Punch & Associates Investment Management Inc. Raises Stake in Flexsteel Industries, Inc. $FLXS

Punch & Associates Investment Management Inc. raised its stake in Flexsteel Industries, Inc. (NASDAQ:FLXS) by 23.8% in the 4th quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 90,980 shares of the company’s stock after buying an additional 17,478 shares during the quarter. Punch & Associates Investment Management Inc. owned approximately 1.70% of Flexsteel Industries worth $3,593,000 at the end of the most recent quarter.

Other large investors also recently added to or reduced their stakes in the company. LSV Asset Management grew its holdings in Flexsteel Industries by 102.1% in the 3rd quarter. LSV Asset Management now owns 37,800 shares of the company’s stock valued at $1,752,000 after buying an additional 19,100 shares in the last quarter. Qube Research & Technologies Ltd grew its holdings in Flexsteel Industries by 7.0% in the 2nd quarter. Qube Research & Technologies Ltd now owns 28,888 shares of the company’s stock valued at $1,041,000 after buying an additional 1,881 shares in the last quarter. JPMorgan Chase & Co. grew its holdings in Flexsteel Industries by 16.4% in the 3rd quarter. JPMorgan Chase & Co. now owns 20,384 shares of the company’s stock valued at $945,000 after buying an additional 2,875 shares in the last quarter. Empowered Funds LLC grew its holdings in Flexsteel Industries by 7.0% in the 1st quarter. Empowered Funds LLC now owns 24,749 shares of the company’s stock valued at $904,000 after buying an additional 1,622 shares in the last quarter. Finally, First Trust Advisors LP grew its holdings in Flexsteel Industries by 4.1% in the 2nd quarter. First Trust Advisors LP now owns 11,745 shares of the company’s stock valued at $423,000 after buying an additional 467 shares in the last quarter. 36.27% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

Several analysts have issued reports on the company. Zacks Research upgraded Flexsteel Industries from a “hold” rating to a “strong-buy” rating in a report on Tuesday, May 26th. Wall Street Zen cut Flexsteel Industries from a “strong-buy” rating to a “buy” rating in a report on Saturday, April 25th. Finally, Weiss Ratings upgraded Flexsteel Industries from a “hold (c+)” rating to a “buy (b-)” rating in a report on Monday, April 20th. One investment analyst has rated the stock with a Strong Buy rating and one has assigned a Buy rating to the company’s stock. According to MarketBeat, Flexsteel Industries presently has an average rating of “Strong Buy”.

Flexsteel Industries Trading Down 1.9%

NASDAQ FLXS opened at $62.44 on Wednesday. The stock has a fifty day simple moving average of $54.19 and a 200-day simple moving average of $48.12. Flexsteel Industries, Inc. has a twelve month low of $32.65 and a twelve month high of $65.03. The stock has a market cap of $334.68 million, a PE ratio of 11.31, a P/E/G ratio of 1.11 and a beta of 0.58.

Flexsteel Industries (NASDAQ:FLXS) last announced its earnings results on Monday, April 20th. The company reported $1.14 EPS for the quarter, beating analysts’ consensus estimates of $0.75 by $0.39. Flexsteel Industries had a return on equity of 16.10% and a net margin of 6.79%.The company had revenue of $115.13 million during the quarter, compared to analysts’ expectations of $118.32 million. Research analysts predict that Flexsteel Industries, Inc. will post 4.78 EPS for the current year.

Flexsteel Industries Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Monday, July 6th. Investors of record on Wednesday, June 24th will be issued a dividend of $0.25 per share. This is a positive change from Flexsteel Industries’s previous quarterly dividend of $0.20. The ex-dividend date is Wednesday, June 24th. This represents a $1.00 dividend on an annualized basis and a yield of 1.6%. Flexsteel Industries’s dividend payout ratio (DPR) is 14.49%.

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.