Trust Advisors LP increased its stake in Flexsteel Industries by 4.1% during the 2nd quarter. First Trust Advisors LP now owns 11,745 shares of the company’s stock valued at $423,000 after purchasing an additional 467 shares in the last quarter. Finally, Qube Research & Technologies Ltd increased its stake in Flexsteel Industries by 7.0% during the 2nd quarter. Qube Research & Technologies Ltd now owns 28,888 shares of the company’s stock valued at $1,041,000 after purchasing an additional 1,881 shares in the last quarter. Institutional investors and hedge funds own 36.27% of the company’s stock.

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.