Flexsteel Industries, Inc. (NASDAQ:FLXS) Sees Large Increase in Short Interest

Flexsteel Industries, Inc. (NASDAQ:FLXS) was the target of a significant increase in short interest during the month of January. As of January 15th, there was short interest totaling 105,293 shares, an increase of 20.0% from the December 31st total of 87,774 shares. Based on an average daily trading volume, of 21,290 shares, the short-interest ratio is currently 4.9 days. Currently, 2.2% of the shares of the company are short sold. Currently, 2.2% of the shares of the company are short sold. Based on an average daily trading volume, of 21,290 shares, the short-interest ratio is currently 4.9 days.

Hedge Funds Weigh In On Flexsteel Industries

A number of institutional investors have recently modified their holdings of FLXS. Focus Partners Wealth bought a new stake in Flexsteel Industries during the 3rd quarter worth approximately $1,105,000. SummerHaven Investment Management LLC purchased a new position in Flexsteel Industries in the third quarter valued at approximately $991,000. Inspire Investing LLC purchased a new position in shares of Flexsteel Industries during the 3rd quarter valued at $955,000. LSV Asset Management lifted its holdings in Flexsteel Industries by 102.1% during the third quarter. LSV Asset Management now owns 37,800 shares of the company’s stock valued at $1,752,000 after purchasing an additional 19,100 shares during the last quarter. Finally, Squarepoint Ops LLC boosted its holdings in Flexsteel Industries by 141.2% in the 3rd quarter. Squarepoint Ops LLC now owns 26,432 shares of the company’s stock worth $1,225,000 after buying an additional 15,472 shares during the period. Institutional investors and hedge funds own 36.27% of the company’s stock.

Analyst Upgrades and Downgrades

FLXS has been the topic of a number of recent analyst reports. Zacks Research upgraded shares of Flexsteel Industries from a “strong sell” rating to a “hold” rating in a research note on Monday, December 15th. Weiss Ratings reissued a “hold (c+)” rating on shares of Flexsteel Industries in a report on Monday, December 29th. Finally, Wall Street Zen lowered Flexsteel Industries from a “strong-buy” rating to a “buy” rating in a research report on Saturday, October 18th. Two investment analysts have rated the stock with a Hold rating, According to MarketBeat, the company presently has an average rating of “Hold”.

Flexsteel Industries Price Performance

Flexsteel Industries stock traded up $0.80 during mid-day trading on Wednesday, hitting $43.97. 32,766 shares of the company’s stock traded hands, compared to its average volume of 23,280. Flexsteel Industries has a fifty-two week low of $29.38 and a fifty-two week high of $63.05. The stock has a market cap of $234.77 million, a price-to-earnings ratio of 11.98, a P/E/G ratio of 0.98 and a beta of 0.51. The firm has a 50 day simple moving average of $40.68 and a two-hundred day simple moving average of $40.50.

Flexsteel Industries (NASDAQ:FLXS) last announced its earnings results on Monday, February 2nd. The company reported $1.18 EPS for the quarter, topping the consensus estimate of $0.79 by $0.39. The business had revenue of $118.25 million during the quarter, compared to the consensus estimate of $107.51 million. Flexsteel Industries had a net margin of 4.58% and a return on equity of 16.99%. On average, research analysts anticipate that Flexsteel Industries will post 3.53 earnings per share for the current fiscal year.

Flexsteel Industries Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Thursday, January 8th. Shareholders of record on Monday, December 29th were issued a $0.20 dividend. The ex-dividend date of this dividend was Monday, December 29th. This represents a $0.80 dividend on an annualized basis and a yield of 1.8%. Flexsteel Industries’s payout ratio is currently 19.46%.

About Flexsteel Industries

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.