Flexsteel Industries, Inc. to Issue Quarterly Dividend of $0.25 (NASDAQ:FLXS)

Flexsteel Industries, Inc. (NASDAQ:FLXS) announced a quarterly dividend on Tuesday, September 15th. Shareholders of record on Wednesday, September 30th will be paid a dividend of 0.25 per share on Monday, October 12th. This represents a c) annualized dividend and a yield of 1.2%. The ex-dividend date is Wednesday, September 30th.

Flexsteel Industries has raised its dividend by an average of 0.1%per year over the last three years and has raised its dividend annually for the last 1 consecutive years. Flexsteel Industries has a dividend payout ratio of 26.7% indicating that its dividend is sufficiently covered by earnings. Research analysts expect Flexsteel Industries to earn $6.05 per share next year, which means the company should continue to be able to cover its $1.00 annual dividend with an expected future payout ratio of 16.5%.

Flexsteel Industries Trading Up 0.3%

Shares of Flexsteel Industries stock opened at $82.11 on Wednesday. Flexsteel Industries has a 52 week low of $34.00 and a 52 week high of $88.49. The stock has a market cap of $439.78 million, a PE ratio of 13.22, a price-to-earnings-growth ratio of 1.29 and a beta of 0.57. The company’s 50-day moving average price is $77.18 and its two-hundred day moving average price is $62.52.

Flexsteel Industries (NASDAQ:FLXS) last posted 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. Flexsteel Industries had a net margin of 7.21% and a return on equity of 16.11%. The company had revenue of $115.37 million during the quarter, compared to analyst estimates of $109.51 million. On average, equities analysts predict that Flexsteel Industries will post 5.29 EPS for the current fiscal year.

Insider Activity

In other news, VP Stacy Kammes sold 2,750 shares of the business’s stock in a transaction that occurred on Tuesday, September 8th. The shares were sold at an average price of $82.66, for a total transaction of $227,315.00. Following the sale, the vice president owned 33,306 shares in the company, valued at $2,753,073.96. The trade was a 7.63% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider David Crimmins sold 4,494 shares of the company’s stock in a transaction that occurred on Friday, August 21st. The shares were sold at an average price of $80.91, for a total transaction of $363,609.54. Following the completion of the sale, the insider owned 30,194 shares of the company’s stock, valued at approximately $2,442,996.54. This trade represents a 12.96% decrease in their position. The SEC filing for this sale provides additional information. In the last three months, insiders have sold 24,964 shares of company stock valued at $2,029,438. Corporate insiders own 11.20% of the company’s stock.

Institutional Trading of Flexsteel Industries

A number of hedge funds have recently modified their holdings of FLXS. Legal & General Group Plc purchased a new position in shares of Flexsteel Industries during the second quarter valued at $25,000. C M Bidwell & Associates Ltd. purchased a new stake in Flexsteel Industries in the 2nd quarter worth about $67,000. Public Employees Retirement System of Ohio lifted its stake in Flexsteel Industries by 16.4% in the 1st quarter. Public Employees Retirement System of Ohio now owns 3,729 shares of the company’s stock worth $168,000 after acquiring an additional 526 shares in the last quarter. IFP Advisors Inc boosted its position in Flexsteel Industries by 52.5% during the 2nd quarter. IFP Advisors Inc now owns 3,052 shares of the company’s stock worth $227,000 after acquiring an additional 1,051 shares during the period. Finally, Deutsche Bank AG acquired a new stake in Flexsteel Industries during the 2nd quarter worth about $234,000. Hedge funds and other institutional investors own 36.27% of the company’s stock.

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.