7,500 Flexsteel Industries, Inc. $FLXS Shares Sold by Marion Wealth Management

Marion Wealth Management decreased its position in shares of Flexsteel Industries, Inc. (NASDAQ:FLXS) by 29.4% during the 3rd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 18,025 shares of the company’s stock after selling 7,500 shares during the quarter. Marion Wealth Management’s holdings in Flexsteel Industries were worth $1,526,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also bought and sold shares of FLXS. BlackRock Inc. acquired a new position in Flexsteel Industries in the 2nd quarter worth about $20,589,000. Punch & Associates Investment Management Inc. bought a new position in Flexsteel Industries in the second quarter valued at about $6,817,000. Congress Asset Management Co. bought a new position in Flexsteel Industries in the third quarter valued at about $6,824,000. Bank of New York Mellon Corp bought a new position in Flexsteel Industries in the second quarter valued at about $3,543,000. Finally, Empowered Funds LLC acquired a new stake in shares of Flexsteel Industries during the second quarter valued at about $2,459,000. Institutional investors own 36.27% of the company’s stock.

Insider Buying and Selling

In other Flexsteel Industries news, Director William S. Creekmuir sold 1,000 shares of the firm’s stock in a transaction that occurred on Tuesday, September 15th. The shares were sold at an average price of $81.03, for a total transaction of $81,030.00. Following the completion of the transaction, the director owned 19,226 shares in the company, valued at approximately $1,557,882.78. This trade represents a 4.94% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, insider Michael McClaflin sold 2,500 shares of the firm’s stock in a transaction that occurred on Monday, August 31st. The stock was sold at an average price of $79.57, for a total transaction of $198,925.00. Following the transaction, the insider owned 36,026 shares of the company’s stock, valued at approximately $2,866,588.82. The trade was a 6.49% decrease in their position. The SEC filing for this sale provides additional information. Over the last three months, insiders have sold 28,914 shares of company stock valued at $2,350,392. Insiders own 11.20% of the company’s stock.

Flexsteel Industries Trading Up 1.7%

NASDAQ FLXS opened at $84.98 on Friday. The business’s 50-day moving average price is $83.07 and its two-hundred day moving average price is $69.84. Flexsteel Industries, Inc. has a 12 month low of $34.00 and a 12 month high of $90.64. The firm has a market capitalization of $455.49 million, a PE ratio of 13.68, a price-to-earnings-growth ratio of 1.32 and a beta of 0.51.

Flexsteel Industries (NASDAQ:FLXS) last issued its quarterly 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. Flexsteel Industries had a return on equity of 16.11% and a net margin of 7.21%. The company had revenue of $115.37 million during the quarter, compared to analysts’ expectations of $109.51 million. As a group, analysts forecast that Flexsteel Industries, Inc. will post 5.29 earnings per share for the current fiscal year.

Flexsteel Industries Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Monday, October 12th. Investors of record on Wednesday, September 30th were issued a $0.25 dividend. The ex-dividend date was Wednesday, September 30th. This represents a $1.00 annualized dividend and a yield of 1.2%. Flexsteel Industries’s dividend payout ratio is presently 16.10%.

Wall Street Analyst Weigh In

A number of analysts have recently commented on FLXS shares. Freedom Broker lowered Flexsteel Industries from a “buy” rating to a “hold” rating and lifted their price target for the company from $72.00 to $80.00 in a research note on Tuesday, August 18th. Zacks Research raised Flexsteel Industries from a “hold” rating to a “strong-buy” rating in a research note on Thursday, October 1st. Freedom Capital downgraded Flexsteel Industries from a “strong-buy” rating to a “hold” rating in a research note on Tuesday, August 18th. Finally, Weiss Ratings upgraded shares of Flexsteel Industries from a “buy (b-)” rating to a “buy (b)” rating in a report on Thursday, October 8th. One investment analyst has rated the stock with a Strong Buy rating, one has given a Buy rating and two have assigned a Hold rating to the stock. According to data from MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus target price of $80.00.

Flexsteel Industries Profile

Flexsteel Industries, Inc is a furniture company that designs, manufactures, imports and markets residential furniture. Based in Dubuque, Iowa, the company serves the U.S. home furnishings market through retail furniture stores, national and regional chains, interior designers and online channels.

The company’s product offerings include upholstered seating such as sofas, sectionals, chairs and recliners, along with motion furniture, dining and bedroom furniture, occasional tables and home office products.