Insider Selling: Flexsteel Industries (NASDAQ:FLXS) Director Sells 2,950 Shares

Flexsteel Industries, Inc. (NASDAQ:FLXS) Director William Creekmuir sold 2,950 shares of Flexsteel Industries stock in a transaction that occurred on Monday, September 14th. The shares were sold at an average price of $81.33, for a total value of $239,923.50. Following the sale, the director directly owned 20,226 shares in the company, valued at $1,644,980.58. This trade represents a 12.73% decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this link.

Flexsteel Industries Price Performance

Shares of FLXS stock traded down $0.56 during mid-day trading on Wednesday, hitting $81.55. The company had a trading volume of 142,059 shares, compared to its average volume of 54,055. The stock’s 50 day moving average price is $77.18 and its 200-day moving average price is $62.52. Flexsteel Industries, Inc. has a 52-week low of $34.00 and a 52-week high of $88.49. The company has a market capitalization of $436.78 million, a P/E ratio of 13.13, a P/E/G ratio of 1.29 and a beta of 0.57.

Flexsteel Industries (NASDAQ:FLXS) last posted its earnings results 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 company had revenue of $115.37 million during the quarter, compared to analysts’ expectations of $109.51 million. Flexsteel Industries had a net margin of 7.21% and a return on equity of 16.11%. On average, equities research analysts expect that Flexsteel Industries, Inc. will post 5.29 earnings per share for the current year.

Flexsteel Industries Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Monday, October 12th. Stockholders of record on Wednesday, September 30th will be given a dividend of $0.25 per share. The ex-dividend date is Wednesday, September 30th. This represents a $1.00 dividend on an annualized basis and a dividend yield of 1.2%. Flexsteel Industries’s dividend payout ratio (DPR) is presently 16.10%.

Hedge Funds Weigh In On Flexsteel Industries

A number of institutional investors and hedge funds have recently made changes to their positions in the business. Engineers Gate Manager LP bought a new stake in shares of Flexsteel Industries in the 2nd quarter worth about $259,000. IFP Advisors Inc lifted its holdings in shares of Flexsteel Industries by 52.5% in the 2nd quarter. IFP Advisors Inc now owns 3,052 shares of the company’s stock valued at $227,000 after acquiring an additional 1,051 shares during the last quarter. Empowered Funds LLC purchased a new position in Flexsteel Industries in the second quarter worth about $2,459,000. Public Employees Retirement System of Ohio purchased a new position in Flexsteel Industries in the second quarter worth about $483,000. Finally, Punch & Associates Investment Management Inc. purchased a new position in Flexsteel Industries in the second quarter worth about $6,817,000. 36.27% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

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

Flexsteel Industries Company Profile

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.