Insider Selling: Flexsteel Industries (NASDAQ:FLXS) Insider Sells $99,723.24 in Stock

Flexsteel Industries, Inc. (NASDAQ:FLXS) insider David Edward Crimmins sold 1,262 shares of the firm’s stock in a transaction that occurred on Thursday, August 20th. The stock was sold at an average price of $79.02, for a total transaction of $99,723.24. Following the completion of the transaction, the insider owned 34,688 shares in the company, valued at $2,741,045.76. This represents a 3.51% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink.

David Edward Crimmins also recently made the following trade(s):

• On Friday, August 21st, David Edward Crimmins sold 4,494 shares of Flexsteel Industries stock. The stock was sold at an average price of $80.91, for a total transaction of $363,609.54.

Flexsteel Industries Stock Up 0.3%

NASDAQ:FLXS opened at $81.77 on Thursday. The company has a fifty day moving average of $73.92 and a 200 day moving average of $59.91. Flexsteel Industries, Inc. has a 52 week low of $34.00 and a 52 week high of $88.49. The firm has a market capitalization of $438.29 million, a P/E ratio of 13.17, a P/E/G ratio of 1.28 and a beta of 0.56.

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

Flexsteel Industries Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Monday, July 6th. Stockholders of record on Wednesday, June 24th were issued a dividend of $0.25 per share. This is an increase from Flexsteel Industries’s previous quarterly dividend of $0.20. This represents a $1.00 dividend on an annualized basis and a dividend yield of 1.2%. The ex-dividend date was Wednesday, June 24th. Flexsteel Industries’s dividend payout ratio (DPR) is currently 16.10%.

Institutional Investors Weigh In On Flexsteel Industries

Large investors have recently modified their holdings of the stock. Janney Montgomery Scott LLC boosted its position in shares of Flexsteel Industries by 97.5% during the first quarter. Janney Montgomery Scott LLC now owns 29,207 shares of the company’s stock valued at $1,313,000 after purchasing an additional 14,417 shares in the last quarter. Walleye Capital LLC purchased a new position in Flexsteel Industries during the first quarter valued at $1,359,000. Illumine Investment Management LLC purchased a new position in Flexsteel Industries during the first quarter valued at $774,000. Globeflex Capital L P bought a new stake in shares of Flexsteel Industries during the 2nd quarter valued at $1,103,000. Finally, Punch & Associates Investment Management Inc. boosted its holdings in shares of Flexsteel Industries by 23.8% during the 4th quarter. Punch & Associates Investment Management Inc. now owns 90,980 shares of the company’s stock valued at $3,593,000 after buying an additional 17,478 shares in the last quarter. Institutional investors own 36.27% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of research analysts recently issued reports on the company. Freedom Capital downgraded Flexsteel Industries from a “strong-buy” rating to a “hold” rating in a report on Tuesday, August 18th. Zacks Research cut Flexsteel Industries from a “strong-buy” rating to a “hold” rating in a report on Tuesday, July 21st. Freedom Broker lowered 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 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 issued a Hold rating to the company’s stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Hold” and an average 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.