30,494 Shares in Flexsteel Industries, Inc. $FLXS Acquired by Sowell Financial Services LLC

Sowell Financial Services LLC bought a new position in shares of Flexsteel Industries, Inc. (NASDAQ:FLXS) during the 3rd quarter, according to the company in its most recent disclosure with the SEC. The fund bought 30,494 shares of the company’s stock, valued at approximately $2,581,000.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. BlackRock Inc. purchased a new stake in shares of Flexsteel Industries in the second quarter valued at about $20,589,000. Renaissance Technologies LLC increased its stake in Flexsteel Industries by 7.9% during the first quarter. Renaissance Technologies LLC now owns 142,200 shares of the company’s stock worth $6,390,000 after acquiring an additional 10,400 shares during the last quarter. Punch & Associates Investment Management Inc. lifted its stake in shares of Flexsteel Industries by 0.6% in the 1st quarter. Punch & Associates Investment Management Inc. now owns 91,525 shares of the company’s stock valued at $4,113,000 after purchasing an additional 545 shares during the last quarter. Congress Asset Management Co. acquired a new position in shares of Flexsteel Industries in the 3rd quarter valued at $6,824,000. Finally, Bank of New York Mellon Corp acquired a new stake in shares of Flexsteel Industries during the 2nd quarter worth about $3,543,000. 36.27% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

Several research firms have recently commented on FLXS. Freedom Broker raised their price target on Flexsteel Industries from $80.00 to $86.00 and gave the stock a “hold” rating in a research report on Tuesday. Freedom Capital cut shares of Flexsteel Industries from a “strong-buy” rating to a “hold” rating in a report on Tuesday, August 18th. Zacks Research raised Flexsteel Industries from a “hold” rating to a “strong-buy” rating in a research report on Thursday, October 1st. Finally, Weiss Ratings upgraded 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 assigned a Buy rating and two have given a Hold rating to the company’s stock. According to MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus price target of $86.00.

Flexsteel Industries Stock Performance

FLXS opened at $73.64 on Friday. Flexsteel Industries, Inc. has a one year low of $34.00 and a one year high of $90.64. The business’s 50-day simple moving average is $82.97 and its 200-day simple moving average is $63.68. The stock has a market capitalization of $306.34 million, a P/E ratio of 15.45, a price-to-earnings-growth ratio of 1.17 and a beta of 0.51.

Flexsteel Industries (NASDAQ:FLXS) last announced its earnings results on Monday, October 26th. The company reported $1.24 EPS for the quarter, beating analysts’ consensus estimates of $1.23 by $0.01. Flexsteel Industries had a net margin of 6.75% and a return on equity of 15.92%. The business had revenue of $113.97 million during the quarter, compared to analysts’ expectations of $112.70 million. On average, equities research analysts forecast that Flexsteel Industries, Inc. will post 5.40 EPS for the current fiscal year.

Flexsteel Industries Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Monday, October 12th. Investors of record on Wednesday, September 30th were issued a dividend of $0.25 per share. This represents a $1.00 dividend on an annualized basis and a yield of 1.4%. The ex-dividend date of this dividend was Wednesday, September 30th. Flexsteel Industries’s dividend payout ratio is currently 16.29%.

Insiders Place Their Bets

In other news, VP Stacy Kammes sold 2,750 shares of the company’s stock in a transaction 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 transaction, the vice president directly owned 33,306 shares of the company’s stock, valued at $2,753,073.96. This represents a 7.63% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, insider David Crimmins sold 4,494 shares of the firm’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 value of $363,609.54. Following the completion of the transaction, the insider directly owned 30,194 shares of the company’s stock, valued at $2,442,996.54. The trade was a 12.96% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Over the last ninety days, insiders sold 28,914 shares of company stock worth $2,350,392. Insiders own 11.20% of the company’s stock.

Flexsteel Industries Company 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.